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Rates Update: Banks tweak short term rates

  Even as the short-term deposit rate space remains very competitive, banks continue to wax and wane with interest rates.  

Monday, December 20th 2010, 11:03AM

by Sophia Rodrigues

RaboDirect increased its six-month deposit rate by 10 basis points to now offer 5.15%  and the best rate among all the major banks. But Kiwibank cut the deposit rate for the same term by the same 10 basis points to offer the second best rate of 5.10%.

RaboDirect also raised its nine-month deposit rate by five basis points to 5.20% but the leader in that term remains Bank of New Zealand at 5.30%. But to get BNZ's best rate one has to deposit at least $5,000 while for RaboDirect a minimum $1,000 is sufficient to get the 5.20% rate.

In the 90-day space, RaboDirect cut rate by 15 basis points to now offer 4.85% and market leader ASB also cut its rate by 10 basis points to offer 4.90%.

In a surprise move, BNZ which has traditionally been a market leader in the five-month term cut its rates sharply, leaving ANZ with the top rate there at 5%.

BNZ has also once again raised its deposit rate across all terms sharply for minimum amount of $5,000. This is the third time in the last three months BNZ has made such changes either increasing or decreasing, thus effectively combining or separating its rate brackets.

Among finance companies, UDC cut rates between 10-50 basis points for terms ranging from 90 days to 18 months.  At 5.30% for one-year rate on the AA but non-guaranteed debentures, UDC competes with Marac's 5.50% guaranteed debentures with BB+ rating and non-guaranteed debentures offering 6.25%.

« Rates Update: TSB leads in one-year termHeartland Bank brands align deposit rates »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 3.95 4.15 4.49
ANZ Special - 3.45 3.65 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 3.49 3.55 3.89
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
Lender Flt 1yr 2yr 3yr
China Construction Bank Special - 3.19 3.19 3.19
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 4.65 4.80 -
HSBC Premier 5.24 3.54 3.20 3.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 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 -
Lender Flt 1yr 2yr 3yr
Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 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
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.96 4.09 4.39

Last updated: 21 February 2020 4:32pm

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