As expected there's better news for borrowers than savers as 2015 kicks off.
For as Kiwibank cuts its two-year fixed home loan rate by 20 basis points to 5.55%, BNZ is lowering a range of savings rates.
BNZ's cuts, effective from today (January 12), include cuts of 20 basis points to term deposit rates - for minimum deposits of at least $5,000 - for six to 10 month terms, - reducing the bank's advertised rate for these terms to 4.10%.
BNZ has also cut its 18 month to five-year rates by between five and 25 basis points. The 18 month rate's now 4.55%, down from 4.60%, and its five-year rate is down to 5.05% from 5.30%. The bank's one-year rate is unchanged at 4.50%.
See all advertised, or carded, term deposit rates for 1 to 9 months here and see all advertised term deposit rates for 1 to 5 years here.
The bank has made similar cuts to term PIE rates. See all advertised term PIE rates here.
In a global environment of low interest rates, 2015 is expected to offer borrowers better deals than savers.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.