Raboplus, Marac cut term deposit rates

Raboplus announced it had cut its term deposit rates by 20-35 basis points (bps) on Wednesday morning. Notable changes include its one month rate down 30 bps to 2.70%; one year rate (interest at maturity) down 25 bps to 2.55%; and three year rate (maturity) down 35 bps to 4.45%. See all the new rates here for terms less than a year, and here for terms one year and greater. Also, late on Tuesday, Marac Finance made changes to its longer term deposit rates. Although Marac put up its 18 month rate by 225 bps to 5.25%, all other long term rates fell, with one year rates falling 75 bps to 4.75%; and three year rates falling 100 bps to 7.50%. See other changes here.