Personal Finance / analysis
Rate cut announcements to savings accounts have started to flow with the first from ANZ who passed through the full -25 bps cut. ASB only cuts -20 bps
[updated]
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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.
This is what has happened so far. We will update this summary as changes are announced.
| max potential rate | Account | was | cut | |
| % | bps | % | ||
| ANZ | Serious Saver | 2.55 | -25 | 2.30 |
| ASB | Savings Plus | 2.90 | -20 | 2.70 |
| BNZ | Rapid Save | 3.00 | ||
| Kiwibank | Online call | 2.50 | ||
| Westpac | Bonus Saver | 2.50 | ||
| Cooperative Bank | Step Saver | 3.15 | -25 | 2.90 |
| Heartland Bank | Digital Saver | 3.30 | ||
| Rabobank | Premium Saver | 3.25 | ||
| SBS Bank | Incentive Saver | 1.70 | ||
| TSB | WebSaver | 2.20 |
| Account | was | cut | ||
| % | bps | % | ||
| Kiwibank | 32 days notice | 2.80 | ||
| 90 days notice | 3.35 | |||
| Westpac | 32 days notice | 3.10 | ||
| Heartland Bank | 32 days notice | 3.50 | ||
| 90 days notice | 3.75 | |||
| Rabobank | 60 days notice | 3.40 |
