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*:SavingsBandCurrent RatesNew RatesRate ChangeSavings Plus**No Bonus2.55%2.55%No changePartial Bonus2.65%2.65%No changeFull Bonus**4.65%5.00%+0.35%HeadstartAll Balances4.65%5.00%+0.35%Savings On Call & ASB Cash FundAll Balances2.65%2.90%+0.25%
* Effective from 8 June 2023 excluding Savings Plus
** Savings Plus is effective from 1 July 2023Home Loan*Current RatesNew RatesRate ChangeHousing Variable8.39%8.64%+0.25%Orbit8.49%8.74%+0.25%Back My Build5.94%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.