News Bites

SBS and HSBC latest to cut floating rates

Two more banks have slashed fixed rates following the Reserve Bank's emergency Official Cash Rate on Monday. 

Effective today, SBS has reduced its floating rate to 4.54% from 5.29%.

That puts the Southland bank, led by Shaun Drylie, now has a floating rate on par with TSB's offering. 

Meanwhile, HSBC is also dropping its floating rate.

The global bank's rate will fall to 4.49% as of Monday, the eighth cheapest in the market. 

This week has seen a wide range of floating rate cuts after the Reserve Bank cut interest rates by 75 basis points. 

However, only ANZ and Kiwibank have passed on fixed rate cuts so far.

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