Both floating home loan rates and term deposit rates are increased by the Co-operative Bank, effective Wednesday

Hard on the heals of the major banks announcing increases in floating home loan rates, the Co-operative Bank has also made its announcement.

They are increasing its floating rate by +25 bps to 6.70% from 6.45%.

The increase is effective tomorrow (July 30) for new clients, and August 14, 2014 for existing borrowers.

This now means only SBS Bank and HSBC have yet to announce floating rate changes.

At the same time, the Co-operative Bank have increased their term deposit offers for terms of nine and twelve months.

For both therms, their term deposit rate for a $10,000 minimum deposit rises +20 bps to 4.50%, 4.40% if the minimum balance is below that but above $2,000.

They are also offering a 'special' term deposit rate of 4.60% for twelve months for balances of $5,000 and greater. For this offer, interest can be paid at maturity, or monthly to an account held with The Co-operative Bank, or an external bank account (but monthly interest cannot be compounded).

(For their standard term deposits, quarterly interest can be compounded.)

See all carded, or advertised, bank home loan rates here.

You can also see all bank non-interest rate home loan incentives here.

Co-operative Bank's new floating home loan rates compare with their main rivals this morning as follows:

below 80% LVR	Floating	Revolving
		Credit
	6.74%	6.85%
	6.75%	6.75%
- Total Money	6.74%
- Standard & FlyBuys	6.74%	6.74%
Kiwibank	6.65%	6.65%
	6.59%	6.75%
Co-op Bank	6.70%	6.70%
	6.59%	6.80%
	6.30%	6.35%
TSB Bank	6.49%	6.49%

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