Westpac NZ is raising term deposit rates to support savings customers, including a new 12-month rate of 2.40% that's the highest among the major banks.
The rate changes will take effect on Friday 4 February, giving Westpac the highest or joint-highest rate among its main competitors on terms from six months all the way to five years.
Westpac NZ General Manager of Consumer Banking and Wealth Ian Hankins says the bank is giving customers the chance to lock in solid savings in uncertain times.
"We know many of our customers are looking for a bit more certainty as New Zealand comes to terms with the Omicron outbreak, and providing good value on our term deposits gives them that option," Mr Hankins says.
"Now is a great time for every household to think about their financial goals for 2022 and how they can get there faster. We have a range of options and we'd encourage them to talk to us about what works best for them.
"We'll also continue to support homeowners with competitive mortgage rates across the board, including the best or joint-best rates among the major banks on our special three-to-five year terms."
