Upcoming changes
Home loans & savings variable rate change
We’re making rate changes to our variable home loans and savings accounts across personal and business accounts. We're also changing our housing backed and standard business lending loans.
These rate changes impact Variable, Offset and Revolving home loans and our Notice Saver, Online Call, PIE Online Call and Business Online Call accounts.
Variable, Offset & Revolving home loans
We're decreasing our rates for new and existing customers on the following home loan products:
- Monday 2 December 2024 for new customers
- Monday 16 December 2024 for existing customers.
|
Previous rate |
New rate |
|
|---|---|---|
|
Variable home loan |
7.75% p.a.* |
7.25% p.a.* |
|
Offset home loan |
7.75% p.a.* |
7.25% p.a.* |
|
Revolving home loan |
7.80% p.a.* |
7.30% p.a.* |
* Applicable for both special and standard interest rates.
Business Lending – Variable, Overdraft & Revolving loans
We're decreasing our rates for new and existing customers on our housing backed and standard business loan products. These will decrease by 0.50% p.a.
- Monday 2 December 2024 for new customers
- Monday 16 December 2024 for existing customers.
Customers will be contacted prior to the interest rate changing in accordance with their loan agreement.
Notice Saver, Online Call, PIE Online Call & Business Online Call accounts
We're decreasing our rates from Monday 2 December 2024 on the following accounts:
Notice Saver
|
Previous rate |
New rate |
|
|---|---|---|
|
90 Day Notice Saver |
4.60% p.a. |
4.10% p.a. |
|
32 Day Notice Saver |
4.05% p.a. |
3.55% p.a. |
Online Call, PIE Online Call & Business Online Call
|
Previous rate |
New rate |
|||
|---|---|---|---|---|
|
Base rate |
Bonus rate |
Base rate |
Bonus rate |
|
|
Online Call |
3.75% p.a. |
0.00% p.a. |
3.25% p.a. |
0.00% p.a. |
|
PIE Online Call |
3.75% p.a. |
0.00% p.a. |
3.25% p.a. |
0.00% p.a. |
|
Business Online Call* |
3.75% p.a. |
0.05% p.a. |
3.25% p.a. |
0.05% p.a. |
*Minimum balance of $2,000
Displayed interest rates are subject to change.
Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are funds within a Portfolio Investment Entity (PIE). Units in Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited.
For a full list of our current interest rates, please visit our rates & fees page.
Date effective: 2 December 2024
Date published: 2 December 2024
Kiwibank Privacy Policy changes
We're making changes to our Privacy Policy as a result of Confirmation of Payee functionality within our mobile app and internet banking.
Summary of changes:
- Adding a new purpose for collection; "managing our operations, including customer payments and transactions."
- Updating the definition of "your information" to remove the last "you" in the sentence "personal information about you that is relevant to the products and services we provide you."
- Updating the disclosure section to clarify we can share your information:
- When you send money from your account
- When you receive money into your account
- To confirm or investigate transactions
- For verification and investigation into such transactions, including when it has gone into your account
- We can share your information with industry groups that we’re members of such as the Financial Crime Prevention Network and the Anti-Scam Centre.
Download a copy of our updated Privacy Policy effective from 28 November 2024.
Date effective: 28 November 2024
Date published: 14 November 2024
Changes to our personal banking fees & limits
We're making some changes to our fees and limits:
- We've clarified the wording that unencumbered property will no longer be eligible for the Kiwibank Refinance Package (page 22).
- We've reordered the eligibility criteria within our Refinance Package fee description (page 22).
Download a copy of the updated Personal Banking Fees and Limits effective from 27 November 2024.
Date effective: 27 November 2024
Date published: 11 November 2024
Changes to Trade Terms & Conditions
We're making several minor changes to our Trade Terms and Conditions to reinforce that we strive to treat all of our customers fairly and reasonably. Where appropriate, we've provided more detail around what steps we can take, and how we'll take those steps in a reasonable manner.
Download a copy of the updated Trade Terms and Conditions effective from 25 November 2024.
Date effective: 25 November 2024
Date published: 11 November 2024
Changes to our fees & limits
From 1 November 2024, we’re making some changes to the fees we charge across our personal banking everyday and savings accounts. A summary of the changes are detailed below.
Account |
Fee name |
Current fee amount |
New fee amount |
|---|---|---|---|
|
Now $5 |
Account Management Fee |
$5 per month |
No fee |
|
Deposit and Withdrawals at a Kiwibank Branch |
No fee |
$3 per transaction No fee for the first deposit each month |
|
|
Now PAYG |
Electronic transactions – Online, EFTPOS, automatic payment, direct debit, bill payment |
$0.40 per transaction |
No fee |
|
Kiwibank ATM Withdrawal* |
$0.80 per withdrawal |
No fee |
|
|
Front Runner |
Account Management Fee |
Free if $4,000 combined across up to four Front Runner accounts, otherwise - $15 per month |
No fee |
|
Deposit and Withdrawals at a Kiwibank Branch |
No fee |
$3 per transaction No fee for the first deposit each month |
|
|
Fast Forward Saver |
Deposit and Withdrawals at a Kiwibank Branch |
Free deposits, one free withdrawal of any type per month, then $5 per withdrawal |
$3 per transaction No fee for the first deposit each month |
|
Withdrawal fee – automatic payment, bill payment and direct debit |
One free withdrawal of any type per month, then $5 per withdrawal. |
No fee |
|
|
Back-Up Saver |
Kiwibank ATM withdrawal* |
$1 per withdrawal |
No fee |
|
Withdrawal fee – automatic payment, bill payment and direct debit |
$1 per withdrawal |
No fee |
|
|
Withdrawal fee – EFTPOS and online |
$1 per withdrawal |
No fee |
|
|
First Saver |
Deposit and Withdrawals at a Kiwibank Branch |
$3 per transaction (one free deposit per month) |
No fee |
*There are service fees relating to other ATM transactions.
Download a copy of the updated Personal Banking Fees and Limits.
Date effective: 1 November 2024
Date published: 2 October 2024
Recent changes
We've decreased our rates for new and existing customers on the following home loan products:
- Monday 14 October 2024 for new customers
- Tuesday 29 October 2024 for existing customers.
|
Product |
Previous rate |
New rate |
|---|---|---|
|
Term loan - Variable |
8.25%p.a.* |
7.75%p.a.* |
|
Term loan - Offset variable |
8.25%p.a.* |
7.75%p.a.* |
|
Revolving loan |
8.30%p.a.* |
7.80%p.a.* |
* Applicable for both special and standard interest rates.
For a full list of our current interest rates, please visit our rates & fees page.
Date effective: 14 October 2024
Date published: 10 October 2024
We’ve made changes to the rates of return on our Notice Saver, Online Call, PIE Online Call and Business Online Call accounts following changes in the market. These changes came into effect on Monday 14 October 2024. You can manage your savings and investment accounts through your internet banking or mobile app.
The rate of return for Notice Saver, Online Call, PIE Online Call and Business Online Call can change at any time and without notice. This means the rate might go up or down during your investment.
Since 14 October 2024, the following rates apply:
Notice Saver
|
Product |
Previous rate |
New rate |
|---|---|---|
|
32 days |
4.55% |
4.05% |
|
90 days |
5.10% |
4.60% |
Online Call, PIE Online Call & Business Online Call
|
Previous rate |
New rate |
|||
|---|---|---|---|---|
|
Product |
Base rate |
Bonus rate |
Base rate |
Bonus rate |
|
Online Call |
4.25% |
0.00% |
3.75% |
0.00% |
|
PIE Online Call |
4.25% |
0.00% |
3.75% |
0.00% |
|
Business Online Call* |
4.25% |
0.05% |
3.75% |
0.05% |
*Minimum balance of $2,000
Displayed interest rates are subject to change.
Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are funds within a Portfolio Investment Entity (PIE). Units in Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited.
Date effective: 14 October 2024
Date published: 10 October 2024
Effective from 24 September 2024 for accounts opened from this date onwards
Effective from 22 October 2024 for existing accounts opened prior to 24 September 2024
We've made changes to our Business Credit Card Terms & Conditions. These changes took effect from 24 September 2024 for customers who opened an account from this date onwards, and 22 October 2024 for existing accounts opened prior to 24 September 2024. The changes include:
- The ‘Contents’ section has been updated to remove Section 19 ‘Corporate Liability Waiver Insurance’. Sections’ 20 ‘Invalidity’ and 21 ‘What should I do if a Card is lost or stolen?’ have been renumbered as Sections’ 19 and 20.
- Section 4 ‘Your Business Credit Card Account’ has been updated to replace the existing wording under ‘No Security Interest’ with the following:
- “Unless expressly disclosed to you, and notwithstanding anything to the contrary in any other document, no security interest is taken in connection with either the Cards or your Business Credit Card Account.”
- Section 7 ‘When can we close your Business Credit Card Account?’ has the reference to Corporate Liability Waiver Insurance removed. This paragraph has changed to:
- "Closure of the Business Credit Card Account will also end any Card-related services or benefits."
- Section 15 ‘How will we use your and your Cardholders’ information?’ includes more detail on how we share your information with Visa to facilitate expense management services.
- Section 19 ‘Corporate Liability Waiver Insurance’ has been removed as this insurance cover will no longer be provided.
Download a copy of the updated Business Credit Card Terms and Conditions.
Date published: 24 September 2024
Effective from 7 October 2024
We’ve made some changes to our Lending Terms and Conditions for Business Banking. This includes updating the name of this document to ‘Business Facility Terms and Conditions’.
We’ve also made it easier to read by simplifying the content and terminology we use. For example:
- Where we previously referred to a loan or loans, we now talk about each loan individually, but ‘business facility’ is the word we use to refer to all your loans together.
- We now call the document that sets out the specific details of all the loans making up your business facility with Kiwibank your ‘business facility summary’ instead of your loan agreement.
- Together, your business facility summary, our Business Facility Terms and Conditions and our Business Banking Fees and Limits brochure make up your ‘business facility agreement’ with us.
- We’ve introduced some new terminology and definitions to better explain some concepts, such as ‘on demand loans’ and ‘regular payments’, and to be consistent with other documents we give our customers. This includes updating our product types and interest rate types.
We’ve included a summary of other key changes to our Lending Terms and Conditions below. The changes we’ve made won’t affect the way your business loan currently operates.
Summary of changes
Structure: We've made changes to the structure of our Lending Terms and Conditions. The renamed ‘Business Facility Terms and Conditions’ are made up of:
- ‘common facility terms’. These set out the terms that generally apply to your business facility; and
- ‘specific loan terms’. These set out further terms that are specific to each type of loan, such as how you can borrow from your loan, making payments and paying interest on your loan and how to cancel your loan. Including these terms provides more clarity and transparency around how our business lending products work.
Our commitment to act reasonably: We’ve included a commitment that we’ll act reasonably when we do anything under your business facility agreement, taking into account both your and our business interests at the time. This includes when we consider any request, decide whether to exercise any right we have, or how we exercise that right.
Defaults: We’ve divided defaults into two types: immediate defaults, which we can act on immediately without giving you notice, and other events that will only become defaults if they are not corrected within a certain time frame or if they can’t be corrected at all.
Defaults (sanctions): We've included a new event of default if you or your affiliates are subject to sanctions or located in a country that is subject to comprehensive sanctions. This ensures we can continue to meet our legal obligations and align with our purpose of ‘Kiwi Making Kiwi Better Off’. ‘Sanctions’ and ‘comprehensive sanctions’ are both defined in the Business Facility Terms and Conditions.
Clause references and other documents: If you're reading another agreement that you have with us that refers to our Lending Terms and Conditions, some references to clauses will be different in the updated Business Facility Terms and Conditions. For example, undertakings are now set out in section 14 entitled 'Your Obligations' (instead of clause 8), defaults are set out in section 15 (instead of clause 9), and trustee liability is explained in section 18 (instead of clause 16.13).
Download a copy of the updated Business Facility Terms and Conditions, effective from 7 October 2024.
Date published: 16 September 2024
We’ve made changes to the rates of return on our Notice Saver, Online Call, PIE Online Call and Business Online Call accounts following changes in the market. These changes are effective from Monday 19 August 2024. You can manage your savings and investment accounts through your internet banking or mobile app.
The rate of return for Notice Saver, Online Call, PIE Online Call and Business Online Call can change at any time and without notice. This means the rate might go up or down during your investment.
From 19 August 2024, the following rates apply:
Notice Saver
|
Product |
Previous rate |
New rate |
|---|---|---|
|
90 Day Notice Saver |
5.35%p.a. |
5.10%p.a. |
|
32 Day Notice Saver |
4.80%p.a. |
4.55%p.a. |
Online Call, PIE Online Call & Business Online Call
|
Previous rate |
New rate |
|||
|---|---|---|---|---|
|
Product |
Base rate |
Bonus rate |
Base rate |
Bonus rate |
|
Standard Online Call |
4.50%p.a. |
0.00%p.a. |
4.25%p.a. |
0.00%p.a. |
|
PIE Online Call |
4.50%p.a. |
0.00%p.a. |
4.25%p.a. |
0.00%p.a. |
|
Business Online Call* |
4.50%p.a. |
0.05%p.a. |
4.25%p.a. |
0.05%p.a. |
*Minimum balance of $2,000
Displayed interest rates are subject to change.
Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are funds within a Portfolio Investment Entity (PIE). Units in Kiwibank PIE Online Call Fund and Kiwibank Notice Saver are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited.
Date effective: 19 August 2024
Date published: 15 August 2024
We're updating our Personal Banking and Business Banking fees and limits.
Summary of changes
Personal Banking fees and limits
- Sweep, Dynamic Sweep and PayStream
As of 31 May 2023, we stopped offering the ability to use Sweep, Dynamic Sweep or PayStream (also known as EasySave) on business accounts.
From 19 June 2024, you'll no longer be able to use Sweep, Dynamic Sweep or PayStream on personal accounts. So, we’ve removed the reference to these payment services in the Personal Banking fees and limits.
- Unauthorised overdraft rate
To align with our website, we’ve included the ‘Unauthorised overdraft rate’ of 22% p.a.
Download a copy of the updated Personal Banking Fees and Limits, effective from 19 June 2024.
Business Banking fee and limits
- Unauthorised overdraft rate
To align with our website, we’ve included the ‘Unauthorised overdraft rate’ of 22% p.a.
Download a copy of the updated Business Banking Fees and Limits, effective from 19 June 2024.
Date effective: 19 June 2024
Date published: 31 May 2024
From 22 May 2024, we're making changes to comply with upcoming Anti-Money Laundering (AML) legislation updates. These changes are designed to help reduce the risk of money laundering. Anyone who deposits cash into a Kiwibank business account at a Kiwibank branch or Local for Kiwibank without the authority to transact on the account will need to provide their first name and surname at the time they deposit the cash.
Date effective: 22 May 2024
Date published: 2 May 2024
We’re updating the wording in section 11 of our General Terms and Conditions, to read 'An automatic payment authority may be cancelled, without notice to you, in circumstances when the automatic payment fails three scheduled dates in a row' (not four as previously stated - this was an error).
Download a copy of the updated General Terms & Conditions effective from 3 May 2024.
Date effective: 3 May 2024
Date published: 19 April 2024
We'll no longer be offering the Access Term Deposit feature on Term Deposits opened on, or after, 3 April 2024. If you have a Standard or Business Term Deposit for a term of two years or more, that was opened before 3 April 2024, this feature will continue until the maturity date of that Term Deposit.
We’ve updated our Term Deposit General Terms and Conditions brochure to reflect this change.
Download a copy of the updated Term Deposit General Terms and Conditions, effective from 3 April 2024.
Date effective: 3 April 2024
Date published: 20 March 2024
We're updating our General Terms and Conditions and Personal Banking and Business Banking Fees and Limits.
Summary of changes
General Terms and Conditions
- The sentence referring to the 'Unauthorised overdraft fee' has been removed from the 'Interest and charges' section as we'll no longer charge this fee.
Download a copy of the updated General Terms and Conditions, effective from 1 April 2024.
Personal Banking Fees and Limits
- The 'Account out of order fee' has been removed as we'll no longer charge this fee.
Download a copy of the updated Personal Banking Fees and Limits, effective from 1 April 2024.
Business Banking Fees and Limits
- The 'Account out of order fee' has been removed as we'll no longer charge this fee.
- The 'Overdraft over limit fee' has been removed as we'll no longer charge this fee.
Download a copy of the updated Business Banking Fees and Limits, effective from 1 April 2024.
Date effective: 1 April 2024
Date published: 15 March 2024
We've changed when the terms and conditions take effect. For credit card customers, this incorporates both our General Terms and Conditions and our Credit Card Terms and Conditions. They will take effect from the date we open your card account instead of from the time your card or card account is first used.
We’re also updating the ‘Primary and joint cardholders’ and ‘Additional cardholders’ sections under Section 1 ‘Responsibility for your use and others who may use the credit card account’. It'll now include more detailed information on what happens if a primary or joint cardholder passes away.
Download a copy of the updated Credit Card Terms & Conditions, effective from 16 February 2024.
Date effective: 16 February 2024
Date published: 17 January 2024
Previous public notices can be found on our archived public notices.