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Savers have rushed to lock in high interest rates ahead of the Reserve Bank cutting the OCR for the first time in more than four years.
New RBNZ data shows households put an extra $2.1 billion in term deposits in July - which saw the amount of money held in term deposits rise to a record $136 billion.
NZ Herald Wellington business editor Jenee Tibshraeny explains why people have been making these choices.Â
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