Term Deposit Report: Interest rates have risen but so has inflation

  • Term deposit interest rates have lifted off their lows over the year, including several increases over recent months.
  • The RBNZ delivered its first Official Cash Rate increase in over seven years in October and followed up with another hike in November.
  • More OCR increases are forecast for 2022, and this is priced into longer term interest rates in New Zealand, including term deposits.

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Chris Tennent-Brown

ASB Wealth Senior Economist

Chris has worked as an economist for ASB and Commonwealth Bank of Australia in Sydney since 2005. His work has involved monitoring and forecasting trends in the New Zealand economy, with a focus on drawing implications for financial markets and investments. Chris is passionate about savings issues, and much of his current work is focussed on broadening peoples understanding of investments. Chris obtained a Bachelor of Commerce at Auckland University, majoring in Economics, and prior to joining ASB worked in the funds management industry for Bankers Trust and BT Funds Management. With over 20 years' experience in finance, Chris has also spent several years farming, and was a New Zealand representative cyclist. When not at work, Chris likes to travel, cycle, and spend time with his family and numerous pets.

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