SBS Bank First-to-market With 5.00% P.a. 12-month Term Deposit Rate
SBS Bank has today launched a market-leading term deposit rate of 5.00 % p.a. for a 12-month term.
“We are proud to support Kiwi investors by offering the most competitive rate in-market for our most popular term of 12 months,” says SBS Bank Group CEO Mark McLean.
“We have invested significantly in our digital capability over the past few years and we’re now also able to welcome new members opening term investments through our website at sbsbank.co.nz/invest from the comfort of their own home,” Mr McLean says.
“Term deposit interest rates have been at record lows since the Covid-19 pandemic and short-term rates in particular have lagged recent increases in the OCR. This increase from 4.50% p.a. to 5.00% p.a. represents SBS Bank’s commitment to be competitive and support investors looking to grow their money in a term deposit,” Mr McLean says.
At 5.00% p.a. the SBS 12-month term deposit rate is currently 0.5% above the highest advertised 12-month term deposit rate offered among New Zealand’s major banks.
SBS Bank challenged the market similarly in June this year when it was the first to offer a 12-month term deposit rate of 4.00 % p.a.
“Offering this increased rate on a popular short-term investment product represents our commitment to pass on financial benefits to both new and existing members, supporting them to do more with their investments through market-leading rates,” Mr McLean says.
The last time SBS Bank offered a 5.00% term deposit rate (on a 36-month term) was in February 2015.
“Today’s new term deposit rate will be welcomed by investors,” he says.
“SBS was founded in 1869 to get more Kiwis into their own homes, help them with their saving goals and do what’s right for our communities. And 153 years later we’re still committed to these priorities and our belief that banking is about putting people first.”
New investment rates – SBS Bank
*Effective Thursday, October 27, 2022
Minimum deposit $1000, maximum deposit $5,000,000. Specific account opening criteria. Term investment terms and conditions apply.