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deposit rates

Competition moves to six months rates

The past week has seen few changes to interest rates on offer from finance companies however there is some action with bank term deposits.

Tuesday, 30 October 2007
The key changes, from Westpac and Kiwibank, came into effect yesterday.

Westpac has shifted its attention from the 90 day, or three-month rate, to six months. Its 90 day rate has reverted to standard pricing and is now set at 7.00%.

Its new six-month rate is 8.40% which was equal best among main banks and Kiwibank.

However, Kiwibank has adjusted its five and six month rates for sums of more than $10,000. Its new five-month rate is 8.00% and its six-month rate is 8.60%.

The other biggish player to move rates last week was SBS which introduced a number of specials, namely a rate of 8.50% for terms of three to six months and 8.75% for 12- 24 months, with interest at maturity.

Also during the week Broadlands lodged a new prospectus and offered the following rates. For short-terms (six and nine months) it is paying 9.25%, one year to 18 months is 10.15% and 11% for terms out to 36 months. Special rates apply for amounts of more than $50,000.

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