Kiwibank variable rate changes – savings and borrowing

In wake of the Reserve Bank of New Zealand OCR increase today Kiwibank is making changes to both its variable savings and borrowing interest rates.

The New Zealand-owned bank is doing a full passthrough of 50bps to its Online Call and PIE Online Call saving accounts and simplifying its offering from a bonus rate account to a flat rate account.

Kiwibank Senior Product Manager Richard McLay says: “These changes provide customers with flexibility to deposit or withdraw funds as required without it impacting their rate of return. This change means all customers will receive the benefit of the rate on offer making more of our savers better off.

“Our 90 Day Notice Saver has one of the highest rates in the market for a savings account, it is receiving a 40bps passthrough. The last time variable deposit rates were this high was in 2019, three years ago.

“Kiwibank’s variable lending rates will increase by 50bps. These rates have consistently been the lowest amongst the major banks over the past two years,” McLay said.

Kiwibank is making no changes to fixed rate home loans or term deposits at this time.

Kiwibank variable rate changes

Deposits

Effective from Wednesday 24 August 2022

*Minimum 20% equity. Specials are also available for First Home Loan customers.

+For all bridging loans, the interest rate will be 1% p.a. above Kiwibank's variable interest rate.

Displayed interest rates are subject to change.

See our current rates and fees.