Marac Finance has cut most of its term deposit and debenture rates by between 25 basis points to 75 basis points.
Marac cut its 3 month rate for new investors to 5% from 5.25% and cut its 6 month rate to 5.25% from 5.5%. It raised its 9 month rate to 5.3% from 5.25%.
It cut its 18 month rate by 75 bps to 5.75% and cut its 2 year rate by the same amount to 6.25%. It cut its 2, 3, 4 and 5 year rates by 50 bps to 6.25%, 6.75% and 7% respectively.
Meanwhile, RaboDirect cut its 3 month term deposit rate to 4.7% from 4.85%.
The moves follow slight falls in wholesale interest rates last week in the wake of the Reserve Bank's more dovish outlook for interest rates.
Economists and markets now expect the Reserve Bank to leave the Official Cash Rate on hold until June next year at the earliest as the economy struggles to recover quickly in the wake of the Global Financial Crisis.
See our interactive chart on wholesale swap rates below.