Wednesday's hotly-anticipated Monetary Policy Review has quickly brought cuts to floating rates at last.
But we should first note that ICBC had already cut its 7.85% floating rate by -36 basis points last weekend to 7.49%.
The first to announce a cut was Kiwibank who jumped the gun by doing it Tuesday. They were followed by the Official Cash Rate change with a -50 bps cut to 4.75%.
Here is the state of play which we will update as each bank makes its floating rate change announcement:
| Main floating rates | Previous | change | New | effective for existing customers from ... |
| as at October 9, 2024 | % | bps | % | |
| ANZ | 8.39 | -50 | 7.89 | October 22 |
| ASB | 8.39 | -50 | 7.89 | October 24 |
| BNZ | 8.44 | -50 | 7.94 | October 10 |
| Kiwibank | 8.25 | -50 | 7.75 | October 29 |
| Westpac | 8.39 | -50 | 7.89 | October 28 |
| Bank of China | 7.49 | |||
| CCB | 8.14 | |||
| Co-operative Bank | 8.15 | -50 | 7.65 | October 30 |
| Heartland Bank | 7.99 | -50 | 7.49 | October 15 |
| ICBC | 7.85 | -36 | 7.49 | October 4 |
| SBS Bank | 8.49 | |||
| TSB | 8.39 | -50 | 7.89 | October 15 |
Fixed rate changes are here.
At the same time, there are or will be cuts to key savings accounts.
| Banks only | Account name | Previous | change | New |
| % | bps | % | ||
| ANZ | Online saver | 2.50 | -50 | 2.00 |
| Serious saver | 4.25 | -50 | 3.75 | |
| ASB | Savings on Call | 2.65 | -50 | 2.15 |
| Savings Plus | 4.75 | -60 | 4.15 | |
| BNZ | Rapid Saver | 4.55 | ||
| Kiwibank | Online Call | 4.25 | -50 | 3.75 |
| Westpac | Simple saver | 2.45 | -50 | 1.95 |
| Bonus saver | 4.25 | -50 | 3.75 | |
| Co-operative Bank | Online account | 2.40 | -10 | 2.30 |
| Step saver | 4.55 | -40 | 4.15 | |
| Heartland Bank | Direct Call | 4.40 | -40 | 4.00 |
| Digital Saver | 4.80 | -30 | 4.50 | |
| Rabobank | RaboSaver | 4.00 | ||
| Premium saver | 5.00 | |||
| SBS Bank | i-Save | 1.60 | ||
| Incentive Saver | 3.10 | |||
| TSB | Websaver | 3.95 |
Many banks have Notice Savers too, and they will be changing as well. See our full tables for those rates.
Official cash rates
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11 Comments
Are Westpac on Annual Leave or something ?
😂 typical bloody westpac.
Kiwibank the 1st to cut but the last to impact existing customers…..
Gotta love Westpac's 'special' six month rate as reported in the I.co borrowing page...typo?
Fixed now.
LOL! Is that Heartland Direct Call rate @ 7.99% correct? I think you'll find it's 4.4%.
https://www.heartland.co.nz/savings-and-deposits/direct-call-account#:~….
How come it takes ~2 weeks for most banks to pass on the floating cuts to their existing customers? Shouldn't it be faster than that?
I guess they have to give 1 month notice when they increase the floater, so they try and keep some margin on the way back down
I read this morning ANZ have their 1 year fixed at 5.69.
This morning ASB updated their app offer to me:
6 month fixed 6.59%
1 year fixed 5.99%
18 month 5.75%
2-5 year all 5.59%
Over the last 6 months the banks have not passed on the reduction in the swap rates and we have see the margins the banks are taking are getting larger.
Yes I see they're very slow to drop the now crowded 6 month rate. Making hay....
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