First cut to long term bank TDs for months

The past week has been quiet for deposit rate changes, however ASB changed that when it cut TD rates on Monday.

Monday, 26 July 2010

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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