PGG Wrightson Finance raised longer term deposit rates by between 15 and 50 basis points (bps) on Wednesday. It raised one year rates by 50 bps, 18 month, three and four year rates by 25 bps and five year rates by 15 bps. PGG's two year rates were unchanged. (Update 1 includes PGG move.) PGG's new rates for deposits up to NZ$10,000 are: One year: 5.2%; 18 month: 6.2%: Three year: 7.7%; Four year: 8.2%; Five year: 8.45%. Rates for the NZ$10,000 to NZ$99,999 are 20 bps above these rates, respectively, while rates for deposits over NZ$100,000 are 30 bps above these rates (ie. five year is 8.75%). Meanwhile, PGG also removed its special 10 month offer of 4.9%; its 20 month offer of 6.65%; and 30 month offer of 7.4%. Fisher & Paykel Finance reduced its deposit rates by between 25 and 100 basis points (bps) on Wednesday morning. It cut three to nine month rates by 25 bps; one year and 18 month rates by 50 bps; and two year and above rates by 100 bps. Here are the new rates: Three and six month: 4.25%; Nine month: 4.5%; One year: 5%; 18 month: 5.5%; Two year: 6.5%; Three, four and five year: 7.5%. Compare all deposit rates here for terms less than one year, and here for terms one year and over.
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