There is more than interest rates as an incentive to put your term deposit in Heartland bank at stake here. The big four banks have just had their credit ratings downgraded in NZ.
https://www.interest.co.nz/banking/1...otch-alongside
There was a very ominous sentence right at the end of the Fitch press release.
"We will review the remaining Australian and New Zealand banks rated by Fitch in the near future."
Heartland bank is currently BBB. A downgrade to BBB- they could handle. But anything more than that Heartland is no longer an 'investment grade' deposit option. There are some entities that are only allowed to put their funds into bonds and banks with a BBB risk profile and nothing lower. IMO the deposit position at Heartland is now under threat in a way it was not a week ago.
SNOOPY