Westpac NZ interest rate changes

Westpac NZ interest rate changes

Westpac NZ can advise changes to the following interest rates:

Housing

• The Choices Floating rate has been reduced by 16bps to 5.79%pa and the revolving Choices Everyday rate has been reduced by 11bps to 5.84%pa. This change will become effective on Friday 10th May for new customers and on Thursday May 30th for existing customers.

• Our fixed special* 1-year rate has been reduced by 16bps to 3.89%pa. Our fixed special* 2-year rate has been reduced by 4bps to 3.95%pa. The changes will become effective on Friday 10th May. *Requires minimum of 20% equity and a transactional account with salary. Business and investment purposed Choices loans and Package customers are excluded.

Deposits

• Our 90-day Term Deposit rate has been reduced by 15bps to 2.50%pa. Our 4-month Term Deposit rate has been reduced by 15bps to 2.75%pa. Our 5-month Term Deposit rate has been reduced by 20bps to 2.75%. All of our Term Deposit rates of between 6 to 9 months have been reduced by 10bps to 3.05%pa. These changes will become effective on Friday 10th May.

• Base interest for Online Bonus Saver and Online Bonus Saver PIE remains at 0.10%pa. Bonus interest on both products has been reduced by 15bps to 1.75%pa, giving a potential return of 1.85%pa. This change will become effective on Friday 10th May.

• Our 32 day Notice Saver interest rate has been reduced by 25bps to 2.40%pa. This change will become effective on Friday 10th May.