Price war heats up with ASB move
ASB's three year rate is now 3.95%, its four year rate 4.35%, and five year rate 4.45%. The latter rate marks a drop of 69 basis points, as lenders make bets on rates staying lower for longer.
The move is likely to push its big four rivals to make a move, with smaller bank TSB pledging to match its latest offer through its price-match promotion.
While ASB's long term rates are creeping down, the bank has bumped up its 12 month offerings. Its one year and one year special are priced at 4.49% and 4.09% respectively.
Nevertheless, long term rates and short term rates are edging down across the market. Co-op Bank cut its one year rate to 3.99% this week, while SBS cut its two year rate to 3.99%.
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