BNZ followed Kiwibank's lead yesterday in raising its three, four and five year term deposit rates by between 50 and 75 basis points (bps). Most of the new BNZ rates are now in line with Kiwibank's new rates, but BNZ only raised rates for deposits over NZ$10,000, whereas Kiwibank's changes were from the NZ$5,000 deposit tier. BNZ raised its three year term deposit rates by 50 bps, with the rate for the NZ$100,000 deposit tier up to 5.5%. The NZ$50,000 tier is now at 5.45% and the NZ$10,000 tier is at 5.4%. BNZ's four year rates were raised by 75 bps, with the NZ$100,000 tier at 6%. The NZ$50,000 tier is now at 5.95% and the NZ$10,000 tier is at 5.9%. BNZ raised its five year rates by 50 bps, with deposits over the NZ$10,000 tier all at 6.5%. See all rates for deposits and debentures beyond one year here.
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