Kiwibank has lowered its interest rates on two to five year term deposits but increased rates on three call accounts and the bank’s Cash PIE.
The state owned bank has cut the rate on its two-year term deposit by 20 basis points to 5.3% from 5.5%, dropped its three-year rate by 35 basis points to 5.65% from 6%, trimmed its four-year rate by 60 basis points to 5.9% from 6.5% and slashed its five-year rate by 75 basis points to 6% from 6.75%. See all bank term deposit rates here.
Kiwibank's cuts follow recent swap rate falls but term deposit rates still remain higher than wholesale rates, see our chart below.
Separately, Kiwibank has lifted rates on its First Saver call account by 25 basis points to 3% from 2.75%, increased its Online Call rate 25 basis points to 3.75% from 3.5%, hiked its Front Runner rate 25 basis points to 3.75% from 3.5% and boosted its Cash PIE rate, also by 25 basis points, to 3.75% from 3.5%.
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