Although most attention is given to mortgage floating rate hikes, savings account rates are being raised at the same time. We assess the changes to bonus savers so far

BNZ is the next bank to raise its mortgage floating rate. But it only raised theirs by +40 bps to 6.79%.

BNZ's effective date is September 9, 2022 for existing clients, a little later than any other bank, and more than a week later than ASB which will make their +50 bps increase from effective September 1, 2022.

A summary of all bank floating mortgage rate changes is here.

Like other banks, BNZ also raised some key savings account rates. In their case they added +50 bps to their Rapid Save account taking it to 2.30% pa.

It is worth comparing these key savings accounts.

Bonus saver accounts
as at August 23, 2022		Previous	change	New rates
		%	bps	%
ANZ	Serious Saver, base	0.30	+50	0.80
	bonus	1.50	0	1.50
	Serious Saver, with bonus	1.80	+50	2.30
ASB	Savings Plus, no bonus	0.05	+35	0.40
	Savings Plus, partial bonus	0.15	+35	0.50
	Savings Plus. full bonus	1.75	+50	2.25
BNZ	Rapid Save	1.80	+50	2.30
Kiwibank	Online Call, base	1.50	+50	2.10
	Online call, with bonus*	1.60	+40	2.10
Westpac	Bonus Saver, base	0.35	+10	0.45
	bonus	1.40	+25	1.65
	Bonus Saver, with bonus	1.75	+35	2.10
Cooperative Bank	Step Saver, base	0.75	+20	0.95
	bonus	1.45	+30	1.75
	Step Saver, with bonus	2.20	+50	2.70
	Premium Saver, base	1.50	0	1.50
	bonus	0.80	+45	1.25
	Premium Saver, with bonus	2.30	+45	2.75
SBS Bank	Incentive Saver, base	0.55	0	0.55
	bonus	1.20	+25	1.45
	Incentive Saver, with bonus	1.75	+25	2.00

[* previously, this account had a +10 bps bonus, but that has now been dropped.]

We will update this comparison when the final two banks make their announcements.