HSBC is to offer premier wealth clients in New Zealand an interest rate of 7 per cent for a set minimum investment, effective immediately. 

The customers will be offered the 7 per cent term fund interest rates if they invest at least NZ$10,000 ($7,900) in one of the company's global unit trusts or world selection funds. The scheme is believed to be the first of its kind in New Zealand and the company views it to be 2.7 per cent higher than the standard rate offered by competitor banks. The HSBC term fund invests solely in New Zealand dollar-denominated deposits issued by HSBC New Zealand.

"There have been hugely popular in the UK and Western Europe and we're looking to replicate the offer here for the first time in New Zealand," said head of wealth Glen Tonks.

The offer will be available exclusively to HSBC Premier customers for four months. To qualify clients must have either minimum combined home loans of NZ$500,000 or NZ$100,000 in savings and investments.