This morning, both BNZ and Kiwibank have made term deposit reductions.
For BNZ, they have trimmed -5 bps off their two year term deposit offer, taking it from 4.75% down to 4.70%.
For three years, the reduction is -10 bps to 4.90% from 5.00%.
For a four year TD, the rate has been reduced by -15 bps to 5.10% from 5.25%.
And for five years BNZ's new rate is 5.30%, for -20 bps from 5.50%.
These changes shift BNZ's offers to the among the lowest in the market for those terms.
The reductions by Kiwibank are not to as low levels. Their new four year rate becomes 5.25% down -25 bps from 5.50%, and their new five year rate has been reduced to 5.50% a cut of -25 bps too.
Like the mortgage rate changes announced today, these changes flatten the rate offerings by reducing linger term rates
BNZ has made similar changes to its Term PIE offerings.
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 latest offers as follows:
| for a $20,000 deposit | 6 mths | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
4.10% | 4.50% | 5.00% | 4.75% | 5.00% | 5.50% |
 |
4.15% | 4.50% | 4.50% | 4.75% | 5.00% | 5.50% |
 |
4.30% | 4.50% | 4.60% | 4.70% | 4.90% | 5.30% |
| Kiwibank | 4.50% | 4.60% | 4.75% | 5.00% | 5.50% | |
 |
4.10% | 4.50% | 4.60% | 4.75% | 5.00% | 5.50% |
| Co-op Bank | 4.50% | 4.60% | 4.70% | 4.85% | 5.10% | |
 |
4.40% | 4.50% | 4.65% | 4.75% | 5.15% | 5.60% |
| HSBC Premier | 4.00% | 4.20% | 4.40% | 4.65% | 4.90% | 5.25% |
 |
4.50% | 4.65% | 4.75% | 5.00% | 5.25% | 5.65% |
| SBS Bank | 4.25% | 4.60% | 4.65% | 4.85% | 5.10% | |
 |
4.10% | 4.50% | 4.60% | 4.80% | 5.00% | 5.75% |
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