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: Sunday, February 25th, 5:15PM

Investments

rss
Latest Headlines

BNZ and Kiwibank increase long term TD rates

The battle for term deposit money heated up some more this week with Kiwibank and Bank of New Zealand making significant increases to rates yesterday.

Monday, August 17th 2009, 9:51PM

Besides the magnitude of the changes there is another factor which makes the battle intriguing.

Yesterday's increases were to longer term rates, an area banks traditionally find it hard to raise funds in.

In recent weeks most of the competitive pricing changes have been to terms in the four to nine month part of the market.

BNZ changed its rates for three, four and five year term deposits, along with its bonds. The largest increases were to four-year rates which went up a full 75 basis points.

Depending on how much an investor deposits with the bank the rate is between 5.90% and 6.00%.

Its five year term deposit rate, regardless of amount (for sums of $10,000 or more) has gone from 6.00% to 6.50%.

Kiwibank made changes to the same maturates, but by smaller amounts. Its changes were between 25 and 50 basis points.

Its three year rate for $5,000 has gone up 25 points to 5.50%, the four-year rate is up 50 points to 6.00% and the five to 6.50%.

 

« Rates Round UpF&P Finance doing better than expected »

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