About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
deposit rates

Rates Update: Banks tweak short term rates


Even as the short-term deposit rate space remains very competitive, banks continue to wax and wane with interest rates.


Monday, 20 December 2010

by Sophia Rodrigues

RaboDirect increased its six-month deposit rate by 10 basis points to now offer 5.15%  and the best rate among all the major banks. But Kiwibank cut the deposit rate for the same term by the same 10 basis points to offer the second best rate of 5.10%.

RaboDirect also raised its nine-month deposit rate by five basis points to 5.20% but the leader in that term remains Bank of New Zealand at 5.30%. But to get BNZ's best rate one has to deposit at least $5,000 while for RaboDirect a minimum $1,000 is sufficient to get the 5.20% rate.

In the 90-day space, RaboDirect cut rate by 15 basis points to now offer 4.85% and market leader ASB also cut its rate by 10 basis points to offer 4.90%.

In a surprise move, BNZ which has traditionally been a market leader in the five-month term cut its rates sharply, leaving ANZ with the top rate there at 5%.

BNZ has also once again raised its deposit rate across all terms sharply for minimum amount of $5,000. This is the third time in the last three months BNZ has made such changes either increasing or decreasing, thus effectively combining or separating its rate brackets.

Among finance companies, UDC cut rates between 10-50 basis points for terms ranging from 90 days to 18 months.  At 5.30% for one-year rate on the AA but non-guaranteed debentures, UDC competes with Marac's 5.50% guaranteed debentures with BB+ rating and non-guaranteed debentures offering 6.25%.

Commenting is closed


Printable version


Email to a friend
Newsletter Signup

Weekly Updates including news and commentary

Today's Best Bank Rates
Rabobank 0.75
Based on a $50,000 deposit    More Rates »
Today's Top 5 Deposit Rates
NZCU Auckland 1.00 Success Saver
First Credit Union 0.75 Online Savings
Rabobank 0.75 Rabobank PremiumSaver - max rate
Heretaunga Building Society 0.60 On Call
NZCU Baywide 0.60 Success Saver
Based on a $50,000 deposit    More Rates »
Find a Rate
Show me the rates for
invested over
Use the full calculator
Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.05 0.41 0.42
ASB Bank 0.05 0.59 0.56
ASB Bank 0.05 0.61 0.64
ASB Bank 0.08 0.66 0.69
ASB Bank 0.08 0.72 0.75
BNZ 0.10 0.10 0.10
Heartland Bank 0.40 0.40 0.40
Kiwibank 0.05 - -
Kiwibank 0.25 - -
Nelson Building Society - - -
SBS Bank - - -
TSB Bank 0.25 0.25 0.26
Westpac 0.35 0.36 0.38
Westpac 0.05 0.05 0.05
Westpac 0.35 0.36 0.38

More »

Previous News
Latest Trends
Coming Soon

Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.

© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.