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deposit rates

Rates Update: TSB leads in one-year term

It was a relatively quiet week on the deposit rate front but one that still saw TSB emerging as the market leader for the first time in many months.

Monday, 13 December 2010

by Sophia Rodrigues

TSB lifted its one-year deposit rate by 10 basis points and its offer of 5.35% for a minimum deposit of $10,000 is the best offered by a bank in New Zealand. Kiwibank is at 5.30% and ASB is also offering 5.30% for this term.

Nelson Building Society also raised its one-year rate by five basis points to now offer 5.50% but a leader in that segment remains Southern Cross Building Society which is offering 5.70% on non-guaranteed deposits. The difference between the two is Southern Cross's rating which is lower at BB compared with Nelson's BB+ rating.

Among finance companies, General Finance made a big move in the one-year term, increasing the rate by 175 basis points to now offer 6.75%. However, given General Finance is not rated, it will be difficult for the company to attract investors when Fisher & Paykel, a BB rated company, is offering the same rate of 6.75% on its non-guaranteed debentures. There is also NZF Money, a B rated company which is offering an attractive 8.60% rate on deposits below $10,000 and 8.85% on over $10,000 deposits.

And while we call TSB Bank a leader in the one-year term, we notice that Kiwibank continues to market its 5.50% rate on one-year term deposits via its BookaRate specials. Its 5.35% on six-month term is also 15 basis points higher than its regular six-month deposit rate. Rabobank currently has no specials under BankaRate.

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Previous News
Cash PIE Rates
Institution Rate 30% 33%
ANZ 2.60 2.67 2.79
ASB Bank 3.15 3.29 3.44
BNZ 3.45 3.44 3.60
Direct Broking Call Account 2.80 2.92 3.05
Heartland Bank 4.00 4.28 4.48
Kiwibank 2.40 2.50 2.61
Kiwibank 3.15 3.29 3.44
Nelson Building Society 3.75 3.90 4.08
RaboDirect 3.30 3.44 3.60
SBS Bank 3.25 3.11 3.28
TSB Bank 3.50 3.63 3.80
Westpac 3.15 3.24 3.39
Westpac 0.10 0.10 0.11
Westpac 4.00 4.18 4.37

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