Allied Nationwide ramps up longer-dated deposit rates

Allied Nationwide, whose parent company bought the Hanover and United loan books in a debt-for-equity swap last year, has led the charge for longer-dated money this week, and boosted its deposit rates for terms of more than a year.

Monday, 7 June 2010

by Paul McBeth

Allied hiked its 12-month through five-year rates by 50 basis points, and introduced a nine-month special of 7.50%.

NZF's Finance Direct moved its 18- and two-year rates twice in the week for a net gain of 95 basis points and 50 points respectively, while hiking its 12-month term 125 basis points.

Oxford Finance lifts rates across the board, raising its three-month, six-month, 12-month, 18-month and two-year rates by 50 points each, while Nelson Building Society increased its six-month term by 10 points.

CBS Canterbury and SBS, which both announced they had entered talks with Pyne Gould's Marac about a potential merger to form a new bank, moved rates in opposite directions this week. CBS hiked its nine-month $1,000 deposits by 25 points, and its three-year $5,000 deposits by 65 points, while SBS cut its six month terms by 5-points and its 12-month terms by 25 points.

ASB boosted its six- and nine-month terms by 80 and 90 points, while cutting its five-month term by 110 points, while ANZ raised its six-month term by 10 basis points.

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