Short-term rate changes
The early action has been in the short-term area where Westpac and HSBC have made changes, and ANZ-owned finance company UDC has been active.
HSBC has increased its three, four and five month term deposit rates to 8.35%.
Meanwhile, Westpac has a 30-day investment option - opposed to a one-month one, which has a carded rate of 8.35%. This rate, on a $10,000 minimum, beats all the other banks, with the exception of RaboPlus.
Westpac introduced this "30 day rolling term deposit rate" in November and has seen good growth.
It appeals to a number of investors, including those who want regular monthly investment income and it also appeals to people looking to place their money somewhere other than finance companies.
Meanwhile, UDC has been promoting its call accounts.
The only finance company to move rates in the past week was Broadlands. Its special offer is an 11% 30-month rate which works at at 11.56% when interest is compounded and paid at maturity.
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