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Rates Update: HSBC gets aggressive

Days out from the end of the first government retail deposit guarantee scheme HSBC the only big bank to make some large moves.

Sunday, October 10th 2010, 9:54PM 4 Comments

by Sophia Rodrigues

HSBC is getting competitive in the 6-12 month term deposit space making some big increases for deposits over $10,000 and bigger increases over $100,000. On the other hand, the bank has lowered rates for deposits less than five-month term.

For a $100,000 12-month deposit, HSBC is now offering 5.25% which is competitively priced when compared with ANZ's 5.20% for over $50,000 and TSB Bank's 5.25%. Westpac is offering 5.20% for over $10,000, Bank of New Zealand is at 4.40%, and ASB is at 5.30%. The best offering among big banks in this space is RaboDirect which offers 5.30% for a minimum $1,000 followed by Kiwibank which is also offering the same rate for a minimum $5,000 deposit.

HSBC's aggression in the term-deposit market may be an extension of the campaign it launched in the mortgage market by offering the lowest fixed term loan rates for two, three and five year home loans. The bank dropped two-year home loan rate by 25 basis points to 6.49%.

In other rate change, Heretaunga Building Society raised 12-month deposit rate by 30 basis points. The new rate is 5.50% which is the best in the market excluding debenture by finance companies, and is on par with the rate offered by some of the credit unions.

And PSIS is continuing with its rate adjustments and has now raised two-year deposit rate by 25 bps while reducing four-year by 15 bps. At 6% for two years, PSIS is giving the best rate, matched only by Credit Union Baywide.

 

« Rate Update: UDC trumps big banksRates Update: ASB getting competitive on 6mnth rates »

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Comments from our readers

On 11 October 2010 at 10:58 am JD said:
HSBC is not a big bank. I would stick with a big safe bank like Westpac, Kiwibank, ANZ or RaboDirect rather than go for the extra 0.05% (if over $100,000) at HSBC and risk my investment
On 11 October 2010 at 7:59 pm Andy said:
HSBC is a bloody huge bank! Your money is no more at risk there than at any of the other banks.
On 22 October 2010 at 10:31 pm Megan said:
Andy is correct JD, HSBC is global not just Australasian!l
On 23 October 2010 at 8:30 am Informed Observer said:
HSBC is one of the largest banks in the world, and has been for a few years.
However in NZ, they are small, and pitch at the high end, HSBC Premier, Private Bank and Commercial / Corporate Bank clients.
In recent years they have down sized their branch network in NZ to focus on the top end.
It will be interesting to see whether HSBC continue to operate in the retail space in NZ over the next few years.
Commenting is closed

 

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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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