SBS Bank Edges Ahead Of Market With 6% P.a 12-month Term Deposit Rate

SBS has introduced a term deposit rate of 6.00% p.a for a 12-month term – now the highest rate in the market.

“We are proud to pass on another meaningful term deposit rate increase of 90 basis points and once again offer the most competitive rate in-market for our most popular 12-month term,” says SBS Bank Group CEO Mark McLean.

At 6.00% p.a, the SBS 12-month term deposit rate is currently 0.5% above the highest advertised 12-month term deposit rate offered among New Zealand’s major banks, and is the highest among the one-to-five-year term rates.

“Our records show there has not been a one year rate this high since November 2008,” Mr McLean says.

“As a mutual, we are always looking to provide additional benefits to our Members and one of the ways we achieve this, alongside our great service, is through competitive pricing of our products.

“Offering this market-leading rate represents SBS Bank’s commitment to be competitive and support savers who have weathered low returns over recent years,” Mr McLean says. “Today’s new rate will be welcomed by investors looking to grow their money in a term deposit.”

Ongoing investment in SBS Bank’s digital capability means new members can open term investments instantly online through sbsbank.co.nz/invest from the comfort of their own home.

“SBS was founded 153 years ago to help our Members save, find a place to call home, and to do what’s right for our communities. We’re still committed to these priorities and we are looking forward to welcoming new investors.”

© Scoop Media