RaboDirect has raised some term deposit rates this morning.
The increases apply to both Personal and Trust accounts, as well as Business accounts, for balances of $5 million or less.
The rate for a two year term is now 4.40%, up 20 bps from 4.20%.
For three years the new rate is 4.70%, up 30 bps from 4.40%.
Four years goes to 5.00%, also up 30 bps from 4.70% previously.
And for five years the increase is only 10 bps, taking the rate to 5.20%, up from 5.10%.
These headline rates apply only for interest at maturity.
Lesser equivalent rates apply when interest is paid monthly, quarterly, or 6 monthly. There is no Rabo option to be paid interest annually.
All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.
They position RaboDirect as set out in this table:
| for a $20,000 deposit | 6 mths | 1 yrs | 18 mths | 2 yrs | 5 yrs |
 |
3.75% | 3.85% | 4.00% | 4.20% | 5.00% |
 |
3.75% | 4.00% | 4.10% | 4.20% | 5.00% |
| BNZ | 3.80% | 4.00% | 4.20% | 4.40% | 5.30% |
| Kiwibank | 3.75% | 4.10% | 4.20% | 5.00% | |
 |
3.75% | 3.85% | 4.20% | 4.40% | 5.30% |
| Co-op Bank | 3.60% | 3.75% | 4.20% | 4.30% | |
 |
4.00% | 4.25% | 4.35% | 4.50% | 5.10% |
| HSBC Premier | 3.80% | 3.90% | 4.00% | 4.10% | 4.60% |
 |
3.85% | 4.00% | 4.15% | 4.40% | 5.20% |
| SBS / HBS | 3.80% | 4.10% | 4.20% | 4.20% | |
 |
3.80% | 4.00% | 4.20% | 4.25% | 5.00% |
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