BNZ has raised its floating Total Money rate by +11 bps. Update: Westpac has also raised theirs, by +10 bps.
This makes their competitive offer the highest in the market, now higher than ASB (who last raised their floating rate on January 23, 2017.)
The last time BNZ raised their floating rate was on January 11, 2017 and this latest change pushes this rate back to levels we last saw in September 2015 when the rate was 5.89%.
Along with the Total Money increase, BNZ has raised its Rapid Repay revolving credit rate by +10 bps tp 5.95%. (And its Mortgage One rate to 6.50%.)
Its HomeAdvantage Mastercard rate has also been raised to 5.90%.
For perspective, here is the recent change history for BNZ's Total Money product:
|BNZ change history||Change||Total Money|
|Start of 2016||5.79|
|March 14, 2016||-0.10||5.69|
|August 15, 2016||-0.05||5.64|
|January 11, 2017||+0.15||5.79|
|February 28, 2017||+0.11||5.90|
And here is a snapshot of the current floating rates by the key retail banks:
|below 80% LVR||Floating|
At the same time, BNZ has raised its term deposit rate offers for terms of 2 to 5 years. These have been raised by between +10 to +15 bps. BNZ's new five years rate is now 4.25%, the highest offer for this term from any major bank and equal to the RaboDirect offer for that term.
All these changes are effective from Tuesday, February 28, 2017. They come after the bank reported lower margins in the period to December 2016, even though lending and deposit volumes grew.