ANZ National ignores talk of OCR cut and lifts term deposit rates sharply

ANZ National ignores talk of OCR cut and lifts term deposit rates sharply
ANZ National has lifted its term deposit rates across the board, ignoring talk of a deeper cut in the OCR on April 30 as it strives to win savings from Mum and Dad investors at rates well above wholesale market rates. ANZ National increased its 3 month term deposit rate to 4.25% from 3.5%, which was above directly comparable rates from other banks, although in line with some of their 100 day and 4 month specials. ANZ National also lifted its 5 year term deposit rate to 6%, matching rates offered by Westpac, BNZ and Kiwibank. See all the latest term deposit rates here for less than 1 year, and here for 1 year and over. Here are ANZ National's standard term deposit rate changes: 3 month: up 75 bps to 4.25% 6 month: up 50 bps to 4.00% 9 month: up 30 bps to 3.80% 1 year: up 25 bps to 4.50% 3 year: up 125 bps to 5.25% 4 year: up 100 bps to 5.50% 5 year: up 150 bps to 6.00%      

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.