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Cuts to savings account interest rates have started with one bank cutting less than the OCR reduction
26th Nov 25, 2:24pm
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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.
The first to move was the Cooperative Bank who cut a range of savings rates, their Step Saver by only -20 bps, keeping it from dipping below 2%.
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 | 1.65 | ||
| ASB | Savings Plus | 1.80 | ||
| BNZ | Rapid Save | 2.00 | ||
| Kiwibank | Online call | 1.50 | ||
| Westpac | Bonus Saver | 1.50 | ||
| Cooperative Bank | Step Saver | 2.20 | -20 | 2.00 |
| Heartland Bank | Digital Saver | 2.35 | ||
| Call Direct | 1.80 | |||
| Rabobank | Premium Saver | 2.45 | ||
| SBS Bank | Incentive Saver | 0.40 | ||
| TSB | WebSaver | 1.20 |
Notice saver account changes
| Account | was | cut | Now | |
| % | bps | % | ||
| Kiwibank | 32 days notice | 1.80 | ||
| 90 days notice | 2.35 | |||
| Westpac | 32 days notice | 3.00 | ||
| Heartland Bank | 32 days notice | 3.15 | ||
| 90 days notice | 3.50 | |||
| Rabobank | 60 days notice | 3.40 |
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