Kiwibank has raised interest rates on a range of savings accounts as well as home lending following the first rise in
the Official Cash Rate for seven years.
Variable lending rates have been increased by 25bps, but the rates remain well below those of the major banks following
the market leading reset in June last year.
“We are pleased our home lending rates remain very competitive,” said Nicole Pervan, Kiwibank General Manager Product.
“We challenged the market last year by significantly lowering our variable rates and despite today’s OCR rise, we are
still well below all the large Australian banks, underlining our commitment to helping Kiwi realise their home ownership
goals."
The lending changes take effect for new customers on Monday 11 October and for existing customers on Monday 25 October.
Kiwibank is also raising a range of savings and term deposit rates.
“We know the low interest rate environment has been challenging for some customers who rely on returns from savings, so
we hope this is good news for them,” said Mrs Pervan.
“Kiwibank continues to offer competitive rates so the changes we’re announcing give savers a range of attractive
options. We’re really pleased to pass the full 25bps rise through to our Notice Saver 90 Day account which will increase
from 1.00% to 1.25% and remains one of the highest in the market.”
The changes take effect on Friday 8 October for term deposits and on Monday 11 October for other savings accounts.
Interest rate changesSavings
Effective Monday 11 OctoberProductCurrent rate p.a.New rate p.a.ChangeNotice Saver 90 Day1.00%1.25%+0.25%Notice Saver 32 Day0.40%0.55%+0.15%Online Call0.25%*0.40%*+0.15%
* Includes bonus interestTerm deposits
Effective Friday 8 OctoberProductCurrent rate p.a.New rate p.a.Change120 days0.55%1.00%+0.45%6 months1.15%1.25%+0.10%1 year1.35%1.40%+0.05%3 years1.70%1.90%+0.20%4 years1.90%2.15%+0.25%5 years2.00%2.25%+0.25%
Minimum $10k investment.Lending
Effective for new customers Monday 11 October
Effective for existing customers Monday 25 OctoberProductCurrent rate p.a.New rate p.a.ChangeVariable Rate3.75%4.00%+0.25%Offset Rate3.75%4.00%+0.25%Revolving Rate3.80%4.05%+0.25%