ANZ has raised fixed home loan rates, falling in behind ASB who moved on Monday.
And they have raised their term deposit offers as well. Most of the moves up are relatively trivial, but they increased their 18 month term deposit offer by +30 bps to 6.00%.
That makes ANZ the first (and only) main bank to offer a 6% rate in the current rising cycle.
Rates at this level are already in the market, but only from challenger banks. Rabobank also offers 6.00% for 18 months.
However, interest.co.nz has heard of many cases at a range of banks where existing clients who roll over significant term deposits are offered rates of either 6.00% or 6.10% for a one year term. These are offered within 'staff discretionary limits', but are not carded rates.
Now with a main bank offering 6% as a carded rate, those staff discretions may have to be raised. It is always worthwhile to try and negotiate the rate. Your success will depend on how valuable the bank sees your business.
We should also note that SBS Bank has recently withdrawn its market-leading 6.50% 12-month rate, replacing it with 6.00% for that term.
(Details of the ANZ home loan rate changes are in a companion story, here.)
One risk savers should watch is the cost of wholesale money and you can do that looking at swap rates. You can do that here. Today (Tuesday), wholesale swap rates jumped again on global influences - but not the one year swap rate
Almost all banks are pricing longer rates lower than their one year offers, and that inversion is growing, although that inversion has eased a little with this latest ANZ move
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, especially if you are in the 39% tax bracket - PIEs are taxed at 28% flat.
* Kookmin Bank's 6.10% one year offer is for deposits of $100,000 and more. For a $10,000 minimum it is 6.00%.
The latest headline rate offers are in this table after the recent increases.
| for a $25,000 deposit August 23, 2023 |
Rating | 3/4 mths |
5 / 6 / 7 mths |
8 - 11 mths |
1 yr | 18mth | 2 yrs | 3 yrs |
| Main banks | ||||||||
| ANZ | AA- | 4.30 | 5.80 +0.05 |
5.85 +0.05 |
5.95 +0.05 |
6.00 +0.30 |
5.50 | 5.25 |
 |
AA- | 4.20 | 5.75 +0.10 |
5.80 +0.15 |
5.90 +0.05 |
5.75 | 5.70 | 5.60 |
 |
AA- | 4.30 | 5.75 | 5.80 | 5.90 | 5.70 | 5.50 | 5.20 |
 |
A | 4.20 | 5.85 | 5.85 | 5.90 | 5.70 | 5.20 | |
 |
AA- | 4.30 | 5.75 | 5.75 | 5.90 | 5.50 | 5.40 | 5.20 |
| Other banks | ||||||||
| Bank of China | A | 4.70 | 5.88 | 6.08 | 6.18 | 5.80 | 5.50 | 5.30 |
| China Constr. Bank | A | 5.00 | 5.85 | 5.90 | 6.00 | 5.85 | 5.50 | 5.40 |
| Co-operative Bank | BBB | 4.20 | 5.75 | 5.80 | 5.90 | 5.75 | 5.60 | 5.50 |
| Heartland Bank | BBB | 4.00 | 5.90 | 6.00 | 6.10 | 5.35 | 5.30 | 5.30 |
| ICBC | A | 4.70 | 5.65 | 5.90 | 6.00 | 5.80 | 5.45 | 5.40 |
| Kookmin Bank | A | 4.40 | 5.60 | 5.70 | 6.00* | 5.20 | 5.20 | |
 |
A | 4.75 | 5.90 | 6.00 | 6.15 | 6.00 | 5.70 | 5.60 |
 |
BBB | 3.90 | 5.50 | 5.40 | 6.00 | 5.35 | 5.35 | 5.35 |
 |
A- | 4.25 | 5.30 | 5.40 | 6.00 | 5.50 | 5.50 | 5.25 |
Term deposit rates
Select chart tabs
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.