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deposit rates

Bank rates matched by others

UPDATED: Deposit Rates Report: During the past week a number of organisations have matched, or bettered, the rate banks are offering for investments of 12 months duration.

Monday, 26 November 2007
In past commentaries we have noted how the banks are battling it out in the one-year interest at maturity space.

As depositrates.co.nz reported last week KiwiBank upped the stakes going to 9.00%, and there has been some expectation that ANZ would follow. This hasn't happened yet and KiwiBank today lowered this rate to the 8.90% mark.

However, some of the non-bank organisations have increased their one-year rates to be on par with the best bank offers.

During the week HBS, the building society in Hawkes Bay, put out a 9% rate. Also PSIS has a Special to match the banks.

While we have commented on the one-year rate there is also some action in the shorter-term maturities too.

Bank of New Zealand increased its Term Saver rate, a 30-day one, from 7.75% to 8.08% during the week and ASB tweaked a number of its short-term rates.

It increased its three, six and nine month rates and trimmed a little off the five-month rate.

Depositrates.co.nz understands some of the finance companies may put out, in the not too distant future, some competitive offers to match the banks in the shorter term maturities.

Amongst the finance companies we only had a handful move rates in the past week. The two main changes were from NZX-listed companies, NZ Finance and Lombard.

NZ Finance made the most significant changes and now has a one-year rate of 10.25%, regardless of interest payment frequency.

Its new 10.25% rate is an increase of 40 points on its earlier rate of 9.85%.

Besides the magnitude of this increase it is also worth noting that good quality companies like NZ Finance are now prepared to put their rates above the 10% mark. Previous a number of companies had expressed their reluctance to go into double digits.

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