1 Comment 1 Commentby Sophia Rodrigues
Last week, the bank raised six, nine and 12-month term deposit rates to now offer the best rate across all these terms among the major banks.
By raising the 12-month deposit rate by 15 basis points, RaboDirect marched ahead of ASB with whom it was sharing the top spot. RaboDirect now offers 5.45% while ASB remains at 5.30%.
The bigger challenge was to oust Bank of New Zealand which was offering an attractive 5.30% on nine-month deposits. RaboDirect raised this term rate by 15 basis points to now offer 5.35%.
Apart from being the lone AAA rated bank among the major New Zealand banks, RaboDirect's another major attraction is that the minimum deposit size is just $1,000.
Last week also saw RaboDirect and Kiwibank getting active simultaneously in offering specials on some term deposits. While RaboDirect closed its subscriptions in 72 hours, Kiwibank's deposit specials are still available to be grabbed. RaboDirect's 6.90% on five-year term got a good response with the bank managing to sell 98% of the amount it had on offer. Kiwibank's nine and 18-month rates of 5.30% and 5.50%, however, aren't attracting depositors enough with less than 50% of the 18-month deposits being sold so far.
Among other rate changes, PSIS lowered rates across a majority of terms by 5-15 basis points. The BB+ rated financial institution is now offering 5.35% on one-year deposits, the same as being offered by BBB+ rated TSB Bank.
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