Rates Round Up

Mixed week in deposit rate competition amid rising rates across the ditch
It was a mixed week for deposit rates with changes across the board, while interest rates climb in Australia after that country's central bank continued to tighten monetary policy.

ANZ and National Bank eased from last week's aggressive hikes, cutting 12-month terms by 20 basis points, 18-months by 15 points, and two- and three-year terms by 25 points. BNZ lifted its 18-month rate 15 points and its five-year rate 15 points. Kiwibank cut its 12-month offer 35 basis points.

HSBC increased its three-, four- and five-year term deposits by 40, 10 and 15 points respectively, while Rabobank cut its 12-month, and two- and three-year rates 25 points, its four-year rate 20 points and its five-year rate 10 points. The PSIS upped its 18-month term deposit rate 25 points.

Credit Union Northern increased its 12-month and two-year rates 25 basis points, while United Credit Union increased its six-month terms by 85 points and its 12-month terms by 50 points.