Kiwibank has announced their two-year fixed term today to be 3.49% as of Monday the 30th September. This is following BNZ’s announcement a week ago and Westpac and ASB's decision a couple of days later.
The China Construction Bank and HSBC still hold the lowest rates in the market, with 3.15% and 3.35% respectively.
However, across the so-called big five, 3.49% is the lowest in the market. It would be interesting to see if BNZ would be lowering their rate yet again to put themselves back ahead of the pack.