ANZ has increased its eight-month, or 240 day, term deposit interest rate by 10 basis points to 3.60%.
That rate is the same as the bank’s five-year rate, making it the equal highest carded term deposit rate currently on offer, for any period from one month to five years, from the country’s biggest bank.
Eight months is an unusual term, with this ANZ offer the only carded eight month term deposit rate currently on offer from a bank. ASB does, however, currently have a 3.60% seven-month rate.
At the same time ANZ is increasing its 240 day PIE Fund rate by 10 basis points to 3.60%, which again matches the bank’s five-year PIE Fund rate.
The changes are effective from today, Friday, September 23.
The latest term deposit rate move from ANZ comes after the bank last week cut its 18 month ‘special’ term deposit rate by 15 basis points to 3.45%. That 18-month 3.60% rate had been pitched by ANZ as a reason it only passed on five basis points of August’s 25 basis points Official Cash Rate cut to borrowers.