DR - Rate Changes

ANZ cuts longer-term deposit rates, Will Kiwibank follow?

Monday 13th of September 2010

At 6.00% for five-year deposit rates, ANZ National's rate is behind Bank of New Zealand's 6.50% , Kiwibank's 6.75%, Westpac's 6.00-6.75% and even ASB's 6.20%.

The surprising element is that rates were lowered when swap rates actually witnessed an increase during the week.  The five-year swap rate for example rose to around 4.50% from 4.43%t at the start of the week.

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