Wrightson spurns long-term guaranteed deposits

PGG Wrightson Finance turned its back on long-term deposits that were covered by the government’s retail deposit guarantee, while other lenders focused on trying to attract six-month month.

Monday, 23 August 2010

Wrightson cut its three-, four, and five-year guaranteed terms by 10, 10, and 35 basis points respectively, while it lifted guaranteed deposits in the 18-month and two-year space by 20 points. It cut guaranteed terms in the six-, nine- and 12-month space by 15, 40 and 45 points.

For deposits not covered by the government's retail deposit guarantee, it hiked $1,000 deposits by 25 points for three-month rates, 10 points for six-month rates, 40 points for 18-month rates and cut two-year rates by 30 points. It also cut two-year uncovered deposits of $10,000 by 10 points.

Hawkes Bay Building Society raised its six-month rate by 20 points, while Kiwibank lifted its five-month rate 15 points. Credit Union South raised its six-month rate 25 points, and BNZ upped its five- and nine-month rates by 10 points. SBS raised its five-month special by 100 basis points and its six-month special by 25 points.

TSB cut its 12-mont6h rate 10 points, while Southern Cross Building Society upped its six- through 12-month rates by 10 points. PSIS raised its nine-month rate by 10 points.

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