Another bank cuts rates

SBS and its fully-owned subsidiary HBS have cut some of their shorter term fixed rates ahead of tomorrow's OCR announcement.

The cuts are slim, 10 points off the six month rate and 5 points off the one year rate, but it is the second bank to lower rates in the past week.

ANZ and the National Bank cut their rates earlier. As reported here the cuts were bigger and across a wider range of terms than SBS.

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