ASB has cut its 3 month term deposit rate by 10 basis points to 4.90% and has cut its regular 6 month deposit rate by 20 basis points to 5.00%.
This followed the Reserve Bank's dovish monetary policy statement last week which triggered a move lower in wholesale interest rates.
ASB has also introduced a new special 6 month term deposit rate at 5.30%.
This is slightly above the other major banks, but below Rabobank's BankaRate deposit rate on 5.5%.
Meanwhile, RaboDirect said it was dropping its three month term deposit rate to 4.85% from 5%, but lifting its six month rate to 5.15% from 5.05% and its nine month rate to 5.20% from 5.15%.
See all bank deposit rates up to 9 months here.
Bank bill rates
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(Update adds RaboDirect changes).
2 Comments
I find the best bait is stinky old fish...you can count on getting some bites...of course fish are dumb and have no idea they are destined for the frying pan...some people are almost as stupid as fish..they think cheap credit will always be cheap and end up in a different sort of pan.... now pull the chain...byeeeee.
So, ASB have put their 'standard' 6 month TD rate down but introduced a special of 5.30%. How does that work?
I'm guessing that you don't get the 5.30% automatically, but have to ask for it. So if you're an ASB customer and about to roll onto a 6 month term, I suggest you check that you'll get the new 5.30% rate.
Bernard, can you check with ASB to see if customers that are about to roll onto a 6 month term, automatically get this special.
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