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ASB Lifts Savings Deposit Rates And Home Lending Rates Following OCR Increase
- ASB is making interest rate adjustments following the Reserve Bank of New Zealand’s announcement that it is increasing the Official Cash Rate (OCR) by 0.50%.
The maximum interest rate on ASB’s Savings Plus deposit account will increase from 1.25% to 1.75% while the interest rate for Headstart will increase from 1.25% to 1.75% and for Savings On Call from 0.30% to 0.55%.
To further support savers, ASB has today also announced increases to term deposit rates across the board, with its 18-month term rate to increase to a market leading 4.00%.
“Today’s increases to savings deposit rates are good news for customers and we hope the changes will help them get closer to their financial goals,” says ASB’s Executive General Manager Personal Banking Adam Boyd.
ASB’s Housing Variable rate will move from 5.85% to 6.35% while the ORBIT home loan rate will move from 5.95% to 6.45%.
“We’re here and ready to support our customers and encourage anyone wanting to know more about today’s changes to reach out to us. Our team of specialist bankers can talk customers through the best options available for both saving and borrowing. We also have a range of online tools and practical information on interest rates available on our website.”
Savings Plus changes will be back dated to apply from 1 July 2022. Term deposit rate changes take effect 15 July 2022. All other retail savings rates take effect from 27 July 2022. New variable rates are effective for all new housing loans from 20 July 2022 and 27 July 2022 for existing loans.
ASB rate changes:
| Savings | Band | Current Rates | New Rates | Rate Change | |||||
| Savings Plus* | No Bonus | 0.05% | 0.05% | 0.00% | |||||
| Partial Bonus | 0.15% | 0.15% | 0.00% | ||||||
| Full Bonus | 1.25% | 1.75% | +0.50% | ||||||
| Headstart** | All Balances | 1.25% | 1.75% | +0.50% | |||||
| Savings On Call** | All Balances | 0.30% | 0.55% | +0.25% |
*Backdated to 1 July 2022. **Effective from 27 July 2022.
| Home Loan* | Current Rates | New Rates | Rate Change | ||||
| Housing Variable | 5.85% | 6.35% | +0.50% | ||||
| Orbit | 5.95% | 6.45% | +0.50% | ||||
| Back My Build | 3.54% | 4.04% | +0.50% |
*Home loan rates effective from 20 July 2022 for new lending and 27 July 2022 for existing customers. Note - Back My Build applications are no longer open to new customers.
| Term deposits* | Current Rates (p.a)($5,000+) | New Rates (p.a)($5,000+) | Rate Change | ||||
| 30 days | 0.70% | 0.80% | +0.10% | ||||
| 60 days | 0.90% | 1.00% | +0.10% | ||||
| 90 days | 1.50% | 1.80% | +0.30% | ||||
| 4 months | 1.80% | 1.85% | +0.05% | ||||
| 5 months | 2.20% | 2.25% | +0.05% | ||||
| 6 months | 2.75% | 2.85% | +0.10% | ||||
| 9 months | 2.95% | 3.00% | +0.05% | ||||
| 12 months | 3.65% | 3.90% | +0.25% | ||||
| 18 months | 3.75% | 4.00% | +0.25% | ||||
| 2 years | 4.05% | 4.10% | +0.05% | ||||
| 3 years | 4.30% | 4.35% | +0.05% | ||||
| 4 years | 4.30% | 4.40% | +0.10% | ||||
| 5 years | 4.40% | 4.50% | +0.10% |
*Term deposit rates effective from 15 July 2022.
ASB Bank
Helping you get one step ahead.
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.
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