Rates Round Up: Dec 6

RaboBank's BankaRate deposits snapped up in 24 hours
Investors snapped up all RaboDirect's six-month BankaRate term deposits in just 24 hours, said RaboDirect general manager Mike Heath.

"The six-month term deposit rate, at 6%, was the clear favourite of the BankaRate range. The first offer sold out within 24 hours," he said.

"As the country emerges from recession Kiwis are gravitating towards term deposits, which are typically viewed as a safer investment option. But while adjusting to an uncertain economic environment, people are not keen to lock their money away for long periods of time."

BankaRate offers a limited number of exclusive term deposit rates that are typically higher than comparable offerings from the major banks on a ‘first in, first served' basis.