One bank has lowered its term deposit rate card so that no offers are above 1.00%.
ANZ has cut most of its rates, with their ‘highest’ now just 0.90% – and you need to commit to an eighteen month term to get that.
The banks themselves know that they can get all the funds they need from the RBNZ in their upcoming Funding for Lending program at discounted rates.
Term deposit interest is an income stream that has dried up.
With ANZ’s move today all the other major banks will soon follow.
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