SBS targets big banks with new 2 year rate

Launched this morning at 3.39%, SBS's two year fixed rate is the fourth cheapest on the market behind ICBC, China Construction Bank, and HSBC Premier, and lower than the rates currently offered by the big four.

The bank has unveiled a new-look logo to represent "the next stage of evolution" as the bank aims to move from being a challenger to a bigger player in the market, according to CEO Shaun Drylie. 

Drylie said the rate cut "is a great way to introduce SBS Bank to those around the country who might not know too much about us but are looking for a genuine bank that really cares about its customers”.

The drive from SBS comes as domestic banks look to take business from Australian-owned groups in the wake of the Royal Commission. Kiwibank has launched a national advertising campaign against the Aussie banks, while TSB has employed a "price match" tactic in recent months. 

Drylie added: “But we’re done being New Zealand’s best-kept banking secret – it’s time to let more people know about the great things we do for our members and the communities we operate in.

“And best of all, our profits don’t go off-shore – they’re reinvested back into the business to enable us to continue to do what we do best, providing value to our customers.”

Drylie said there had been "dramatic changes in society in recent years", and it had "become clear that customers no longer wanted shareholders and profits favoured ahead of the wellbeing of customers and
communities".

Drylie added: "We see that time and time again with people questioning the purpose, impact and values of who they deal with. There is a real quest for a deeper, more authentic and genuine relationship with businesses – customers want to deal with people with that human touch.”