NZF ramps up long-term deposit rates

NZF beefs up long-term deposit rates as Equitable cuts its bond rates

Monday, 19 April 2010

NZF has ramped up its long-term deposit rates with a strong-pitch for nine-month money, which it boosted by 225 basis points for deposits of less than $10,000, and 200 points above $10,000. It hiked its 12-month and two-year rates by 75 points, and its 18-month and three-year terms by 25 points.

Meanwhile, Equitable bonds were slashed across the board, with on-call accounts and three-month terms cut by 140 basis points, six- and 12-month rates by 50 points, 18-months by 40 points, two-year terms by 35 points, three-year terms by 70, four-years by 35 points, and five-year deposit rates were cut by 45 points.

Credit Union Baywide introduced a new three-year offer at 6.25%, while Savings & Loans cut its six-month offer. S&L boosted its 12-month deposits rates by 100 points, its 18-month rates by 75 and its two-year terms by 50 basis points.

HSBC cut its shorter offerings, slicing 15 points from its one- and two-month deposits of between $10,000 and $99,999, and 25 points and 35 points from its three- and six-month deposits for the same value. It also cut 30 points from its six-month terms for deposits of more than $100,000.

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