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deposit rates

RaboDirect lone active bank in quiet term market

There was a lull in the term deposit space last week with no institution announcing any change to the interest rates.

Wednesday, 2 February 2011

by Sophia Rodrigues

The exception was RaboDirect which announced its second set of special rates this year. The bank offered 7.05% on five-year rates which was a good 30 basis points over Kiwibank's rate for the same term, and 35 basis points over its own regular rate. With a minimum deposit amount of just $5,000, the rate may have attracted good set of investors. RaboDirect doesn't indicate the maximum amount it is targeting.

On Monday, RaboDirect announced yet another specials but this time it seems to for a much longer period of 32 days compared with the usual about three days.

The most popular seems to be the 6.20% that RaboDirect is offering on three-year deposits for a minimum amount of just $2,000. The rate is 20 basis points over Kiwibank's 6% on a minimum $5,000 deposit. The bank is also offering 5.60% for nine months and 5.70% for one-year.

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