Deposit takers play the long game

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.

National Bank up its one- and two-month rates by 25 basis points.

Rabo tried to keep pace in the long-term space, increasing 12-month, two-year, four-year and five-year terms by 10 points, while increasing the three-year term by 15 points.

TSB focused on 18-month terms, increasing its yield by 25 points for deposits of $5,000 and 35 points for $10,000 sums.