ASB and its subsidiary Bank Direct have each cut 25 points from their three and five year term deposit rates to 5.75% and 6.50% respectively.
These are the first change by a bank to these terms since January.
Last week Southern Cross Building Society hiked its three and five month terms by 25 basis points, while SBS raised its 12-month term by 15 points in a special offer.
That comes before the Reserve Bank reviews the official cash rate on Thursday , where it is expected to hike the benchmark interest rate 25 points to 3%.
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