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ASB lifts some deposit rates as market expects OCR hikes next year

Posted in News October 23, 2009 - 04:24pm, Bernard Hickey

ASB has again moved first to increase its interest rates, although this time it is its deposit rates. ASB announced late on Friday it had raised its 90 day term deposit rate to 4% from 3.75% and had raised its one year rate to 5% from 4.55%. The new rates apply to both ASB and its online unit BankDirect.

ASB's rate hikes follow further increases in wholesale interest rates this week in anticipation that the Reserve Bank will begin hiking the Official Cash Rate aggressively from early 2010. ASB increased its fixed mortgage rates last week, sparking a fresh round of rate hikes by others.

See here for all interest rate comparisons for up to 1 year and for 1 year and over.

See here for an interactive chart of wholesale swap rates.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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5 Comments

by NEWBY. | 23 Oct 09, 6:39pm

Has anyone taken up any

Has anyone taken up any of the ASB's Work making loans, 2 billion available I believe??.

Maybe we need to collectively invest in a Tyre Business, or for that matter other cast off manufacturing or infrastructure necessities to keep ASB & Aussie and NZ going, should any conflict arise.

Maybe the ANZ and WESTPAC need a fund too.

Maybe we should have invested in real "Manufacturing Businesses" and not just houses over the past decades for Capital Gain.

Correct me if I am wrong, did Helen & co, just think that the world was so safe from Despots that a capable force with infrastructure, firmly behind it, was unnecessary.

Can this be why we are vulnerable and it is getting worse as we lose more and more capabilities with each generation and more and more wasted funds with each day.

Is there a THINK TANK in NZ that has any input into a possible remedy. Or have they flown the coop.

Or is RUGBY the only main topic on peoples minds as well as Tax avoidance schemes for the Boys.

I do not mind losing at Rugby so much. I know that is heresy for the National game. A defeat and 40 million loss is peanuts, compared to other possibilities.

There are bigger items on the horizon in the East, perhaps.

We cannot just rely on America and Britain as it sinks in the West.

Capital Gain is nothing, compared to the Capital, Wellington, lost.

Or am I mistaken.

by Alex Tarrant | 26 Oct 09, 1:48pm

NEWBY, We did this piece

NEWBY,

We did this piece just over a month ago on the jobs creation fund

http://www.interest.co.nz/ratesblog/index.php/2009/09/18/asb-makes-chang...

First paragraph:

ASB has lent only NZ$27 million from a NZ$1 billion "˜Jobs Creation' fund it set up in February, with a lack of applications leading it to announce changes to the scheme in an attempt to make it more attractive to businesses. The changes are in part to make the fund look more attractive to exporters, ASB said, as they play a lead role in the recovery of the New Zealand economy.

Cheers,

Alex

by Sore-loser.. | 26 Oct 09, 2:24pm

Thanks Alex..I wonder why nothing

Thanks Alex..I wonder why nothing further has been forthcoming..

by The Bank Manager | 26 Oct 09, 10:00pm

Lots of Poms will move

Lots of Poms will move here after the RWC - won't they? Maybe J Key could offer anyone who moves here within 3 months of the RWC tax free status for 5 years if they set up a business here.

Maybe we don't need it - have just seen Bill English on TV saying - "We can beat those Aussies - it's time to back ourselves and supply some old fashioned Kiwi can do. We are nearly through the tough times and things are looking up - together us Kiwis can do it!"

by Sore-loser.. | 27 Oct 09, 4:09pm

Bank Manager, can I make

Bank Manager, can I make a suggestion....

Yeah right Bill......just send me the BILLs...I will borrow it from the big 4. @ 250 million per week....signed the TAXPAYER.

New TUI..