ANZ, National Bank raise interest rates

ANZ and National Bank have announced increases to their variable mortgage and savings account rates of around 25 basis points, joining ASB in lifting its rates in the wake of the Reserve Bank's tightening of monetary policy last Thursday. BNZ, Westpac and Kiwibank have yet to raise their rates.

ANZ said it would increase its simple variable mortgage rate by 26 basis points to 5.95% from Saturday for new customers and from July 2 for existing customers. The Reserve Bank increased its Official Cash Rate by 25 basis points to 2.75%.

ANZ left its 'Flexiplus' variable mortgage rate unchanged at 5.95%. It increased its 6 month fixed mortgage rate by 10 basis points to 6.10% and increased its 1 year rate by 10 basis points to 6.45%.

ANZ lifted its 9 month term deposit rate by 10 basis points to 5.10% and its 1 year term deposit rate by 10 basis points to 5.20%. It raised its Serious Saver call account by 25 basis points to 3.50%. See all bank term deposit rates up to 1 year here. See all bank call account rates here.

National Bank, which is owned by ANZ, said it would increase its variable home loan rate by 24 basis points to 5.99% from Saturday for new customers and from July 2 for existing customers. It left its 'Flexiplus' rate unchanged at 5.95%. It increased its 6 month fixed mortgage rate by 10 basis points to 6.10% and increased its 1 year rate by 10 basis points to 6.45%.

National raised its eSaver and Online savings account rates by 25 basis points each to 3.75% and 3.25% respectively. It lifted its 9 month term deposit rate by 10 basis points to 5.10% and its 1 year term deposit rate by 10 basis points to 5.20%.

- INTEREST.CO.NZ