by Paul McBeth
Finance Direct, which is partly owned by NZF, took some big steps across the board in the ongoing competition for retail deposits, boosting its six-month rate 150 basis points, its 12-month rate 225 basis points, and its 18 month rate 175 basis points. It lifted its two-year rate by 75 points, and its three- through five-year rates by 85 points.
FE Investment raised its 12-month, 18-month, and two year terms 20, 10, and 20 points respectively.
HBS Building Society lifted its 12-month rate by 100 points, while PSIS raised its nine-month term by 35 points. Heretaunga Building Society increased its six-month offer by 15 points and its 12-month term by 20 points.
Nelson Building Society cut its six-month and nine-month terms by 20 and 35 points respectively, and Credit Union South cut its 12-month term by 25 points while lifting its two-year offer by the same amount.
Westpac, the only bank to make any moves this week, cut its six-month rate by 35 and 40 points for $5,000 and $10,000 deposits respectively, while raising its 18-month deposit rate by 20 points.
Paul is a staff writer for Good Returns based in Wellington.
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