Rates Update: HSBC gets aggressive
Days out from the end of the first government retail deposit guarantee scheme HSBC the only big bank to make some large moves.
Sunday, 10 October 2010
by Sophia Rodrigues
HSBC is getting competitive in the 6-12 month term deposit space making some big increases for deposits over $10,000 and bigger increases over $100,000. On the other hand, the bank has lowered rates for deposits less than five-month term.
For a $100,000 12-month deposit, HSBC is now offering 5.25% which is competitively priced when compared with ANZ's 5.20% for over $50,000 and TSB Bank's 5.25%. Westpac is offering 5.20% for over $10,000, Bank of New Zealand is at 4.40%, and ASB is at 5.30%. The best offering among big banks in this space is RaboDirect which offers 5.30% for a minimum $1,000 followed by Kiwibank which is also offering the same rate for a minimum $5,000 deposit.
HSBC's aggression in the term-deposit market may be an extension of the campaign it launched in the mortgage market by offering the lowest fixed term loan rates for two, three and five year home loans. The bank dropped two-year home loan rate by 25 basis points to 6.49%.
In other rate change, Heretaunga Building Society raised 12-month deposit rate by 30 basis points. The new rate is 5.50% which is the best in the market excluding debenture by finance companies, and is on par with the rate offered by some of the credit unions.
And PSIS is continuing with its rate adjustments and has now raised two-year deposit rate by 25 bps while reducing four-year by 15 bps. At 6% for two years, PSIS is giving the best rate, matched only by Credit Union Baywide.
Comments from our readers
Commenting is closed
Weekly Updates including news and commentary
Today's Best Bank Rates
Today's Top 5 Deposit Rates
Find a Rate
Cash PIE Rates
28 February 2011
7 February 2011
2 February 2011
24 January 2011
17 January 2011
Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.
© Copyright 1997-2017. Tarawera Publishing Ltd. All Rights Reserved.