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Banks cut cash PIEs to half OCR

Low interest rates on offer from the four main banks’ cash PIE funds are likely just an indication of the tough times for people surviving on money in the bank, one commentator says.

Tuesday, February 9th, 6:00AM

The rates for the on-call funds have come down this month to as little as 1.25% for ANZ and BNZ. ASB is offering 1.4% through to 1.5% for those with more to invest and Westpac offers 1.5%.

But RaboDirect is offering 2.25% and Kiwibank will match that with its bonus rate.

The PIE structure caps the rate of tax paid at 28%, which means those who have a personal tax rate of 30% or more get a better equivalent return from the fund than they would in a non-PIE vehicle paying the same rate of interest...MORE»

Banks cut cash PIEs to half OCR

Tuesday, February 9th, 6:00AM

Low interest rates on offer from the four main banks’ cash PIE funds are likely an indication of the tough times for people surviving on money in the bank, one commentator says.

MORE»

Turners looks to boost MTF stake

Monday, September 14th, 4:35PM

Turners is making an offer to buy shares in Motor Trade Finances (MTF) through its subsidiary Turners Finance Limited.

MORE»

 

Previous News

Sky City issues bonds

Wednesday, September 2nd, 4:53PM

Sky City entertainment grow is to sell $125 million of seven-year bonds, paying 4.65% a year.

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General Finance experiencing good growth

Thursday, July 2nd, 2:56PM

General Finance is seeing growth in its business as investors chase good yields.

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GFNZ returns to profit

Monday, June 15th, 9:27PM

GFNZ, formerly known as Geneva Finance, has returned to profitability.

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Warehouse plans bonds offer

Monday, May 4th, 3:10PM

The Warehouse Group today announced it is considering making an offer of new five year unsecured, unsubordinated, fixed rate bonds to refinance its $100 million senior bond maturing on June 15 for general corporate purposes.

MORE»

FMA warns on bank notes

Friday, April 24th, 6:00AM

Consumers are being warned to make sure they know what they’re doing if they invest in bank capital notes.

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Co-operative Bank 3.35  
Based on a $50,000 deposit
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