Kiwibank Savers To Benefit From Higher Returns Following OCR Rise
Following market movements Kiwibank is pleased to increase the interest rate and rates of return on its savings accounts.
“We know the low interest rate environment has been challenging for some customers who rely on returns from savings, so this is good news for them,” says Kiwibank Senior Manager – Savings and Borrowing, Richie McLay.
“Kiwibank continues to offer competitive rates so the changes we’re announcing gives savers a range of attractive options,” he says.
In line with the recent Reserve Bank increase to the OCR, our variable lending rates will also increase by 0.5%.
“We are pleased our home lending rates remain very competitive. Over the past two years we’ve consistently had one of the lowest variable rates in market.
“We challenged the market in 2020 by significantly lowering our variable rates. Even with this latest increase, we are still below three of the major banks, underlining our commitment to supporting more Kiwi to realise their home ownership goals," he said.
The changes to savings accounts, including 90 Day Notice Saver, 32 Notice Save and Online Call take effect on Monday 30 May 2022. The home lending changes take effect for new customers on Monday 30 May 2022 and for existing customers on Monday 13 June.
Effective from Monday 30 May
|Product||Previous Rate (incl Bonus)||New Rate (incl Bonus)|
|90 Day Notice Saver||2.15% p.a||2.50% p.a|
|32 Day Notice Saver||1.25% p.a||1.65% p.a|
|Online Call*||1.00% p.a||1.30% p.a|
* Changes apply to Standard, PIE and Business Online Call. The new Online Call rate will be made up of 1.20% base interest + 0.10% bonus interest.
- Monday 30 May for new lending
- Monday 13 June for existing lending
|Product||Previous Rate||New Rate|
|Term loan - Variable||5.00% p.a||5.50% p.a|
|Term loan – Offset variable||5.00% p.a||5.50% p.a|
|Revolving loan||5.05% p.a||5.55% p.a|