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Fin Coys up, banks down

Investment rate report: We're starting to see a greater number of changes to investment rates with banks and finance companies.

Monday, February 4th 2008, 9:10AM
There were two significant changes in the past week. Firstly, PSIS upped the rate on its new call account 20 basis points to become the market leader at 8.40%. No doubt some of the banks will be reluctant to let it maintain this position for long.

Secondly, we saw some changes to finance company rates, with Asset Finance making the biggest increases.

For terms longer than a year it is offering rates from 11.45% right up to 13.45%.

The three, four and five-year terms are all over 13% and its two-year and 15 month rate sit at 12.25%.

Other finance companies to increase rates were Goldband Finance, Lombard and UDC.

UDC made small increases to some shorter terms and Lombard raised its one-year rate 20 basis points.

The banks have been quiet during the week with the main action being what we reported previously. That is, changes mainly in the one-year maturity heading lower.

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