14 Aug 2009

More banks raise fixed interest rates

7:54 am on 14 August 2009

Kiwibank and BNZ are the latest banks to raise their long-term interest rates.

All the major banks have increased their fixed rates in recent days.

Kiwibank's two year rate is up 0.3% to 6.39% and its five year rate to 8.3%.

But the bank has cut its floating rate to 5.79%.

The BNZ has raised its fixed rates by up to 0.46% but reduced its floating rates.