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BNZ cuts market leading 5 yr deposit rate, hikes others; Rabo hikes deposit rates
BNZ has cut its market-leading five year deposit rate, but raised other rates as New Zealand banks continue to fight for local funds. Meanwhile, Raboplus, which generally makes rate changes in lockstep with wholesale interest rates, has raised all of its longer term deposit rates.
BNZ hiked its one year through four year deposit rates by between 15 and 35 bps, but cut its four month rate by 20 bps and its five year rate by 10 bps from a market leading 6.85% to 6.75%. The five year rate is back equal with offers from ANZ, National Bank, TSB and Westpac.
Meanwhile, Raboplus hiked its deposit rates for terms six months to five years by between 5 and 30 bps.
See and compare all deposit rates for terms less than one year here and terms one year and greater here.
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