Hot on the heels of the Reserve Bank cutting the Official Cash Rate by 50 basis points to 2.5%, Westpac and HSBC have cut their rates on a range of savings accounts.
Westpac says, effective from today, it's cutting rates on some retail and business savings accounts.
Changes are:
* Online Saver rate decreases to 3.00% from 3.50%.
* Online Bonus Saver rate decreases to 3.50% (from 4.00%). Base rate decreased by 0.50%.
* Simple Saver rate decreases to 2.00% from 2.50%.
* Cash Plus Trust rate decreases to 3.00% from 3.50%.
* Business Online Saver rate decreases to 3.10% from 3.60%.
Also from today, HSBC has cut its rate for online savings accounts of NZ$15,000 and above to 2.2% from 2.7%, it has also cut its cash PIE, seven day term deposit and one to two month term deposit rates to 2.2% from 2.7%. See all term deposit one to five year rates here and see term deposit rates for up to nine months here.
ASB also cut interest rates on some call savings accounts yesterday.
Meanwhile HSBC, along with the other banks, has cut its floating, revolving and home smart mortgages rates by 50 basis points to 5.99%, 6.35%, and 5.99%, respectively. HSBC cut one to three year fixed mortgage rates on Wednesday. See all mortgage rates here.
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