BNZ announced it would raise its five month term deposit rate by 25 basis points to 4.50% for a minimum investment of NZ$10,000. The rate will be effective Wednesday morning. The new rate would be the highest five month deposit rate offered by a bank in New Zealand. Meanwhile, PSIS announced it would raise its three year mortgage rate by 10 basis points to 6.95%, effective Wednesday morning. The new rate will bring it up in line with the banks. The move follows a similar one by HSBC earlier on Tuesday. See and compare the new rates on our mortgage rates page. PSIS also lowered the rate on its 4-6 month special term deposits by 10 basis points to 4.75% (min deposit of NZ$5,000). See term deposit rates (one year and over) here. And here (less than one year).
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