ASB, one of New Zealand’s largest banks, has raised its term deposit rates, offering up to 5% on some accounts. The move comes as the bank adjusts its savings products to attract more customers. The updated rates include a five-year term deposit returning 5%, up from previous levels. ASB has not changed its lending rates, keeping them steady for borrowers.
The decision follows a period of low interest rates, which has made savings less attractive for many New Zealanders. By increasing returns, ASB aims to encourage more people to deposit money with the bank. The change applies to specific term deposit products, with the five-year option offering the highest rate.
Customers looking to grow their savings may now see better returns, but the rates remain lower than those seen during previous economic conditions. The bank has not announced any plans to adjust rates further in the near future. Financial experts suggest the move reflects a cautious approach to managing risk in the current economic climate.
