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Westpac hikes longer term deposit rates
Westpac has hiked a number of its longer term deposit rates by between 10 and 25 basis points (bps), in the first major interest rate move by one of the Australian-owned banks in 2010.
Westpac raised its two year deposit rate by 25 bps to 5.5%; three year by 25 bps to 6%; and four year by 25 bps to 6.5%. See and compare all term deposit rates for terms less than one year here, and terms one year and greater here.
The move by Westpac follows the trend over much of the latter part of 2009, which saw deposit rates rise as banks fought to attract more local funding. The Reserve Bank of New Zealand introduced new prudential liquidity requirements at the end of June 2009, which required the banks to source more funds locally and for longer terms.
This was done in an effort to wean the banks off their reliance on short term 'hot money' from global wholesale money markets, which generally accounted for around a third of their funding.
9 Comments
I thought some people might
I thought some people might be interested in a response I got from the commerce commission about the investigation into bank break fees, which we haven't heard anything from since April 2009.
"The investigation into prepayment fees is still ongoing. I do not know when it will be concluded - or if or when any public announcement will be made regarding this."
Can anyone say "whitewash"?
Dave - within a year
Dave - within a year or two, the break fees will be meaningless in comparison to the huge interest rate increases coming our way. It'll be a complete reversal, and people will be wishing that we had 8% mortgage rates again.
Did you really expect a
Did you really expect a different response from that ? Aha haaaaa de ha ha ! Any one of us here could've drafted a similar " Humphrey Appleby " reply to your questions :
" In the fullness of time , taking into account the ongoing volatility in the capital markets , and given our pressing need to stay abreast of developments , as they occur , we will have recourse to study the questions you have posed , and at a suitable juncture , connecting all related matters , will form an estimated opinion , a priori , and as substantiated as humanely possible in these affairs , will endeavour to remember who the hell you are . "
Ahhhh , that's me ,
Ahhhh , that's me , above . ( sorry ! )
I never had a probelm
I never had a probelm with break fees, because a contract is a contract, if you have to break the contract there should be some form of penalty/damages paid to the other party. The real question is whether the break fees were fair and reasonable, which I assume would take quite a bit of work to work out.
Ludwig, I'm with you on
Ludwig, I'm with you on interest rate crystal ball gazing. I recently stared into my CB and saw Ben Bernanke fix his personal home mortgage for 30 yes 30 years at 5%. If that doesn't offer a window into the future what does. Bye the way how old is that man?
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