Following somewhat arrogant comments by their Group CEO that 'ANZ New Zealand doesn't have to offer the best deposit rates so it doesn't', the local unit has moved quickly to squash his observation to ANZ's analysts and investors.
Late Monday it raised its term deposit rate offers up to the top of the range already offered by some of its main rivals, notably ASB and Westpac.
Left un-responded, those comments could have been damaging in the market. As it is, only ANZ's pride has been hurt, in that the bank CEO Shayne Elliott has just reinforced the image of a 'typical big bank boss'. And that is especially after ANZ NZ reported a massive $2.3 bln profit for the year to September 2022.
But ANZ New Zealand's customers can now access properly competitive term deposit rates. To be fair these aren't the best rates in the market, only at the top of the range among the five big banks.
Rabobank and China Construction Bank have the highest six month rates. SBS Bank's 5% is still the highest for a one year term.
After hitting highs, wholesale rates have trended lower in the past ten days. But today that decline stopped. Wholesale rates tend to follow global influences rather than local ones. And tomorrow the RBA will decide its next moves, to be followed by the US Fed. Locally, the local jobs report this week will also have an influence.
An easy way to work out how much extra you can earn is to use our full function deposit calculator. We have included it at the foot of this article. That will not only give you an after-tax result, you can tweak it for the added benefits of Term PIEs as well. It is better you have that extra interest than the bank (and especially if you are in the 39% tax bracket - PIEs are taxes at 28% flat).
The latest headline rate offers are in this table after the recent increases.
| for a $25,000 deposit November 1, 2022 |
Rating | 3/4 mths |
5 / 6 / 7 mths |
8 - 11 mths |
1 yr | 18mth | 2 yrs | 3 yrs |
| Main banks | ||||||||
| ANZ | AA- | 2.50 | 3.75 | 4.10 | 4.50 | 4.50 | 4.50 | 4.50 |
 |
AA- | 2.50 | 3.75 | 4.10 | 4.50 | 4.50 | 4.50 | 4.50 |
 |
AA- | 2.50 | 3.75 | 4.00 | 4.50 | 4.35 | 4.40 | 4.45 |
 |
A | 2.50 | 3.75 | 4.00 | 4.50 | 4.50 | 4.35 | |
 |
AA- | 2.50 | 3.75 | 4.00 | 4.50 | 4.50 | 4.50 | 4.50 |
| Other banks | ||||||||
| China Constr. Bank | A | 3.35 | 4.20 | 4.40 | 4.55 | 4.55 | 4.65 | 4.75 |
| Co-operative Bank | BBB | 2.10 | 3.70 | 4.00 | 4.50 | 4.50 | 4.65 | 4.70 |
| Heartland Bank | BBB | 2.50 | 4.00 | 4.30 | 4.70 | 4.50 | 4.50 | 4.50 |
| HSBC | AA- | 2.30 | 3.65 | 4.00 | 4.30 | 4.30 | 4.35 | |
| ICBC | A | 2.95 | 3.90 | 4.35 | 4.55 | 4.50 | 4.60 | 4.60 |
 |
A | 2.85 | 3.95 | 4.30 | 4.70 | 4.65 | 4.75 | 4.75 |
 |
BBB | 2.20 | 3.60 | 3.80 | 5.00 | 4.40 | 4.50 | 4.40 |
 |
A- | 2.20 | 3.60 | 4.00 | 4.50 | 4.55 | 4.60 | 4.70 |
Term deposit rates
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