tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Investments

rss
Latest Headlines

Bank TD rates fall

The past week has seen investment rates from finance companies largely unchanged, however bank term deposit rates have fallen.

Tuesday, January 29th 2008, 5:20AM
In a familiar theme the banks jockeyed for position in the term deposit rate and generally for shorter maturities (ie: a year or less).

Westpac introduced a 10-month special, at 8.80% which is pitched to go up against the one-year interest at maturity rate from other banks and to compliment its 30-day rolling term deposit which is sitting at 8.10%.

Also it has removed its 15-month special.

A fall in wholesale rates has been driving term deposit rates lower. This is illustrated in the one-year IAM market, which as depositrates.co.nz has reported, has been the battle scene for much market action.

Late last year the top rates were getting up to 9.00%, now the leaders in this sector, ANZ and Kiwibank have the rate down at 8.75% and 8.80% respectively. National Bank cut its one-year IAM rate, yesterday, from 8.70% to 8.60% and also lowered its 18-month rate 15 basis points to 8.75%.

However, not all bank rates have been down. ASB and Bank Direct increased their nine and 12 month specials slightly.

Building society SBS, which tends to compete closely with banks, has a special of 8.50% for terms of between three and six months.

During the week only one finance company moved rates and that was mid-sized, Canterbury-based firm Mascot. It made small increases to most of its rates.

Amongst the sharebrokers Forsyth Barr decreased the rate on its US dollar denominated call account, to 3%, in response to the surprise Federal Reserve decision to lower its cash rate.

« Rescue plan frustratedTrading in MFS shares suspended in NZ »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com