Updated with Kiwibank's new rates in the table below.
The July 8, 2026 RBNZ rate hike from 2.25% to 2.25% brought an immediate silence from banks, as though they weren't ready for a change.
But now the first bank has moved, and the full increase is being passed through. This is in contrast to the 2025 rate cuts when most banks did not pass on the full OCR rate deductions.
Westpac has raised its Choices Floating rate to 6.14% and its Choices Everyday rate to 6.24%.
At the same time it has raised its Simple Saver rate by only +15 bps to 0.20%, and its Bonus Saver potential rate by +25 bps to 1.50%. It lest its Notice Saver account unchanged at 3.00%
Westpac's Notice Saver's 3.00% rate was not reduced in 2025 during the RBNZ's rate cutting cycle so that is the reason they say it is remaining unchanged now. Among Notice Saver accounts, it has one of the highest rate offers.
Now that one bank has shifted its rates, the others are sure to follow soon too.
We will update this review as each change to floating rates comes through.
| Currently | cut | New | effective* | |
| % | bps | % | ||
| ANZ | 5.79 | |||
| ASB | 5.79 | |||
| BNZ | 5.84 | |||
| Kiwibank | 5.75 | +25 | 6.00 | 27-July-26 |
| Westpac | 5.89 | +25 | 6.14 | 16-July-26 |
| Cooperative Bank | 4.99 | |||
| Heartland Bank | 5.80 | |||
| SBS Bank | 5.84 | |||
| TSB | 5.79 | |||
| * effective for existing borrowers. For new clients, most banks have them effective sooner. |
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Serviceability test rates
To be updated when details are ascertained. See our tracking page here.
Along with falling mortgage rates, banks are also cutting savings account rates.
Fixed mortgage rates
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Daily swap rates
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