About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, November 17th, 2:29PM
rss
Latest Headlines

Rates Round Up: Banks nudge each other in short-term deposit rates

Competition in the short-term TD space is intensifying with banks following each other's moves and narrowing interest rate differences or taking lead in one of the terms.

Monday, November 15th 2010, 11:21AM

by Sophia Rodrigues

After getting competitive in the six-month term, ASB has now set its eye in the 90-day deposit space, raising rate there by a whopping 125 basis points to 5% for amount over $10,000. This is now the highest rate offered by major banks and the only one coming close is RaboDirect which is offering 4.45% but accepts amount as small at $1,000.

ASB's six-month best rate of 5.10% was beaten by Kiwibank which raised the rate by a sharp 65 basis points to 5.15%.

ANZ also made a huge upward adjustment, upping its five-month deposit rate by 100 basis points but is still beaten by Bank of New Zealand which has been a leader position in that term. Meanwhile, a week after lowering the rate on nine-month deposits by 10 basis points, BNZ increased the rate again to 5.30% and maintained its leadership there. Surprisingly, ANZ cuts its rate for nine months by 10 basis points to 5%, thus widening the rate differential with BNZ to 30 basis points.

Terms over one-year were left untouched by banks and the only one to move there was Credit Union North which reduced two-year rate to 5.75%.

Finance companies were also active last week with NZF Money making some increases in the 1-2 year term.  The B rated company is now offering 9.25% for a two-year term which is 125 basis points lower in comparison with similarly rated Asset Finance.

On the other hand, Equitable has cut rates across most tenures for both guaranteed and non-guaranteed debentures. At 5.75% on 18-term term the BB- rated Equitable is now offering 5.75%, even below the 6.50% offered by BB+ rated Marac Finance.

UDC also cut rates from terms from five months to one year, and at 5.25% on five months the finance company is offering just five basis points over 5.20% offered by BNZ.

« Bank disclosure down, non-bank disclosure upControlled demolition topples South Canterbury »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com