Some TDs rise with home loan rate increases

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It was a quiet week on the deposit rate front in a week where ASB hiked its variable lending rates by 25 basis points, and flagged its on-call deposits would follow suit next week.  

Sunday, June 20th 2010, 9:53PM 1 Comment

by Paul McBeth

Allied Nationwide hiked its 12-month rate 25 basis points after it flagged it will probably get some cash on its books after conditionally securing a buyer for the second stage of the Five Mile development.

PGG Wrightson hiked its unsecured 18-month terms by 35 points, while its guaranteed deposits rose 45 and 35 points for its 18-month and two-year terms.

SBS raised its two-year special by 30 basis points.

Craigs Investment Partners Cash Management Trust did not, as earlier reported, withdraw its term deposits last week. Head of fixed interest, Deidre Copley said the cash fund was being wound up gradually in response to the changes to the non-bank deposit taker regulatory regime, and that it had not been taking new deposits for much of this year. The fund has been granted an exemption from needing a credit rating until the end of this year.

HSBC did not cut any of its deposit rates last week as earlier reported.

Paul is a staff writer for Good Returns based in Wellington.

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