Banks adjust short TD rates

Credit Union South looks to tap short-term money in quiet week.

Monday, 12 July 2010

Credit Union South upped its one- and two-month rates by 100 basis points as it looked to tap short-term investors in a quiet week on the deposit front.

ANZ National hiked its six-month term by 10 points, while ASB matched that and boosted its 12-month offer by 20 points, while cutting its three- and 18 month terms by 75 and 20 points respectively.

Westpac rounded out the banks, cutting its three-month term for $5,000 deposits by 25 points, while boosting its three- and five-month terms by 90 and 10 points for $10,000 deposits.

South Cross Building Society closed out the week's moves, cutting its two- and three-year terms by 15 points each.

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