Interest rate changes on our Savings accounts

We’ve made changes to the interest rates on some of our Savings accounts, they’re effective from 27 January 2017. We’re also changing the way we communicate interest rate changes and will now advise any adjustments to interest rates here on the Kiwibank website rather than writing to every customer directly.

We’ve summarised the changes below:

Current rate of return Rate of return from 27 January 2017
Online Call (includes Business Online Call) (minimum balance $2,000) 1.75% p.a. 1.50% p.a.*
PIE Online Call bonus return – earned if no withdrawals are made during the month (Class A) 1.75% p.a. 1.50% p.a.
PIE Online Call base return – earned if a withdrawal is made during the month (Class B) 0.75% p.a. 0.50% p.a.
Front Runner ($50,000 - $99,999) 0.50% p.a. 0.25% p.a.
Front Runner (for balances of $100,000+) 1.75% p.a. 1.50% p.a.
Business Performer ($50,000 - $99,999) 0.50% p.a. 0.25% p.a.
Business Performer (for balances of $100,000+) 1.75% p.a. 1.50% p.a.
Back-up Saver 0.25% p.a. 0.15% p.a.
Fast Forward Saver (for balances $4,000+) 1.25% p.a. 1.15% p.a.**
First Saver 1.50% p.a. 1.25% p.a.

*Online Call rate includes bonus interest of 1.00% p.a. if no withdrawals are made in a calendar month.

** Fast Forward Saver rates include bonus interest of 1.00% p.a. if at least $20 is deposited, and no withdrawals are made, each calendar month.

We've updated our terms and conditions for PIE Online Call Fund, PIE Term Deposit Fund, PIE Notice Saver Fund and Kiwibank Term Deposits.

With the withdrawal of the New Zealand Post Guarantee and the transition to the Financial Markets Conduct Act, we've updated our terms and conditions for PIE Online Call Fund, PIE Term Deposit Fund, PIE Notice Saver Fund and Kiwibank Term Deposits. The changes are effective from 1 December 2016. We’ve summarised the changes below:

The changes to PIE Online Call Fund, PIE Term Deposit Fund and PIE Notice Saver Fund are:

  • Amendments to the sections entitled ‘Am I guaranteed to get my investment back?’ to reflect the fact that the NZ Post Guarantee will be terminated for new investments on 28 February 2017;
  • Amendments to reflect the transition to the Financial Markets Conduct Act 2013 (including changing references from the ‘Trustee’ to the ‘Supervisor’ when referring to Trustees Executors Limited);
  • Other minor amendments for clarification and to amend formatting.

The changes to the terms and conditions for Kiwibank Term Deposits are:

  • Amendments to the section entitled ‘Am I guaranteed to get all my money back?’ to reflect the fact that the NZ Post Guarantee will be terminated for new deposits on 28 February 2017;
  • Minor amendments for clarification and to amend formatting.

You'll find these changes in the current individual Terms and Conditions for PIE Online Call Fund, PIE Term Deposit Fund, PIE Notice Saver Fund and Kiwibank Term Deposit on our legal documents page.