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ANZ and National Banks take the lead in deposit rate war

Thursday 29th of October 2009

Both banks increased their 12-month rates 50 basis points to 5% and introduced an 18-month special of 5.25%, along with increases of 50 points to 5.5% and 6% in the two- and three-year spaces and 25 point hikes to 6.25% and 6.75% in the four- and five-year terms.

The rates offered by the country's largest banking group, which holds about $33.7 billion in retail deposits, are the highest...

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