Public notices

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

Changes to our one-off high value payment service

From Monday 20 July 2020, we're stopping our one-off high value payment service for amounts over $2,000 that are made in Kiwibank branches.

The decision to stop this service was due to feedback that it's confusing for customers and that the time it takes to process the payment is inconvenient.

We have a range of other payment options available through internet banking or our mobile app.

If you’re new to internet banking or our mobile app, we have easy to follow step by step guides. You can also visit your nearest branch and we can get you set up and show you how to make payments online, or you can email digitaleducation@kiwibank.co.nz with your phone number and access number (which can be found on the back of our EFTPOS cards, Visa Debit cards, or credit cards) and our team will get in touch to talk you through getting set up, transferring funds and making payments.

Changes to our Business Mastercard interest rate

We're lowering the standard interest rate on our Kiwibank Business Mastercard from 16.90% p.a to 12.50% p.a. following our COVID-19 temporary reduction which finishes 15 July 2020. The new reduced standard interest rate of 12.50% p.a. will apply to statements issued 16 July 2020 onwards. This means interest charged on those statements will be applied at 12.50% pa. This applies regardless of when you made the transaction or when interest started to accrue.

Product

Standard interest rate

COVID-19 temporary rate reduction 15 April 2020 – 15 July 2020

Standard interest rate from 16 July 2020

Business Mastercard

16.90% p.a.

9.95% p.a.

12.50% p.a.

Notice Saver account rate change

We've made changes to the rates of return on our Notice Saver accounts following changes in the market. These changes were effective from Monday 15 June 2020. You can manage your savings and investment accounts through your internet banking or mobile app.

The rate of return for Notice Saver can change at any time and without notice. This means the rate might go up or down during your investment. From 15 June 2020 the following rates apply:

Notice period

Previous rates*

Rates as of 15 June 2020*

32 days

1.25% p.a.

1.00% p.a.

90 days

2.10% p.a.

1.75% p.a.

*Minimum Investment $2,000.

Kiwibank Notice Saver is a fund within a Portfolio Investment Entity (PIE). Units in Kiwibank Notice Saver are issued by Kiwibank Investment Management Limited and are distributed by Kiwibank Limited. Download the Terms and Conditions for Kiwibank Notice Saver (PDF 97.0 KB).

Change to our Portfolio Investment Entity (PIE) Unit Trust' supervisor

Effective from 1 June 2020, Public Trust Limited replaces Trustee Executors as the Supervisor of the Kiwibank PIE Unit Trust. For more information about the key features and benefits of PIE products, visit our PIE Funds page.

Changes to credit and debit card contactless PIN thresholds

Kiwibank is supporting an industry wide move to help limit the risk of COVID-19 infection in retail stores by increasing its contactless PIN threshold from $80 to $200 for all Kiwibank Credit and Visa Debit cards. This means customers can perform contactless transactions of up to $200 without having to touch an EFTPOS terminal pin pad.

This change will be effective from 9 April 2020 and will continue until further notice.

Changes to the signature process for legal documentation

The COVID-19 lockdown has meant customers have limited access to our branches. As a result, Kiwibank has partnered with trusted provider, DocuSign, to implement a new digital signature solution to enable customers to complete documentation requirements from the safety of their homes. Please note that priority will be given to implementing documentation for the Business Finance Guarantee Scheme to begin with. Find out more about DocuSign.

This change was effective from Monday 6 April 2020.

Changes to our phone banking fees

To further support our customers, we’ll continue to temporarily remove the fees charged when you call our automated phone banking and/or contact centre. These are currently:

  • $5 per call to a customer service representative, or
  • $0.50 per call to the automated phone banking system.

This change is effective from 25 March 2020 until 31 July 2020. Other fees in our Personal Banking fees and limits brochure (PDF 129.5 KB) and Business Banking fees and limits brochure (PDF 117.4 KB) will apply.

Savings accounts interest rate changes

We're changing the interest rates of our savings accounts following changes in the market. These changes are effective from Friday 3 April 2020. You can manage your savings and investment accounts through your internet banking or mobile app. You can open other savings and investment accounts here too.

Interest rates and rates of return are subject to change.

Notice Saver

The rate of return for Notice Saver can change at any time and without notice. This means the rate might go up or down during your investment. From 3 April 2020 the following rates apply:

Notice period

Previous rates*

Rates as of 3 April 2020*

32 days

1.60% p.a.

1.25% p.a.

90 days

2.70% p.a.

2.10% p.a.

*Minimum Investment $2,000.

Kiwibank Notice Saver is a fund within a Portfolio Investment Entity (PIE). Units in Kiwibank Notice Saver are issued by Kiwibank Investment Management Limited and are distributed by Kiwibank Limited. Download the Terms and Conditions for Kiwibank Notice Saver (PDF 97.0 KB).

Online Call, PIE Online Call Fund and Business Online Call

Online Call has a variable interest rate and includes bonus interest if no withdrawals are made in a calendar month.

Balance

$0 - $1,999

$2,000+

Previous Rates

   

Base rate

0.00% p.a.

0.30% p.a.

Bonus rate

0.00% p.a.

0.90% p.a.

Total rate

0.00% p.a.

1.20% p.a.

Rates as of 3 April 2020

   

Base rate

No change

0.05% p.a.

Bonus rate

No change

0.65% p.a.

Total rate

No change

0.70% p.a.

Units in the Kiwibank PIE Online Call Fund are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited. Download the Terms and Conditions for the Kiwibank PIE Online Call Fund (PDF 87.2 KB).

Fast Forward Saver

Fast Forward Saver has a variable interest rate and includes bonus interest if at least $20 is deposited, and no withdrawals are made, in a calendar month.

 

Previous rate

Rate as of 3 April 2020

Base rate

0.10% p.a.

0.05% p.a.

Bonus rate

1.00% p.a.

0.65% p.a.

Total rate

1.10% p.a.

0.70% p.a.

First Saver

Balance

Previous rate

Rate as of 3 April 2020

$0+

1.10% p.a.

0.70% p.a.

Front Runner

Balance

Previous rate

Rate as of 3 April 2020

$0 - $3,999

0.00% p.a.

No change

$4,000 - $99,000

0.10% p.a.

0.05% p.a.

$100,000+

1.00% p.a.

0.25% p.a.

Business Performer

Balance

Previous rate

Rate as of 3 April 2020

$0 - $4,999

0.00% p.a.

No change

$5,000 - $99,000

0.10% p.a.

0.05% p.a.

$100,000+

1.00% p.a.

0.25% p.a.

Back-up Saver

Balance

Previous rate

Rate as of 3 April 2020

$0+

0.10% p.a.

0.05% p.a.

Bill Blaster

Balance

Previous rate

Rate as of 3 April 2020

$0-$99

0.00%

No change

$100+

0.10% p.a.

0.05% p.a.

Changes to our cheque services

From 31 March 2020, we’ll no longer provide cheque services, including domestic currency cheques and NZD drafts. Cheque facilities that are still open will be closed and any cheques presented for payment on those accounts won’t be paid after this date.

We’ve updated our General Terms and Conditions to reflect these changes. Download a copy of the new General Terms and Conditions (PDF 200.5 KB) effective from 31 March 2020.

For a full list of frequently asked questions about the changes to cheque services, visit our frequently asked questions page.

Other changes

The time MSD payments will be received into accounts - 19 March 2020

Kiwibank customers receiving payments from the Ministry of Social Development (MSD) will now receive them at the same time, every time from 19 March 2020. MSD Payments include (but aren't limited to); benefits, NZ Super/Veteran’s Pension, StudyLink and Youth payments.

Currently payments can arrive at varying times throughout the day, with the majority being processed during the evening before the official Ministry due date. From Thursday 19 March 2020, customers MSD payments will be processed at 11pm on the same day they are used to receiving them, provided we've received them, giving customers more certainty and control over their finances.

Changes to Loaded™ for Travel - 2 March 2020

From 2 March 2020, Loaded for Travel customers will no longer be able to load funds onto their Loaded for Travel card.

  • 1 June 2020 is the last day you can use the Loaded for Travel card. You’ll still be able to use your card up until 2 June 2020, so carry on using it on your travels, online shopping or in-store.
  • From 2 June 2020, all Loaded for Travel cards will be cancelled.

For more information about these changes visit loadedfortravel.co.nz.

Cheque services - 29 February 2020
  • From 1 October 2019, you won’t be able to order any new cheque books or any new personalised deposit books for any Kiwibank accounts.
  • From 29 February 2020:
    • you won’t be able to deposit a cheque (whether issued by Kiwibank or any other bank) into any Kiwibank account, and
    • you won’t be able to cash a cheque, and
    • you won’t be able to purchase a bank cheque.
  • Any Kiwibank bank cheques dated on or before 28 February 2020 will still be paid (subject to the usual checks).
  • On 31 March 2020, all cheque facilities remaining open will be closed and cheques presented for payment on those accounts will not be paid.

Note: You'll need to be using alternative methods of payment by 28 February 2020.

We’ve updated our General Terms and Conditions to reflect these changes. Download a copy of the new General Terms and Conditions (PDF 196.5 KB) effective from 30 September 2019. For a full list of frequently asked questions about the changes to cheque services, visit our frequently asked questions page.

Cheque services – Term Deposit Funding - 29 February 2020

From 29 February 2020, Kiwibank will longer process personal or bank cheques. This means that, if you want to deposit funds into any of the Term Deposit Investments listed below, or have funds paid by Kiwibank to you out of your investments, the funds can't be transferred using a cheque. Instead, the funds will be paid from, or into, a bank account.

From 28 February 2020, the following Terms and Conditions are changing to remove any reference to cheques:

  • Kiwibank Term Deposit
  • Kiwibank PIE Term Deposit Fund
  • Kiwibank PIE Online Call Fund
  • Kiwibank Notice Saver
  • Investment Terms and Conditions

Download a copy of the new Kiwibank PIE Term Deposit Fund Terms and Conditions (PDF 93.8 KB), Kiwibank PIE Online Call Fund Terms and Conditions (PDF 87.2 KB), and Kiwibank Investment Terms and Conditions (PDF 1.2 MB) effective 29 Feb 2020.

Home loan fees - 9 December 2019

We've made changes to some of our home loan fees. These changes were effective from 9 December 2019.

The changes have been summarised below. For full descriptions of when each fee is applicable, download an updated copy of our Personal Banking fees and limits brochure (PDF 160.9 KB).

Home loan fees being removed

Fee type

Fee type

New fee

Settlement statement fee

$15

Removed

Home loan fees being changed

Fee type

Old fee

New fee

Demand fee – default

$12

$25

Discharge of security fee – full discharge*

$30

$35

Loan restructure fee – complex request*

$135

$60

Lump sum repayment administration fee

$40

$10

Top up fee

$185

$120

*Full descriptions of when each fee is applicable can be found at kiwibank.co.nz/fees

Savings and investments interest rates - 2 December 2019

We've made interest rate changes to some of our savings and investments products. The new rates were effective from 2 December 2019.

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

Notice Saver

Minimum investment $2,000. The rate of return for Notice Saver can change at any time and without notice. This means the rate might go up or down during your investment.

Notice period

Current rate

Rate from 2 December 2019*

32 days

1.70% p.a.

1.60% p.a.

90 days

2.70% p.a.

No change

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

Front Runner

No transaction fees or monthly account management 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 2 December 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $99,999

0.10% p.a.

No change

$100,000+

1.20% p.a.

1.00% p.a.

Business Performer and NPO Performance Call

No account management fees. Free transfers to your other Kiwibank accounts (excluding credit cards).

Balance

Current rate

Rate from 2 December 2019

$0 - $4,999

0.00% p.a.

No change

$5,000 - $99,999

0.10% p.a.

No change

$100,000+

1.20% p.a.

1.00% p.a.

Overseas money services - 19 November 2019

Effective from 19 November 2019, Kiwibank stopped offering the Western Union® money transfer services.

To find your closest Western Union agent, you can visit westernunion.com. You can also send money online via westernunion.co.nz or via the Western Union ® mobile app.

Foreign cash services and fees - 1 November 2019

We’ve made changes to foreign cash that came into effect on Friday, 1 November 2019.

From this date, we no longer sell or purchase foreign cash through our branches or online. We've accordingly removed some of the fees that were associated with those services, specifically foreign cash (Kiwibank buys) and foreign cash (Kiwibank sells).

For any foreign cash requirements, you can visit travelex.co.nz.

Download the new Personal Banking fees and limits brochure (PDF 160.9 KB) and Business Banking fees and limits brochure (PDF 117.3 KB).