Post RSS Feed 
Podcast Feed
ANZ National hikes deposit rates to market-leading levels
December 17th, 2009ANZ and National Bank have hiked their one through to four year term deposit rates by between 20 and 30 basis points (bps) as the fight between banks for local funds intensifies before the Christmas break. ANZ National’s new 18 month, two, three and four year deposit rates are now above rates offered by other major banks.
At the same time, both cut their six month deposit rates above the NZ$10,000 tier level by 20 bps to 4.4%.
For a minimum deposit of NZ$5,000, ANZ National raised its one year deposit rate by 20 bps to 5%; its 18 month rate by 30 bps to 5.4%; two year by 25 bps to 5.5%; three year by 25 bps to 6%; and four year by 25 bps to 6.5%.
See and compare all deposit rates offered in New Zealand for terms less than one year here, and for terms one year and greater here.
ANZ National is offering 6.75% for a five year deposit.
Banks in New Zealand have been fighting hard for local funding in recent months following new guidelines from the Reserve Bank stating that they must raise more of their funding locally and for longer terms.
This has seen a number of banks push the boundaries for certain deposit terms, then pull rates back after investors took them up. ASB this week cut its five year deposit rate back to 6.5% after it had been as high as 6.85% from the first week of November.
Tags: ANZ, ASB, Banks, Interest Rates, National Bank, term deposit rates
You may also like to read:
Loading ...
December 19th, 2009 at 11:13 am
The RBNZ hasn’t even increase the OCR and yet the banks are doing this – shame on them
December 19th, 2009 at 11:38 am
Don’t you worry Jack..Bollard’s going to bollix the debtors real soon now..count on .5% jumps through 2010..he looks to be fed up with waiting for English to sort the fiscal splurging mess and could well go it alone..The govt is about to cook its goose in 2010 if they don’t act to end the economic stupidity propping up the property bubble. It’s set to be a watershed year for the govt and the RBNZ.
December 19th, 2009 at 10:34 pm
Wally – thoroughly agree with you – just that I think its an RBNZ issue rather than Govt one – yes the Govt can sack the RBNZ Govnr eventually, but its still early days to say that’s Dr Bollard’s got it wrong
I suspect he running a very fine line here on the deflation/inflation debate, but lets see. I personally favour inflation as being the more obvious but he has zillions of economists advising him.. managing monetary policy is a tough call at the best of times, but this is a huge test of any central banker.