Finance company UDC, which is owned by ANZ, has increased most of its term deposit rates by between 20 and 75 basis points (bps), although it lowered its one year rate by 5 bps. For deposits over NZ$100,000, UDC raised four and five month rates by 20 bps to 3.80%; it raised its six month rate by 45 bps to 4.25%; nine month by 40 bps to 4.00%; 18 month by 45 bps to 4.45%; three year by 50 bps to 5.75%; four year by 75 bps to 6.25%; and five year by 55 bps to 6.80%. The new three, four and five year rates are currently higher than those offered by the banks. The new six month rate matches offers by banks, and the new nine month rate is only beaten by HSBC's premier rate of 4.05%. UDC also lowered its one year rate by 5 bps to 4.45%. Deposits between NZ$5,000 and NZ$99,999 UDC rates are 10 bps below their corresponding rates for deposits over NZ$100,000 (for example it raised its five year rate by 55 bps to 6.70%). To see term deposit rates offered in New Zealand for terms less than one year click here. For terms one year and greater click here.
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