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Second chop: who changed what and by how much. Here is a summary of the main floating rate changes, along with the announced changes to savings account rates
[updated]
9th Oct 24, 2:12pm
by
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 | |||
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 | ||
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 | 7.99 | ||
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.
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