Continuing the upward trend that we have been seeing of late to fixed interest rates SBS Bank, CBS Canterbury, PSIS and Fidelity Life are the latest lenders to boost up their fixed interest rates.
SBS Bank made a 10 basis point increase to its three-year rate to 7.90% and a five point increase to its five-year rate to 8.75%. With the exception of Westpac's 7.69% three-year rate, SBS Bank's new three-year rate is now well below the remaining major banks rates for the same term.
CBS Canterbury raised all its fixed interest rates including its six-month term. Its biggest increases were made to its two and three-year rates by 26 and 20 points respectively, its six-month and one-year rates were both increased by 16 points to 6.25% and its five-year rate rose by 15 bps to 8.85%.
PSIS made some rather large changes specifically to its three-year rate which was raised by 45 basis points to 7.80%, its one-year rate went up by 25 bps to 5.85% and its two and four-year rate both went up by 20 bps. All PSIS new rates are well below those of our major banks.
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