RaboDirect hikes 2 year deposit rate to market-leading 5%, also hikes 1 yr rate; SBS cuts 1 yr term deposit rate
5th Aug 11, 11:38am
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RaboDirect has hiked its two-year term deposit rate by 25 basis points to a market-leading 5%, while increasing its one-year rate by 10 bps to 4.4% - well within the pack for bank one-year rates.
Rabo's new two year rate matches one offered by Bank of Baroda, although Rabo's rate is for deposits from as little as NZ$1,000 and interest is paid at maturity, while Baroda's is for deposits over NZ$5,000 with interest paid quarterly.
Meanwhile, SBS Bank (which includes HBS Bank) has cut its one year rate by 20 basis points to 4.4%.
See all term deposit rates for terms 1-5 years here.
See all term deposit rates for terms less than a year here.
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