| Costs of bank deposits | |||
|---|---|---|---|
| Date | Cost of total deposits | Cost of savings (call) accounts | Cost of term deposits |
| Previous years: | |||
| Nov 2022 | 2.23 | 1.94 | 3.24 |
| Nov 2023 | 4.11 | 3.67 | 5.57 |
| Monthly: | |||
| Dec 2023 | 4.14 | 3.64 | 5.65 |
| Jan 2024 | 4.20 | 3.72 | 5.69 |
| Feb 2024 | 4.25 | 3.70 | 5.75 |
| Mar 2024 | 4.30 | 3.68 | 5.80 |
| Apr 2024 | 4.29 | 3.72 | 5.82 |
| May 2024 | 4.30 | 3.67 | 5.85 |
| Jun 2024 | 4.34 | 3.69 | 5.85 |
| Jul 2024 | 4.38 | 3.73 | 5.88 |
| Aug 2024 | 4.34 | 3.66 | 5.84 |
| Sep 2024 | 4.29 | 3.53 | 5.78 |
| Oct 2024 | 4.19 | 3.40 | 5.71 |
| Nov 2024 | 3.98 | 3.05 | 5.56 |
The data: coverage, periodicity, and timeliness
Coverage characteristics
Yields on loans and costs of deposits at the end of month for registered banks.
Periodicity
Monthly
Timeliness
Data is published approximately five weeks after the end of the reference month.
Access by the public
Data Release
Data is released on the Reserve Bank’s website.
Statistics release calendar
The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.
View the statistics release calendar
Integrity
Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses
Data are collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).
The Reserve Bank of New Zealand publishes only aggregated data.Individual institutional data is confidential.
Find out more about the Reserve Bank Act 1989.
Provision of information about revisions and advance notice of major changes in methodology
Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website as a ‘special note’.
Any major changes in methodology are posted on the website as a special note.
Quality
Dissemination of documentation on methodology and sources used in preparing statistics
A copy of the Income Statement survey template and definitions is available from our Surveys page.
Dissemination of statistics that support statistical cross-check and provide assurance of reasonableness
Interest.co.nz publishes mortgage interest rates for a range of terms.
Yield on residential mortgage loans (Total)
The monthly yield on residential mortgage loans (Total) is a weighted average yield on the total of all types of loans (floating and fixed) for registered banks fully secured on residential property.
It is calculated using the sum of each bank’s interest income received for both floating and fixed residential mortgage loans compared to the sum of a two period moving average of the value of these loans. Using a two period moving average for the value of loans takes into account that not all loans at the end of the reporting period would have contributed to the interest income over the reported month.
The yield takes into account the number of days within each month and is annualised. Each yield is calculated as follows:
Yield = (The sum of each bank's interest income received on loans / The sum of a two period moving average of the value of loans) X (365 / number of days in a month) X 100
Yield on residential mortgage loans (Floating)
The monthly yield on residential mortgage loans (Floating) is a weighted average yield on the total of all floating rate loans for registered banks fully secured on residential property.
It is calculated using the sum of each bank’s interest income received for floating residential mortgage loans compared to the sum of a two period moving average of the value of these loans. Using a two period moving average for the value of loans takes into account that not all loans at the end of the reporting period would have contributed to the interest income over the reported month.
The yield takes into account the number of days within each month and is annualised.
See Yield on residential mortgage loans (Total) above for the calculation formula.
Yield on residential mortgage loans (Fixed)
The monthly yield on residential mortgage loans (Fixed) is a weighted average yield on the total of all fixed rate loans for registered banks fully secured on residential property.
It is calculated using the sum of each bank’s interest income received for fixed residential mortgage loans compared to the sum of a two period moving average of the value of these loans. Using a two period moving average for the value of loans takes into account that not all loans at the end of the reporting period would have contributed to the interest income over the reported month.
The yield takes into account the number of days within each month and is annualised.
See Yield on residential mortgage loans (Total) above for the calculation formula.
Yield on total business loans
The monthly yield on total business loans is a weighted average yield on the total of all business loans for registered banks (not fully secured by residential property).
It is calculated using the sum of each bank’s interest income received for total business loans compared to the sum of a two period moving average of the value of these loans. Using a two period moving average for the value of loans takes into account that not all loans at the end of the reporting period would have contributed to the interest income over the reported month.
The yield takes into account the number of days within each month and is annualised.
See Yield on residential mortgage loans (Total) above for the calculation formula.
Cost of total deposits
The monthly cost of total deposits is a weighted average cost on the total of savings (call) accounts and term deposits for registered banks.
It is calculated using the sum of each bank’s interest expenses paid for both savings (call) accounts and term deposits compared to the sum of a two period moving average of the value of these deposits. Using a two period moving average for the value of deposits takes into account that not all deposits at the end of the reporting period would have contributed to the interest expenses over the reported month.
The cost takes into account the number of days within each month and is annualised. Each cost is calculated as follows:
Cost = (The sum of each bank’s interest expenses paid on bank deposits / The sum of a two period moving average of the value of deposits) X (365 / number of days in a month) X 100
Cost of savings (call) accounts
The monthly cost of savings (call) accounts is a weighted average cost on the total of savings (call) accounts for registered banks.
It is calculated using the sum of each bank’s interest expenses paid for savings (call) accounts compared to the sum of a two period moving average of the value of these deposits. Using a two period moving average for the value of deposits takes into account that not all deposits at the end of the reporting period would have contributed to the interest expenses over the reported month.
The cost takes into account the number of days within each month and is annualised.
See Cost of total deposits above for the calculation formula.
Cost of term deposits
The monthly cost of term deposits is a weighted average cost on the total of term deposits for registered banks.
It is calculated using the sum of each bank’s interest expenses paid for term deposits compared to the sum of a two period moving average of the value of these deposits. Using a two period moving average for the value of deposits takes into account that not all deposits at the end of the reporting period would have contributed to the interest expenses over the reported month.
The cost takes into account the number of days within each month and is annualised.
See Cost of total deposits above for the calculation formula.
Symbols and conventions for summary table
| Symbol or convention | Definition |
|---|---|
| 0 | Zero or value rounded to zero |
| - | Not applicable |
| .. | Not available |
| bold | Revised/new |
| italics | Provisional |
| Light grey background | Historical |
General notes
- Individual figures may not sum to the totals due to rounding
- Percentage changes are calculated on unrounded numbers
- You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.