ASB Increases Term Deposit Rates To 15-year Highs

Thursday, 12 October 2023, 9:35 am
Press Release: ASB Bank

ASB has increased several of its term deposit rates today, with some terms now at rates not offered by major New Zealand banks since 2008. It's the twelfth time the bank has increased term deposit rates this calendar year.

Five ASB term deposits have increased by between 10 and 30 basis points and now sit at 6% or 6.10%, with ASB leading the major banks across the 6, 9, 12 and 36-month terms.

ASB Executive General Manager Personal Banking Adam Boyd says the bank is seeing high demand for term deposits.

“The number of 12-month term deposits taken out by ASB customers has doubled in the past year, as customers take advantage of the current high interest environment,” says Mr Boyd.

“We want to support our customers’ ambition to save for the future, particularly in the current climate, and that commitment is reflected in our new term deposit rates. Nearly three-quarters of our customers hold a savings product or term deposit with us, and we encourage them to review their accounts to ensure they secure the best rate available to them.”

Mr Boyd says while ASB’s new term deposit rates are a great option for those wanting to build greater financial security, there are alternative options to suit all customer needs, including savings accounts which have no minimum balance requirements and earn interest while allowing customers to withdraw funds.

New ASB term deposit rates below, effective Thursday 12th October 2023. No changes to home lending rates.

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