Photo: NZ HeraldASB is the first of the major banks in New Zealand to increase its mortgage and term deposit rates. ASB general manager of retail banking Craig Sims attributed the increase in interest rates to the robust New Zealand economy. ASB has increased its six-month term deposit interest rate by 0.2 per cent, with the rate rising from 0.8 per cent to 1 per cent. The biggest increase was for the three-year term deposit, which saw an increase of 0.3 per cent from 1.4 per cent to 1.7 per cent. KIWIBANKThe announcement from ASB was followed by a Kiwibank statement confirming it would be increasing its its term deposit rate to 1.2 per cent from 0.8 per cent for its 200-day term.

Source: Otago Daily Times July 13, 2021 21:24 UTC