Westpac has raised some longer term TD rates by as much as 60 bps, bringing it up to market best

Westpac has raised some longer term TD rates by as much as 60 bps, bringing it up to market best

Westpac has announced increases for its term deposit interest rates.

These increases apply to all rates for an 18 month term and longer.

They apply from Friday, September 6, 2013.

The changes to their standard term deposits and term PIE Fund are:

- 18 month rate increases to 4.20% (from 4.10%)

- 2 year rate increases to 4.40% from (4.20%)

- 3 year rate increases to 4.70% (from 4.40%)

- 4 year rate increases to 5.00% (from 4.55%) (not available as a PIE)

- 5 year rate increases to 5.30% (from 4.70%) (not available as a PIE)

Term deposit monthly income option:

- SuperGold Special 2 year rate increases to 4.40% (from 4.20%)

These increases match recent rises announced by BNZ.

All term deposit rates for all institutions for terms less than one year are here, and for terms one-to-five years are here.

They position Westpac as set out in this table:

for a $20,000 deposit 6 mths 1 yrs 18 mths 2 yrs 5 yrs
           
3.75% 3.85% 4.00% 4.20% 5.00%
ASB 3.75% 4.00% 4.10% 4.20% 5.00%
BNZ 3.80% 4.00% 4.20% 4.40% 5.30%
Kiwibank 3.75% 4.10%   4.20% 5.00%
Westpac 3.75% 3.85% 4.20% 4.40% 5.30%
           
Co-op Bank 3.60% 3.75% 4.20% 4.30%  
Heartland Bank 4.00% 4.25% 4.35% 4.50% 5.10%
HSBC Premier 3.80% 3.90% 4.00% 4.10% 4.60%
RaboDirect 3.85% 4.00% 4.15% 4.20% 5.10%
SBS / HBS 3.80% 4.10% 4.20% 4.20%  
TSB 3.80% 4.00% 4.20% 4.25% 5.00%

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?

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