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ANZ National raises 6 month, 1 and 2 year term deposit rates
ANZ National announced on Thursday afternoon that they would raise six month, one and two year term deposit rates, effective from Friday. The move comes after they lowered most of their term deposit rates last week, including the one and two year rates.
The new six month rates will increase by 25 basis points (bps) to 4.25%; the one year rates by 50 bps to 4.50%; and two year rates by 50 bps to 5.00%. The rates are for deposits more than NZ$10,000.
Last week, ANZ National cut its one year term deposit rate from 4.50%, meaning this new rise will return it to where it was. However the two year rate was last week cut by 75 bps, meaning the new rate will still be 25 bps below what the bank was offering a week ago.
See all the new rates on our term deposit rates pages.
What are the Wallies playing
What are the Wallies playing at?
Just an observation - in
Just an observation - in the past month I have had 2 term deposit mature. In both cases, despite the fact that I had left clear instructions the money was to be transferred out from the banks concerned I received phone calls from them asking wouldnt I like to reconsider rolling over the money, where was I going to put it, at what rate etc. Kiwibank in particular were incredibly persistent. Never experienced that before.
Boy do they need your money.
Andy - the bank staff
Andy - the bank staff need the rollover for their sales targets as well. Desperation throughout?
Trev, I work for the
Trev, I work for the BNZ... we don't get incentive for any TD work we do.
The bank tells us to try and glean as much info as possible from the customer about where the funds are going to....whether we have other products that might 'suit them better'.
At the end of the day, if a competitor's got a rate we can't match we have to let the funds go... but as Andy mentioned, RETAINING term deposits has been foremost for the past few months.
Ray - that is interesting.
Ray - that is interesting. I worked at Westpac for a while and the branch staff were judged on how many "products" they sold, which was then used in their annual reviews as a performance benchmark.
So ... you current and
So ... you current and ex banking guys: why is the ANZ putting rates down one week and back up again the next - is it totally normal practice, or is there something else going on (e.g. inability to forecast in current conditions, secondary impact from other funding strategies that are or are not playing out, etc.)??
Thanks to anyone who can answer...