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ASB Adjusts Rates Following OCR Increase

Wednesday, 24 May 2023, 2:13 pm
Press Release: ASB Bank

ASB is making interest rate adjustments following today’s decision by the Reserve Bank of New Zealand to increase the Official Cash Rate (OCR) by 0.25%.

ASB is lifting interest rates on its Saving Plus deposit account and its Headstart account, passing on the full OCR change plus an additional 0.10% to customers. The maximum interest rate on ASB’s Savings Plus and Headstart will increase by 0.35% from 4.65% to 5.00%. ASB’s Savings On Call account will increase from 2.65% to 2.90%.

ASB’s Housing Variable rate will move from 8.39% to 8.64% while the ORBIT home loan rate will move from 8.49% to 8.74%.

These changes follow ASB’s increases to its short-term deposits rates last week, including its market leading six-month term of 5.55%.

Savings Plus bonus interest changes will be effective from 1 July 2023. All other personal savings rates take effect from 8 June 2023. New variable rates are effective for all new housing loans from 1 June 2023 and 8 June 2023 for existing loans.

ASB savings rate changes*:

Savings	Band	Current Rates	New Rates	Rate Change
Savings Plus**	No Bonus	2.55%	2.55%	No change
	Partial Bonus	2.65%	2.65%	No change
	Full Bonus**	4.65%	5.00%	+0.35%
Headstart	All Balances	4.65%	5.00%	+0.35%
Savings On Call & ASB Cash Fund	All Balances	2.65%	2.90%	+0.25%

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* Effective from 8 June 2023 excluding Savings Plus

** Savings Plus is effective from 1 July 2023

Home Loan*	Current Rates	New Rates	Rate Change
Housing Variable	8.39%	8.64%	+0.25%
Orbit	8.49%	8.74%	+0.25%
Back My Build	5.94%	6.19%	+0.25%

*Home loan rates effective from 1 June 2023 for new lending and 8 June 2023 for existing customers.

Note - Back My Build applications are no longer open to new customers.

ASB Bank

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In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.

ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.

ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.

We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.