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SBS, TSB, raise short term deposit rates; HSBC with new PIE

Posted in News

TSB shifted it special five month term deposit to six months, raising the rate as it did so. TSB's new special six month term deposit is 5%, with a minimum deposit of NZ$10,000. The rate is up from 4.65% previously. Meanwhile, SBS Bank raised its special five to twelve month term deposit rates, with interest paid quarterly, by 40 basis points to 4.4%. Minimum investment is NZ$5,000. Banks have focussed competitive term deposit moves around four to nine month terms in recently, with the average six month term deposit rate detaching itself from the Official Cash Rate as banks fight for more local funding. See all term deposit rates for terms less than one year here, and for terms one year and greater here.

HSBC has introduced a new nine month PIE fund at 4.15%. The equivalent return at 33% tax is 4.33%, and equivalent return at 38% tax is 4.68%. Minimum investment is NZ$10,000. See and compare PIE funds here.

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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What was that! Sounded like

What was that! Sounded like someone just fired the starter's pistol. The competitors have been milling about at the start line for a while now. I wonder if will be another false start or is the begining of the real race?

Ok Wally, short term funds

Ok Wally,
short term funds to TSB....
Don't be lazy people:)