Banks in New Zealand and Australia raise term deposit rates

Banks in New Zealand and Australia are adjusting term deposit rates, with several institutions offering higher yields than the major 'big four' banks.

In New Zealand, ASB has increased select rates, including a 10 basis point rise for its one-year fixed term to 4.00%. Notably, ASB has raised its five-year rate by 25 basis points to 5.00%, making it the highest five-year rate among local banks, though analysts note the illiquidity of long-term deposits compared to bonds.

In Australia, Macquarie Bank has increased its digital term deposit rates for the second time this month, maintaining rates above major competitors like ANZ, Westpac, and NAB. Additionally, Judo Bank has claimed the market's top 12-month rate at 5.45% p.a., while Rabobank has also implemented increases of up to 30 basis points.