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Banks tussle in 6 month deposit space; Allied Farmers looks long

The banks had a tussle in the six-month space this week as the competition for deposits continues to run unabated, in the same week Marac introduced non-guaranteed rates.

Sunday, January 24th 2010, 9:12PM

Kiwibank raised its six-month term 60 points and ASB increased its rate by 20 points, while Westpac and ANZ National cut their six-month rates 60 and 40 points respectively. BNZ upped its six-month rates 165, 160 and 155 points for deposits of $10,000, $50,000 and $100,000 respectively.

Kiwibank cut its five-month term by 75 points and raised its two- through four-year terms by 25 points, while ASB cut its nine-month and four-year offers by 25 points. Westpac trimmed its 120-month rate by 20 points, and ANZ National increased its nine-month deposit rate by 50 points.

Meanwhile Marac introduced deposits not covered by the government's retail guarantee scheme, offering existing investors 6% for six months and 7% for 12-month terms, a premium of 75 and 125 basis points respectively.

Allied Farmers staked out longer-dated deposits, lifting its two-year rates by 75 points and its three- through five-year rates by 50 points. Rabo raised its two-year rates by 5 points and cut its three-year offer by 5 points and its four- and five-year offers by 10 points.

Credit Union North raised its two-month rate by 25 basis points and its 12-month rate by 15 points.

 

« Deposit rate war kicks off 2010 in longer-dated spaceEquitable cuts long rates with new guarantee »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank ▼5.20 ▲4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▲3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.45 3.89
Sovereign 5.30 ▼3.89 ▼4.05 ▼4.39
Sovereign Special - ▼3.39 ▼3.55 ▼3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 3.99 4.07 4.39

Last updated: 9 December 2019 9:02am

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