Irish and New Zealand banks raise deposit and loan rates

Ireland’s PTSB has lifted rates on a range of business deposit products by between 0.25 and 0.5 percentage points. The 6‑month fixed term rate rose from 1.25% to 1.75%, and similar increases were applied to demand deposits, 32‑day notice, 1‑year, 18‑month, 3‑year and 5‑year terms. Dermot Ryan, head of bank products and pricing strategy, said the move is intended to enhance competition and support SMEs as the Irish economy remains strong.

In New Zealand, ASB announced a 25‑basis‑point increase to its variable home‑loan rates, taking the standard rate from 5.79% to 6.04% for new borrowers. Savings‑on‑Call and Savings Plus accounts were also raised by 15 and 20 basis points respectively. Executive General Manager Adam Boyd noted that higher rates can be challenging for households but will also help savers meet their goals.