TSB Bucks The Trend Increasing Key Term Deposit Rates

06 September, 2024

TSB Bank has bucked the downward trend in the term deposit market today announcing interest rate increases for two popular deposit options.

The New Zealand-owned bank is increasing its six-month rate by 15 basis points to 5.90% p.a. with the one-year rate going up 30 basis points to 5.50% p.a., which are the leading rates in the market.

TSB General Manager of Customer Delivery, Penny Burgess, says, “With the Official Cash Rate declining, the Australian-owned banks are rushing to drop their term deposit rates and lowering the return to savers.

“As a challenger bank we don’t think this is the right thing to do right now, so we’re working hard to offer these two key and popular rates for customers.

“For those saving for a goal like their first home or a holiday, or for those on fixed incomes, this can really help when the cost of living is high. We challenge the big banks to do the right thing, to put their profits second and show up and compete in the best interests of New Zealanders,” says Burgess.

The new rates are effective immediately, and are available online, in-branch, or on the phone.

“TSB is a strong, New Zealand and customer focussed bank, and we think it’s important for people in Aotearoa to have the choice to be with a bank that contributes to a real impact in the community. For anyone who isn’t already a TSB customer and doesn’t feel like their bank cares about them, now’s a great time to try our award-winning customer service and see what makes us different,” says Burgess.

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