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.
ANZ is the first to move, cutting its signature Serious Saver by the same amount it cut its floating rates for borrowers.
Update: Westpac cut their Bonus Saver by the full -50 bps, while ASB but theirs by -40 bps. Both are larger cuts that what they cut borrowing rates. In fact ASB cut its youth-oriented saver by the full -50 bps.
Update: Kiwibank has cut all their savings and Notice Saver accounts by the full -50 bps even though they only cut their floating rate by -35 bps.
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 | 2.05 | -40 | 1.65 |
| ASB | Savings Plus | 2.20 | -40 | 1.80 |
| BNZ | Rapid Save | 2.30 | ||
| Kiwibank | Online call | 2.00 | -50 | 1.50 |
| Westpac | Bonus Saver | 2.00 | -50 | 1.50 |
| Cooperative Bank | Step Saver | 2.70 | -50 | 2.20 |
| Heartland Bank | Digital Saver | 2.75 | ||
| Call Direct | 2.25 | |||
| Rabobank | Premium Saver | 2.85 | ||
| SBS Bank | Incentive Saver | 0.40 | ||
| TSB | WebSaver | 1.70 | -50 | 1.20 |
Notice saver account changes
| Account | was | cut | Now | |
| % | bps | % | ||
| Kiwibank | 32 days notice | 2.30 | -50 | 1.80 |
| 90 days notice | 2.85 | -50 | 2.35 | |
| Westpac | 32 days notice | 3.00 | 0 | 3.00 |
| Heartland Bank | 32 days notice | 3.15 | ||
| 90 days notice | 3.50 | |||
| Rabobank | 60 days notice | 3.40 |
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1 Comments
It's unfortunately a terrible time to be a saver, interest rates are dropping quickly, and more importantly below inflation, and fiat currency is devaluing at an increasing pace. The term deposits need to find another home, and it looks like Gold is it, on a worldwide basis. In NZ, I believe term deposit money will shift into Property, that's just the Kiwi way, that's why I still predict house prices to rise from March 2026 (reported in April)
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