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deposit rates

BNZ offers 4% term deposit rate

BNZ has introduced a two-year deposit rate special of 4%.

Monday, 21 November 2016

Acting director of retail and marketing David Bullock said it was the first time in more than a year that a two-year term deposit rate from a major bank had been available at that level.

Comments from our readers

On 14 December 2016 at 1:57 pm Murray Weatherston said:
Clever marketing. But is it misleading?

When you check the fine print, the 4.0% interest is payable at maturity.

My trusty HP12C tells me the equivalent rate compounded quarterly is only 3.87% p.a. which is still high for the times but not quite as sexy as a 4 figure.

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Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.40 0.41 0.42
ASB Bank 0.55 0.59 0.56
ASB Bank 0.60 0.61 0.64
ASB Bank 0.65 0.66 0.69
ASB Bank 0.70 0.72 0.75
Heartland Bank 2.50 2.59 2.70
Nelson Building Society 3.75 3.90 4.08
RaboDirect 1.50 1.55 1.62
SBS Bank 1.80 1.86 1.94
TSB Bank 1.60 1.64 1.71
Westpac 0.35 0.36 0.38
Westpac 0.05 0.05 0.05
Westpac 2.60 2.67 2.79

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