Bank offers 1.75 per cent deposit rate, but there's a catch 28 Feb, 2021 07:06 PM 3 minutes to read For a long time deposit rates have only been moving in one direction - down, down and down. But ASB bank has now bucked that trend to offer a 1.75 per cent interest rate. The only catch - savers have to lock in their money for five years to get it. Read More ASB has lifted its five-year rate from 1 per cent and it is now much higher than the 0.9 per cent which the other main trading banks are offering. According to Reserve Bank figures the average interest rate on five-year terms was 0.96 per cent in December, down from 2.64 per cent in December 2019 and 3.81 per cent in December 2018.