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State owned bank changes term deposit rates before announcing any mortgage rate changes, following OCR hike
Kiwibank has announced increases to its term deposit offers.
These come before any announcement of mortgage rate changes by them following this morning's +0.25% hike in the RBNZ's official cash rate.
They have raised their 30 and 60 day term deposit rates by 15 bps to 3.00% from 2.85%.
They are pitching a new fighting rate at 4 months, targeting 4.20%, which is a 70 bps rise from the standard 3.50% they had for this term previously.
And they are raising their one year term deposit to 4.35%, up 15 bps from 4.20%.
At 4.35% pa, the one year Kiwibank offer is the best bank offer in the market at this time for this term.
All these new rates are effective on Monday, April 28, 2014 and are for interest at maturity.
ANZ also changed at-call savings account rates this morning, with their 'Serious Saver' bonus saver account rising to 4.25%.
Use our deposit calculator to figure exactly how much benefit each option is worth; you can assess the value of more or less frequent interest payment terms, and the PIE products, comparing two situations side by side.
This positions the Kiwibank offers as follows: