ASB push their TD rates higher

ASB and sister-brand Bank Direct have launched a term deposit rate of 4.65% for nine months. This is now the top rate from any major bank for terms of one year or less. A minimum deposit of $10,000 is required. This new ASB rate matches the three month special of the new SBS Bank (who only require a $5,000 minimum deposit), and is beaten only by SBS Bank's one year special of 4.75%, in the one-year or less timeframe. The highest rates from other main banks are ... - 4.50% from ANZ for 6 months - 4.60% from BNZ for 5 months - 4.50% from the National Bank for 5 months - 4.50% from Westpac for 5 months Some of these rates also apply to 12 month terms. The highest rates for terms of 1 year or less from the other banks are ... - 4.50% from HSBC for 12 months - 4.60% from Kiwibank for 4 months (only $5,000 minimum required) - 3.80% from RaboPlus for 6 months (only $1,000 minimum required) - 4.75% from SBS Bank for 12 months (only $5,000 minimum required) - 4.60% from TSB Bank for 100 days One building society (CBS Canterbury) offers more than any bank for their 7 month special. A couple of credit unions also match the highest bank rates. And, as you might expect a number of finance companies offer much more than banks. Banks have been raising their term deposit offers recently as they scramble for more on-shore money, and react to the RBNZ's pressure to fund their operations with a higher proportion of locally-sourced funds. Rates for longer terms have risen to the 6% plus level, although rates for less than one year have generally meandered around 4%. Offers for shorter term periods have been held lower by the official Deposit Guarantee Scheme, which will expire in October 2010. The top rate for Kiwi Bonds, an offering by the NZ Government's Debt Management Office, is only 2.50% for either a six or twelve month term. You can see all current term deposit offers, updated continuously, here >>>