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Kiwibank is claiming market leadership for its new 100 day, 1.1% term deposit rate

Kiwibank is claiming market leadership for its new 100 day, 1.1% term deposit rate

Kiwibank is increasing its term deposit rates, including lifting its 100-day rate by 0.70% to a market leading 1.10%.

Head of Borrowing and Savings Chris Greig says Kiwibank "exists to support the financial security of Kiwi by delivering long- term sustainable value and is offering these highly competitive term deposit options while balancing the needs of borrowers who have been benefiting from a low interest rate environment".

“We appreciate customers with savings are looking to maximise their returns, so Kiwibank is making this easier for them. We have a website form so those interested in our special rates can easily sign up. We’ll give them advanced notice of upcoming specials so they have time to arrange their finances or join Kiwibank. They’ll also get a reminder on the day the specials launch so they can take advantage of the offer and use our digital options to seamlessly open and manage their investment.”

Greig said customers needed to "act fast" as the specials were only available for a very limited time.

Rate changes are effective from: Wednesday 19 May 2021 – Sunday 23 May 2021

The change applies to Business, PIE and Retail Term Deposits.

There's no change for amounts under $1000.

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16 Comments

11
up

Pay tax on your 1.1% and lose value to inflation on top. Bizarre times. Savers continue to be slaughtered.

Saving was never about making money, though.

Shouldn't be about losing it either.

It's a hedge against uncertainty. Losing a bit of money might be considered acceptable if it's still the least worst option.

That comment is worth at least a dozen thumbs from me. :-)

Still way too low. Net term deposit rates below inflation are nonsensical.
Savers just need to wait a bit longer, as interest rates are going higher in the near future, and banks will be forced to offer a decent deal.

its 100 days not 10 years and for those wanting low risk better than anything else they will get at the moment

If you want a shorter term Kiwibank Notice Saver gives you 1.0% for 3 months. Admittedly they can drop that rate at any time but haven't done to date and rates seem to be drifting up at the moment.

my partner and i are moving to Australia (Tasmania) around August and will be looking to buy a home there. Whilst our money isn't in a term deposit this is the type of package that could be attractive to us in the short term.

With a median house price of ~$550k, that's a smart move. Considering Hobarts about the size of Wellington where the median is $900k+.

I encourage all young people to exit now because when the bubble finally pops, they will have to pay for the mess.

Lol

Not really that worried about the low rates. Better to have money in the bank than no money.

1.1, hold me back

Yep, that extra couple of $$/1000 should shake a bit of cash stashed in mattresses out. LOL.

Who the hell invests for such paltry returns?

People who want to preserve capital?