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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
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

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