The bank is also hiking its three to five-year rates by 25 points to 5.50 and 5.45 per cent. Its most attractive offering is 6.10 per cent for one-year deposits.
Turning to term deposits and PIE funds, ANZ is lifting a range of its 180-day to two-year rates by between 15 and 30 points to 6.00 per cent. While the Reserve Bank has kept the Official Cash Rate (OCR) at 5.50 per cent since May and has suggested it’s unlikely it will lift the rate again in this tightening cycle, retail banks have still been lifting their mortgage and term deposit rates.Īs per ANZ’s comment, they’re pointing to global financial markets expecting inflation to remain sticky and therefore interest rates to remain high.
When reviewing interest rates we consider a range of factors, including the impact on customers, the underlying cost of funds (including wholesale rate movements) and competitor activity.”ĪNZ’s interest rate changes put it broadly in line with ASB’s recent hikes. Nonetheless, an ANZ spokesperson went on to explain, “Interest rates will continue to be reviewed in response to international and local market conditions.
