Competition tight for 12-month terms

The competition for deposits in the 12-month to two-year space tightened this week as financial institutions hiked their offers to attract money maturing over the next two years.

Monday, 10 May 2010

Allied Nationwide, whose parent wrote down the value of the remaining Hanover properties, hikes its 12-month rate 50 basis points, its 18-month rate 75 points, and its two-year rate by 25 basis points. Credit Union North lifted its 18-month and two-year rates by 25 basis points, while Westpac bumped up its 12-month term by 20 points.

Credit Union South lifted its 12-month term by 25 basis points, and cut its one- through three-month terms by 100 basis points, and removed its five-month term, while CBS Canterbury hiked its 12-month term by 20 points, and cut its three- and five-month terms by 25 points.

BNZ lifted its six-month term by 10 points, while Rabobank introduced a nine-month special of 4.85% and an 18-month special at 5.20%.

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