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deposit rates

Investment rates continue to rise

Deposit Rate Changes: Investors are continuing to pour money into bank term deposits while the finance company sector weathers its current storm.

Monday, 5 November 2007
One bank reports flows at 15% above normal levels and Westpac disclosed in its results last week its deposit base was growing on the back of new products and a "flight to quality." It said that deposit growth in the second half of the financial year was up 23% on an annualised basis.

Although banks are pulling in the money they remain competitively focused. During the past week Raboplus increased its on-call rate from 8.10% to 8.20% as well as adding a mearge three points to its three month term deposit.

Meanwhile Westpac, responding to Kiwibank and ANZ's recent moves and changes in the wholesale market, has increased its one-year, interest at maturity (IAM) rate a further 10 points to 8.70%.

Also during the week ANZ's finance company, UDC, added 10 to 15 points to its term rates for maturities of 12 months and above.

Special rates continue to be a point of change. TSB's special has changed to 8.70% for 13 months (min $10,000 and IAM).

PSIS has offering specials for six and 12 months of 8.60% and 8.80% respectively. Minimums are $5,000 and the former is compounding interest and the latter IAM.

There has been quite a bit of movement in finance company rates. Some like MFS and Lombard have made small changes. For instance MFS has added 25 points to its one-year terms for both its New Zealand and Australian dollar rates, taking them to 9.75%.

Mascot Finance has increased its 2 and 3 year rates from 9.75% to 9.90%.

Meanwhile Strata Finance has made some of the bigger changes offering 10.50% for six months and all its terms of one year or more are over the 11% mark. One year is 11.11%, and two year rates are 11.40%.

Bastion has also increased rates adding 25 points to its 12 and 18 month terms, 35 points to two years and 50 points to three year rate taking that to 10.00%.

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