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deposit rates

Rates Update: ASB getting competitive on 6mnth rates

The past week saw a mix of cuts as well as hike in deposit rates even as the Reserve Bank’s cash rate didn’t say anything that the market didn’t already know.

Tuesday, 2 November 2010

by Sophia Rodrigues

Westpac made downward adjustments in 3-6 month deposit rates but is still offering the second best rate for 90-day deposits behind RaboDirect. The new rate of 4% on 90-day deposits and minimum amount of $10,000 ranks behind RaboDirect 4.45%. ASB comes next with 3.75% for a minimum amount of $10,000.

The rate cut comes even as the 90-day interest rates were little changed last week around 3.18%.

In case of six-month deposits, Westpac cut the rate by 10 basis points while ASB and Bank Direct increased theirs by 20 basis points. This has effectively led to ASB and Bank Direct offering the best rate with ANZ at 5.10% while RaboDirect is offering the next best rate of 5.05%.

Southern Cross Building Society seems to be entering the race for five months, raising rates on both guaranteed and non-guaranteed deposits by 60 basis points.  The 5% on guaranteed deposits may, however, not easily attract investors because BNZ is still the leader there at 5.15%. And the 5.30% on non-guaranteed is beaten by Credit Union Baywide at 5.40%.

In other significant rate changes, Equitable raised rate on six-month non-guaranteed debentures while cutting the rates on longer-term guaranteed debentures.

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