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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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