ASB Announces Market-leading Term Deposit Rates In Response To Strong Customer Appetite

Thursday, 26 January 2023, 6:10 am
Press Release: ASB

In the spirit of new year goal-setting, ASB is encouraging customers to build healthy savings habits by announcing competitive new term deposit rates available from tomorrow. ASB’s one-to-five-month term deposits will be at least 0.40% - 0.50% above the other major banks, making them attractive to customers who want to save rather than spend in these challenging economic times.

ASB’s Executive General Manager Personal Banking, Adam Boyd, says the bank is seeing increased customer demand for term deposits. “There was a 20% increase in the number of term deposits taken out between 2021 and 2022 and the trend is continuing. Today’s announcement responds to that demand by giving customers market-leading rates in a short-term setting, offering both security and flexibility in the current environment.

“Term deposits are a great way to help achieve savings goals and this is a popular time of the year for customers to review their financial plans. Last year ASB launched a new Goal Planner tool within its mobile app and we’re delighted to see that since 1 January this year our customers have set more than 10,000 goals. This shows a real desire from customers to create a game plan and set themselves up for success.”

Overall, customers have set more than 42,000 savings goals since the launch of ASB’s Goal Planner in March last year. Linked to customer savings accounts, goals can be set for a rainy day (emergencies), big ticket purchases or other goals. Goal Planner has a new feature which also helps customers work out how much they should aim to save for a rainy day according to their income and expenses.

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Mr Boyd says while ASB’s new term deposit rates are a great option for those wanting to create a nest egg, the bank’s savings accounts have no minimum balance and earn interest while still allowing withdrawals.

ASB term deposit rate changes

Term	Current Rates (p.a) ($5,000+)	New Rates (p.a) ($5000+)*	Rate Change
1 month	1.75%	2.15%	+0.40%
2 months	2.00%	2.40%	+0.40%
3 months	3.20%	3.70%	+0.50%
4 months	3.30%	3.80%	+0.50%
5 months	3.50%	4.00%	+0.50%
6 months	4.55%	4.70%	+0.15%
12 months	5.25%	5.30%	+0.05%

*New rates effective from Thursday 26 January 2023

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