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deposit rates

Banks only ones to change rates

The past week has been very quiet for investors looking at fixed interest rates. The only changes have been a couple of moves by banks.

Monday, 21 January 2008
Kiwibank has its special, one-year interest at maturity rate up at 9.00%. Last time it went this high it didn't stay up for long. However, none of the other banks matched it in this competitive space when it last had a 9.00% rate.

Depositrates.co.nz will keep you up-to-date on changes in this space.

ASB and Bank Direct made some changes this week, dropping their six, nine and 12 month rates to 8.55%.

However, they did roll out a new special. As has been the trend with recent specials, there is a theme to it.

The new one is the "Chinese New Year" special. It is a nine-month, IAM, rate of 8.75% for deposits of more than $10,000.

The other significant news event in the finance company sector has been market events surround MFS's, ASX-listed parent company. You can read some of the news here.

While there have been few investment rate changes in the past couple of weeks we expect that situation will have changed by month's end.

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