Westpac increases rates
The main rate changes in the past week were centred on some of the bigger players in the deposit taking sector last week.
Westpac was the only bank to move, and it moved rates aggressively upwards. Its 90-day special is up 170 basis points (1.70%).
The new special, which is interest at maturity, replaces the previous 120-day special of 7.90% which is down 75 point to 7.15%.
Westpac's other changes were increases to two of its online savings rates with the Online Bonus Saver up 30 basis points to 8.20% and its standard online saver account up 25 points.
Westpac has one of the more complicated rate structures for its online accounts (as opposed to others which have one rate).
SBS introduced two specials last week, offering 8.10% on money deposited between three and nine months and 8.60% for terms of 12 to 24 months.
Another of the building societies, Southern Cross, increased its three month rate 10 points and joined in the competition for one-year money offering 8.60%.
| Firm
| Rate
|
| Broadlands and Finance Direct
| 10.15%
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