ANZ and National Bank have introduced a new eight month term deposit rate at 4.8%, matching a six month rate offered by ASB and BNZ. The new rate is for deposits over NZ$10,000. At the same time ANZ and National cut their six month deposit rates by 40 basis points (bps) to 4.0%, and raised their nine month rates 50 bps to 4.0%. The new rates are for deposits over NZ$10,000. See and compare all deposit rates for terms less than one year here, and terms one year and greater here. Banks have been raising both their term deposit rates and fixed mortgage rates in recent months in anticipation of increases in the Official Cash Rate later this year and as they compete hard for retail deposits. The Reserve Bank's new prudential liquidity guidelines are pushing banks to get their funding from more stable sources, rather than "˜hot' short term international money markets. These stable sources include longer term wholesale bond issues and "˜retail' deposits from "˜Mums and Dads' in New Zealand.
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