Public notices

Information about upcoming or recent changes to Kiwibank accounts and services.

Changes to our Notice Saver interest rates

We’re making changes to our Notice Saver interest rates following changes in the market. The new rates are effective from 12 August 2019. You can manage your savings and investment accounts through internet banking or the mobile app.

 

Current Rates

Current Rates

Rates from 12 August 2019*

Notice Period

$0 - $1,999.99

$2,000+

$2,000+

32 days

0.00% p.a

2.10% p.a.

1.70% p.a.

90 days

0.00% p.a.

3.10% p.a.

2.70% p.a.

*No changes to the $0 - $1,999.99 tier.

Other changes

Air New Zealand Airpoints™ Credit Card benefits

On 1 August 2019, the following changes were made to the Air New Zealand Lounge eVoucher benefit on the Airpoints Standard Mastercard/Visa and the Airpoints Platinum Mastercard/Visa.

Card Type

Current Lounge eVoucher benefit

New Lounge eVoucher benefit as of 1 August 2019

Airpoints Standard Mastercard / Visa

Two complimentary Air New Zealand Lounge eVouchers per year when you spend $20,000 on eligible purchases*.

Two complimentary Air New Zealand Lounge eVouchers per year when you spend $30,000 on eligible purchases*.

Airpoints Platinum Mastercard / Visa

Two complimentary Air New Zealand Lounge eVouchers each year for every $20,000 you spend on eligible purchases*.

Two complimentary Air New Zealand Lounge eVouchers each year for every $30,000 you spend on eligible purchases*. Maximum four eVouchers per year^.

*Eligible purchases do not include cash advances, balance transfers, the purchase of cash substitutes such as foreign currency, travellers cheques and gambling chips or business related expenditure.

^From 1 August 2019, two single use Air New Zealand Lounge eVouchers will be issued for every $30,000 spent in each 12-month period from the date the card was issued. The maximum number of Lounge eVouchers that can be earned in each 12-month period will be four (i.e. two pairs). If you have been credited two or more pairs of Lounge eVouchers prior to 1 August 2019, you will not be credited any additional Lounge eVouchers until the start of your next card anniversary date.

Kiwibank Credit Card interest rates and fees

On 1 July 2019 Kiwibank is reducing the purchase and cash advance interest rates on three of its credit cards, as follows:

Card Type

Current interest rates

New interest rates as of 1 July 2019

Kiwibank Low Rate Mastercard

Purchases - 13.45%

Cash Advances - 22.95%

Purchases - 9.95%

Cash Advances - 9.95%

Kiwibank Mastercard Zero

Purchases - 16.90% p.a.

Cash Advances - 22.95% p.a.

Purchases - 13.95% p.a.

Cash Advances - 13.95%

Kiwibank Mastercard Gold

Purchases - 17.90% p.a.

Cash Advances - 22.95% p.a.

Purchases - 13.95% p.a.

Cash Advances - 13.95% p.a.

Interest rates are subject to change.

Any interest charged on statements issued from 1 July 2019 onwards will be applied at these new interest rates.

Please also note the Low Rate Mastercard account fee will drop. The new fee will apply when you are next due to be charged it, after 1 July 2019.

Card Type

Current fee

New fee as of 1 July 2019

Kiwibank Low Rate Mastercard

$24 every six months

$15 every six months

Business banking cash handling fee

Business Banking cash handling fee changes

On 1 July 2019, we are increasing the free cash threshold for notes on deposits and withdrawals to $4,000 from $2,000 per day and also decreasing the margin from 0.5% to 0.35% across both notes and coins.

We are also amending the change order fee to apply up to the $3,000 maximum from its current $2,000 (as the cash handling fee will no longer apply to orders over $2,000).

Credit card repayment insurance policy

Changes to the credit card repayment insurance policy

Kiwi Insurance is making some changes to the Credit Card Repayment Insurance Cover wording (PDF 231.3 KB). These changes:

  • Enhance your cover, increasing some cover amounts as well as introducing Terminal Illness cover
  • Introduce cover for pre-existing medical conditions, as long as a number of requirements are met
  • Widen our claim eligibility criteria and are clearer about who can make claims for temporary inability to work, permanent inability to work, redundancy and bankruptcy
  • Reduce premium costs for some customers (individual primary insured cardholders under 35)
  • Change our cancellation policy and being clearer about the distinction between primary and joint cardholders under a joint policy, including who can cancel cover under a joint policy
  • Offer an easier to read layout.

These changes will come into effect from 20 May 2019 for new customers and from 20 July 2019 for existing customers. Full details of the changes, as well as terms and important conditions and exclusions are in the Credit Card Repayment Insurance Cover wording (PDF 231.3 KB).

Savings and investments

Changes to our savings and investments interest rates

We’ve made interest rate changes to some of our savings and investments products following changes in the market. The new rates are effective from 13 May 2019.

You can manage your savings and investment accounts through your internet banking or mobile app.

Notice period

Current rate ($0 - $1,999.99)*

Current rate ($2,000+)

Rate from 13 May 2019 ($2,000+)*

32 days

0.00% p.a.

2.25%

2.10% p.a.

90 days

0.00% p.a.

3.25% p.a.

3.10% p.a.

Notice period

Current rate ($0 - $1,999.99)*

Current rate ($2,000+)

Rate from 13 May 2019 ($2,000+)*

32 days

0.00% p.a.

2.25%

2.10% p.a.

90 days

0.00% p.a.

3.25% p.a.

3.10% p.a.

*No changes to the $0 - $1,999.99 tier.

Online Call, PIE Online Call and Buisiness Online Call

Online Call rewards you with bonus interest each calendar month when you:

  • make no withdrawals or transfers; and
  • have a minimum balance of $2,000 in your account at any time.

Balance

Base rate

Base rate from 13 May 2019

Bonus rate

Bonus rate from 13 May 2019

Total rate

Total rate from 13 May 2019

$0 - $1,999

0.00% p.a.

No change

0.00% p.a.

No change

0.00% p.a.

No change

$2,000+

0.50% p.a.

0.35% p.a.

1.00% p.a.

No change

1.50% p.a.

1.35% p.a.

Balance

Base rate

Base rate from 13 May 2019

Bonus rate

Bonus rate from 13 May 2019

Total rate

Total rate from 13 May 2019

$0 - $1,999

0.00% p.a.

No change

0.00% p.a.

No change

0.00% p.a.

No change

$2,000+

0.50% p.a.

0.35% p.a.

1.00% p.a.

No change

1.50% p.a.

1.35% p.a.

Fast Forward Saver

Fast Forward Saver rewards you with bonus interest each calendar month when you:

  • make no withdrawals or transfers; and
  • deposit at least $20, on or before the last business day of the month. Just be aware, any interest earnt doesn't count as a deposit.

Balance

Base rate

Base rate from 13 May 2019

Bonus rate

Bonus rate from 13 May 2019

Total rate

Total rate from 13 May 2019

$0 - $999

0.10% p.a.

No change

1.00% p.a.

No change

1.10% p.a.

No change

$1,000 - $2,999

0.10% p.a.

No change

1.00% p.a.

No change

1.10% p.a.

No change

$3,000 - $3,999

0.10% p.a.

No change

1.00% p.a.

No change

1.10% p.a.

No change

$4,000+

0.15% p.a.

0.10% p.a.

1.00% p.a.

No change

1.15% p.a.

1.10% p.a.

Front Runner

No transaction fees or monthly account fees if you have a minimum balance of $4,000 across your Front Runner accounts (a $15 monthly fee applies if balance drops below $4,000).

Balance

Current rate

Rate from 13 May 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $14,999

0.10% p.a.

No change

$15,000 - $49,999

0.10% p.a.

No change

$50,000 - $99,999

0.25% p.a.

0.10% p.a.

$100,000+

1.50% p.a.

1.35% p.a.

Balance

Current rate

Rate from 13 May 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $14,999

0.10% p.a.

No change

$15,000 - $49,999

0.10% p.a.

No change

$50,000 - $99,999

0.25% p.a.

0.10% p.a.

$100,000+

1.50% p.a.

1.35% p.a.

Balance

Current rate

Rate from 13 May 2019

$0+

0.15% p.a.

0.10% p.a.

Balance

Current rate

Rate from 13 May 2019

$0+

0.15% p.a.

0.10% p.a.

Balance

Current rate

Rate from 13 May 2019

$0+

1.25% p.a.

1.10% p.a.

Balance

Current rate

Rate from 13 May 2019

$0+

1.25% p.a.

1.10% p.a.

Business Performer and NPO Performance Call

No minimum balance, Free transfers to your other Kiwibank accounts (excluding credit cards). No monthly account fee.

Balance

Current rate

Rates from 13 May 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $19,999

0.10% p.a.

No change

$20,000 - $49,999

0.10% p.a.

No change

$50,000 - $99,999

0.25% p.a.

0.10% p.a.

$100,000+

1.50% p.a.

1.35% p.a.

Balance

Current rate

Rates from 13 May 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $19,999

0.10% p.a.

No change

$20,000 - $49,999

0.10% p.a.

No change

$50,000 - $99,999

0.25% p.a.

0.10% p.a.

$100,000+

1.50% p.a.

1.35% p.a.

Credit cards terms and conditions

Credit card terms and conditions

We've made some changes to the Kiwibank Credit Card terms and conditions (PDF 122.6 KB). The changes are effective from 6 May 2019 and include:

  • Being clearer as to the distinction between primary cardholders, joint cardholders and additional cardholders
  • Being clearer as to what we may do where there is a dispute between cardholders (and what we may consider to be a “dispute”)
  • Providing detail as to when and how your card may be transferred to a different card type (including where you ask us to transfer you to a different card type)
  • Adding in details about the current minimum payment requirements.
Kiwi Wealth KiwiSaver Scheme

Changes to the Kiwi Wealth KiwiSaver Scheme

Kiwi Wealth is making some changes to the investment funds in its KiwiSaver scheme. These changes will affect fees and the structure of asset allocations in its Conservative and Growth investment funds. The CashPlus investment fund will also be closed to new members.

The changes to fees and the closure of the CashPlus fund will be effective from 1 April 2019 and the asset allocation restructure will take place on or around 30 April 2019.

Government changes

The Government is also introducing a number of changes to KiwiSaver this year, which will be rolled out in two phases. The first phase is intended to come into effect from 1 April 2019 and includes:

  • Introducing two new employee contribution rates, 6% and 10%, which will be available in addition to the existing rates of 3%, 4% and 8%
  • The member tax credit will be renamed Government contributions
  • Contributions holiday will become known as savings suspension
  • The maximum savings suspension period will be reduced from five years to one year.

Visit the Kiwi Wealth website to find out more.