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
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#:~….
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