Second cut to long-term bank TD’s
Monday, August 9th 2010, 10:55AM
BNZ has cut its five-year deposit rate by 25 basis points at the close of last week. This is the BNZ’s first rate change for this term this year. Its last change was a 10 point reduction mid way through December last year. BNZ’s latest change, however, is only the second change made this year by a retail bank to this long-term rate. The first change was only at the end of last month by ASB.
Finance Direct and NZF Money went on the prowl for six-month money this week, hiking their rates 175 and 100 basis points respectively.
NZF increased its three-month deposits by 25 basis points, and its two-year terms by 50, while it upped its 9-month, 12-month and 18-month terms by 50, 50 and 30 points for deposits over $10,000.
Finance Direct pitched for long term funding as well, with 25 point hikes in the 12-month and two- and three-year space, along with a 5 point increase in 18 month rates.
Goldband Finance raised its two-year terms by 30 points, while FE Investments introduced a six-month rate of 5%, while lifting its 18-month term by 100 basis points.
Southern Cross Building Society cut its guaranteed rates on one-month through three-year terms by 10 basis points, while Rabo also reduced its six-month terms by 10 basis points.
F&P Finance took the axe to its own guaranteed deposits, cutting three-month terms by 50 basis points, six- and nine-month terms by 25 points, 12 months by 50, 18 months by 25 points, and two-year terms by 100 basis points. It also slashed its three- through five-year deposits by 75 basis points.
| « First cut to long term bank TDs for months | Westpac leads tussle for six month deposits » |
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