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Banks increase term rates

There’s a raft of rate increases coming through following the Reserve Bank’s official cash rate increase.

Saturday, March 10th 2007, 5:27AM
The two most significant are from Westpac and Rabobank. Westpac has increased its 90 day (three month) rate between 1.25 and 1.35% to 7.50% and its 12 month rate 10 basis points to 7.75%.

It says these new rates put the bank at the top of the market among main banks for 90-days and 12-month terms.

Rabo has put its online savings account rate up from 7.35% to 7.50%. Also its term deposits have increased recently with 8.00% for 12 months, 7.75% for six months and 7.65% for three months.

BNZ has also increased its six month rates slightly to 7.60%.

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