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Rate cut announcements to savings accounts have started to flow with the six banks advising changes so far, ranging from no-change to -30 bps
21st Aug 25, 9:59am
by
The OCR rate cut has a direct impact on savings rates, and as fast as banks have been to cut their variable home loan rates, they have also promptly cut savings account rates as well.
This is what has happened so far. We will update this summary as changes are announced.
| max potential rate | Account | was | cut | Now |
| % | bps | % | ||
| ANZ | Serious Saver | 2.30 | -25 | 2.05 |
| ASB | Savings Plus | 2.70 | ||
| BNZ | Rapid Save | 2.75 | ||
| Kiwibank | Online call | 2.25 | -25 | 2.00 |
| Westpac | Bonus Saver | 2.25 | -25 | 2.00 |
| Cooperative Bank | Step Saver | 2.90 | -20 | 2.70 |
| Heartland Bank | Digital Saver | 3.00 | -25 | 2.75 |
| Call Direct | 2.55 | -30 | 2.25 | |
| Rabobank | Premium Saver | 3.25 | ||
| SBS Bank | Incentive Saver | 1.70 | ||
| TSB | WebSaver | 2.20 |
Notice saver account changes
| Account | was | cut | Now | |
| % | bps | % | ||
| Kiwibank | 32 days notice | 2.55 | -25 | 2.30 |
| 90 days notice | 3.10 | -25 | 2.85 | |
| Westpac | 32 days notice | 3.00 | 0 | 3.00 |
| Heartland Bank | 32 days notice | 3.25 | -10 | 3.15 |
| 90 days notice | 3.50 | 0 | 3.50 | |
| Rabobank | 60 days notice | 3.40 |
Fixed mortgage rates
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Daily swap rates
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