Public notices

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

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).

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).

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.

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

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.

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.