Equitable has slashed its long-term deposit rates as the competition for retail funding continues as deposit takers prepare for new bank liquidity requirements that come into effect on April 1.
Equitable, which has been accepted into the government's extended retail deposit guarantee scheme, slashed its 12-month rate by 30 points, its 18-month rate by 110 points, its two-year rate by 100 points, its three-year rate by 150 points, its four-year rate by 100 points, and its five-year rate by 100 points.
At the same time, car financier Broadlands Finance introduced a new 12-month special of 7.5%, while lifting its 18-month and two- and three-year rates by 25 points. It also cut its five-year rate by 25 points.
ASB cut its three- and five-month rates by 25 points, while ANZ National Bank raised its 12-month rate by 10 points and cut its nine-month rate by 10 points. TSB boosted its 18-month rate by 15 points.
Nelson Building Society increased its nine-month rate by 15 points, while Canterbury Building Society raised its 18-month rate by 30 points and its two- and three-year terms by 20 points.
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