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DepositRates.co.nz has compiled a table showing the rates on offer from the various PIE funds.

Friday, 18 July 2008

Cash PIE funds are the perhaps the hottest investment around at the moment with many of the banks rolling out products in the past couple of months.

Depositrates.co.nz has compiled a table comparing the rates on offer both from call funds and also from ones which have a fixed term.

The table has the advertised rate, then the effective gross rate for 33% and 39% taxpayers. It also includes the minimum investment amounts which vary considerably . In addition to what is shown Forsyth Barr has higher rates for amounts of more than $20,000, $50,000 and $250,000.

Nz Term Deposit Rates

Likewise Kiwibank are offering increased rates if no withdrawals are made.

We have expressed the effective rates as they are portrayed by the providers. However a point investors should be aware of is how the rate is compounded. There are three options; Compounding daily, monthly, or interest at maturity. Each changes the final amount. Also, while these funds are promoted as benefiting those on 33% and 39% tax rates there are also benefits for people on lower marginal rates.

'The PIE also increases the gross return for those on 30% and 19.5%,' Direct Broking marketing manager Julian Grainger says. 'Not much mind you; we're only talking a couple of basis points. But if you're a retiree every point counts.'

Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac New Zealand Limited. You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited, and a copy of the term sheet for Term Deposits here or from any Westpac branch in. Conditions apply. Offer excludes corporate, institutional and government customers. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate. Early termination fee applies if the Term Deposit is ended before the full term.

He says a 19% taxpayer with $100,000 is likely to get around $50 extra annually.

Currently there are only two providers with fixed term products, ANZ-owned finance company UDC and Kiwibank.

Which Bank Has The Best Term Deposit Rates

UDC starts a new fund each month. Currently it is taking subscriptions for the fund which starts on August 1. The rates are shown in the table below.

It's worth noting the rates are lower than what it offered in the 12 month-term fund started a month earlier. The rates for that one were 8.90%, 9.29% and 10.21% respectively.

Nz Term Deposits

The rates published are compiled from each providers own information.

Which Nz Bank Has The Best Term Deposit Rates

For a full comparison table, click here.

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Westpac Term Deposit Rates Nz Fixed

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