Kiwibank has raised some selected savings and term deposit rates today at the same time it raised its variable mortgage rates.
Their 32-day Notice Saver will increase 15 bps to 3.80% and the 90-day Notice Saver will increase 20 bps to 4.35% effective July 2, 2014.
The 30-day and 60-day Term Deposits will increase by 25 bps to 3.25%.
The 90-day Term Deposits will increase by 25 bps to 3.50%.
The 200-day Term Deposits will increase 65 bps to 4.40% and the 1-year Term Deposits will increase 15 bps 4.50%.
The Term Deposit increases will be effective Monday, June 23, 2014.
Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.
All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.
This positions the Kiwibank offers as follows:
| for a $20,000 deposit | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
4.00% | 4.20% | 4.75% | 5.00% | 5.25% | 5.75% |
 |
4.15% | 4.35% | 4.50% | 4.75% | 5.00% | 5.50% |
 |
4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.50% |
| Kiwibank | 4.40%* | 4.50% | 4.75% | 5.00% | 5.75% | |
 |
3.75% | 4.00% | 4.30% | 4.75% | 5.00% | 5.50% |
| Co-op Bank | 4.20% | 4.40% | 4.70% | 4.85% | 5.10% | |
 |
4.00% | 4.50% | 4.50% | 4.75% | 5.50% | 5.50% |
| HSBC Premier | 3.65% | 3.90% | 4.00% | 4.50% | 4.65% | 5.15% |
 |
4.25% | 4.35% | 4.75% | 5.00% | 5.25% | 5.65% |
 |
4.20% | 4.40% | 4.60% | 4.85% | 5.10% | |
| TSB Bank | 4.00% | 4.25% | 4.50% | 4.75% | 5.00% | 5.75% |
* a 200 day 'special' rate
Term deposit rates
Select chart tabs
2 Comments
Great to see some rate leadership in the term deposit market - rates have been flat for a long time, hopefully Kiwibank can spur some competition.
Depends how the other banks funding situations are Zoltuger. If they need the funding they will match and/or beat them. If they don't, Kiwibank will rightfully get all the funding they need, and they obviosuly need it currently. Its a simple market process
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