Kiwibank increases long term deposit rates

by NZ Adviser28 Nov 2016

Kiwibank has increased its long-end term deposit rates from between 0.15 and 0.25 per cent.

Kiwibank has taken advantage of the change in wholesale curves and passed it on to customers which will assist those seeking longer term investments. It has also reduced some of its shorter term deposit rates and introduced a market leading rate of 3.60%p.a. for six months.

The changes which take effect today are:

Six month term deposit increased from 3.15%p.a. to 3.60%p.a. for investments of $10,000 or more.

Two year term deposit increased from 3.25%p.a. to 3.40%p.a. for investments of $10,000 or more.

Three year term deposit increased from 3.40%p.a. to 3.60%p.a. for investments of $10,000 or more.

Four year term deposit increased from 3.50%p.a. to 3.70%p.a. for investments of $10,000 or more.

Five year term deposit increased from 3.60%p.a. to 3.85%p.a. for investments of $10,000 or more.

Thirty day term deposit decreased from 1.00%p.a. to 0.75%p.a. for investments of $10,000 or more.

Sixty day term deposit decreased from 1.50%p.a. to 1.25%p.a. for investments of $10,000 or more.

Ninety day term deposit decreased from 2.60%p.a. to 2.50%p.a. for investments of $10,000 or more.

One hundred day term deposit decreased from 2.65%p.a. to 2.55%p.a. for investments of $10,000 or more.

One hundred and twenty day term deposit decreased from 3.20%p.a. to 3.20%p.a. for investments of $10,000 or more.

One year term deposit decreased from 3.60%p.a. to 3.35%p.a. for investments of $10,000 or more.

All rates above are interest at maturity only.

Westpac's website also reveals a change, focused on the two-year rate – with a 3.70% offer, a rise of +45 bps.
 

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