Kiwibank cuts the core rates in its term deposit rate card; shifts its 'special' shorter from 5 months to 3 months

Kiwibank’s small advantage of higher term deposit rates has been removed today.

They raised their three month rate from 3.75% to 4.15% which shifts their blackboard special shorter from 5 months (which was 4.30%).

But they have reduced their short term offer rates for 5 and 6 months. And they have cut all rates for 12 months to 3 years.

The new 5 month rate is 3.75%.

For six months, the reduction is -10 bps to 4.00%.

For one year, the reduction is -15 bps to 4.25%.

For two years, the reduction is -10 bps to 4.40%

And for three years, the reduction is -5 bps to 4.55%. Kiwibank’s four and five year term deposit rates are unchanged.

The changes position Kiwibank right in the middle of the back among the major banks

They also come as the bank slices rates to their mortgage customers.

One way to embellish after tax returns is to consider using the PIE fund offers most banks have.

Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.

All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.

Term PIE rates are here.

This positions the latest offers as follows:

for a $20,000 deposit 6 mths 1 yr 18 mths 2 yrs 3 yrs 5 yrs
             
4.00% 4.20% 4.30% 4.40% 4.50% 4.60%
ASB 4.00% 4.20% 4.30% 4.40% 4.50% 4.65%
4.10% 4.30% 4.35% 4.40% 4.50% 4.65%
Kiwibank 4.00% 4.25%   4.40% 4.55% 4.75%
Westpac 4.00% 4.20% 4.30% 4.40% 4.50% 4.75%
             
Co-op Bank 4.10% 4.30% 4.40% 4.55% 4.60%  
Heartland Bank 4.30% 4.50% 4.55% 4.65% 4.70% 4.80%
HSBC Premier 3.95% 3.95% 4.00% 4.10% 4.25% 4.45%
RaboDirect 4.10% 4.35% 4.40% 4.55% 4.65% 4.85%
SBS Bank 4.50% 4.40% 4.50% 4.60% 4.70%  
4.00% 4.30% 4.40% 4.50% 4.60% 4.80%

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