Term Deposit Report: Term deposit rates under pressure
- Short-term deposit interest rates out to 1 year remain above 20-year averages
- However, the recent Reserve Bank (RBNZ) Official Cash Rate (OCR) cuts, and the expectation of more are weighing on the outlook
- Longer-term deposit interest rates have been easing since late 2023 as financial markets anticipated interest rate cuts by the RBNZ
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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.
- Email: Chris