For a long time deposit rates have only been moving in one direction - down, down and down. But ASB bank has now bucked that trend to offer a 1.75 per cent interest rate. According to Reserve Bank figures the average interest rate on five-year terms was 0.96 per cent in December, down from 2.64 per cent in December 2019 and 3.81 per cent in December 2018. ASB has also increased other term deposit rates although at much smaller increments. Its three-year rate rises from 0.9 per cent to 1.25 per cent and its 48-month rate from 1 per cent to 1.5 per cent.

Source: New Zealand Herald February 28, 2021 19:07 UTC