Term Deposit versus PIE term deposit

[SBQ]

Do you know what amount of money for term deposit you would need to be able negotiate a higher rate? How much higher an interest rate can you negotiate? It does not sound to be a very transparent - or a particularly fair situation.

Over 10 years ago there was a man I always went to at the BNZ branch in Sydenham, Chch. It didn't matter on the amount I would want to roll over but we would sit in his office and he would work the BNZ terminal doing his magic. What he did was he would fudge # in the interest rate cell (working at real time market rates) and the difference was at least over 1% more than advertised TD board rate. Keep in mind, the rates back then peak at 9% but over the years I met him, he would always spend a few minutes on the screen and work the interest rate figures (his method was he would start high and gradually work lower in 0.01% increments). Unfortunately he transferred to Auckland so my man that offered me the best rates were no more.

Of course the average person doesn't have access to such better rates. But I do find it's not out of the ordinary to ask for a better rate if you're putting in more than $50K in term deposit. You're not going to get that rate over the phone. You really need to see the person at the branch or your 'bank manager' you deal with (and in close relations). They call up the trading desk and get a 'dealer rate' confirmation. I can't speak for other banks in NZ how they work.

[tobo]

Thanks for clarification. (The cash is, as you suggested, cash waiting for crash value buying. I want to keep some in the event of a longer/larger decline than the last few weeks...A bob each way at the moment.)