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# Term deposit rates tumble—savers left scrambling
- URL: https://goodoil.news/term-deposit-rates-tumble-savers-left-scrambling/
- Published: 2025-02-20T09:16:21.000Z
- Updated: 2025-02-20T20:49:22.000Z
- Description: There's little interest in competing for savers’ cash.
- Author: Centrist
- Tags: News

Summarised by [Centrist](http://centrist.nz/?ref=goodoil.news)

**Savers are being squeezed as New Zealand’s major banks slash term deposit (TD) rates in response to last week’s 50-basis-point cut to the Official Cash Rate.** 

**ANZ has led the charge downward, now offering 3.95% on 90-day deposits—the first major bank to drop below 4%.** 

Banks are showing little interest in competing for savers’ cash. Just days ago, rates over 5% were still available, but now only one main bank—ICBC—offers a TD rate at 5%. 

Savers are left with few options, as shifting to longer terms may lock them into falling rates, while shorter-term deposits risk being renewed at even worse returns.

For those willing to look beyond the big banks, smaller institutions and non-bank lenders are still offering rates in the 6% range, but these come with higher risk. 

[**Read more over at Interest**](https://www.interest.co.nz/personal-finance/132005/ground-about-sink-faster-savers-anz-brings-back-td-rate-starting-3-and-now?ref=goodoil.news)

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