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deposit rates

Deposit rate war kicks off 2010 in longer-dated space

The ongoing competition for deposits kicked off the New Year in longer-dated terms, with ASB, Westpac and TSB pushing for deposits in the two-through-five-year space.

Saturday, 16 January 2010

Westpac raised its two- through four-year terms by 25 basis points, while ASB lifted its two-year rates 30 points and its three- through five-year rates by 25 points.

TSB boosted $5,000 deposits 25 points for 12-month terms, 50 points for 18 months, 35 points for two years, 50 points for three- and four-year terms and 25 points for five years. It raised $10,000 deposits 15 points for 18-month terms, and 25 points for two- through four-year terms.

SBS cut its five- and six-month rates by 5 points, while raising its 12-month through two-year terms by 25 points. Prometheus Finance increased its $1,000 deposits by 50 points for six- and 12-month terms, while $5,000 deposits went up 25 points for 18-months and 50 points for two- and three-year terms, and $10,000 deposits rose 50 points for 18-month terms and 75 points for two- and three-year terms.

First Credit Union lifted increased its $500 deposits by 25 points, 50 points, 75 points and 80 points for three-month, six-month, nine-month and 12-month terms respectively, while raising its $10,000 terms by 15, 25 and 50 points in its six-, nine- and 12-month deposits.

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Institution Rate 30% 33%
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