Term Deposit Report September 2023: Term deposit rates nudge slightly higher

  • Term deposit rates have lifted again over the past month and remain above where they have averaged over the past 20 years
  • Rates are expected to settle around current levels this year.  Despite the “above-average” returns on term deposits, inflation remains stubbornly high, and a challenge for savers
  • Inflation lifted by more than term deposit rates in the wake of the pandemic, and in doing so adds to the challenge for savers trying to generate a return

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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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