The Reserve Bank has left the current settings unchanged.
ASB bank is offering a term deposit rate of 1.75 percent.
The Reserve Bank has retained current setting on the Official Cash Rate.
A leading economist expects the OCR to rise next year.
"What the Reserve Bank is mindful of is that it doesn't want the housing market to overheat."
The funding for lending programme (FLP) will provide cheap funding for banks to lend.
It would provide a cheap pool of funding for banks to lend.
The Official Cash Rate will remain at 0.25 percent - for now.
From Tuesday, TSB Bank will offer a one-year fixed interest rate of 2.49 percent.