Upcoming changes
Changes to payment processing days
Effective from 22 April 2023
From 22 April 2023, we’ll be processing electronic payments to and from participating New Zealand banks seven days a week (365 days a year). New Zealand banks currently process electronic payments to and from other New Zealand banks on business days only. This change will apply to automatic payments, bill payments, direct credits, direct debits, and merchant settlements.
The banks in the New Zealand payment system that will be making these changes are ANZ, ASB, Bank of China, BNZ, Citi, HSBC, ICBC, Kiwibank, TSB and Westpac.
There are no changes to:
- payment processing times each day, these will continue to be processed between 9am and midnight
- card transactions, as these are already processed every day
- same-day cleared payments, which will continue to be processed on business days only.
What do I need to do?
You don’t need to do anything right now. We'll be communicating with affected customers in more detail in the months leading up to the change.
For more information visit the Payments NZ website.
Date published: 15 June 2022
Changes to our cash deposit service
Effective from 2 September 2022
To help reduce the risk of money laundering, from 2 September 2022 at a Kiwibank branch or Local for Kiwibank, you’ll only be able to deposit cash into your own account or into an account that you have authority to operate.
This change is applicable to Kiwibank, Kiwi Wealth and NZHL - including credit card, home loan and everyday personal and joint accounts.
Cash deposits into business accounts can continue to be made.
Receiving a cash deposit
If you regularly receive cash deposits from anyone who doesn’t have authority to operate your account, you’ll need to let them know of this change and ask them to make a payment using internet banking, mobile app, phone banking or at their bank.
Making a cash deposit
If you need to make a cash deposit into another account that you don’t have the authority to operate, you’ll need to:
- Firstly deposit the cash into your own account. You can do this at a cash deposit ATM, in branch or at a Local for Kiwibank.
- Once the cash deposit is in your account you can use internet banking, the mobile app or phone banking to make a payment to the recipient. You can also do this in branch or at a Local for Kiwibank.
- If you know that you'll need to regularly pay the recipient, you can set up an automatic payment in internet banking or the mobile app.
Please note that our standard service fees may apply.
Find out how we can help you with this change.
Date published: 7 June 2022
Changes to our deposit and variable lending rates
Effective from 30 May 2022
Deposits
We're increasing our rates for new and existing customers on the following savings products:
|
Product |
Previous rate (incl bonus) |
New rate (incl bonus) |
|
90 Day Notice Saver |
2.15% |
2.50% |
|
32 Day Notice Saver |
1.25% |
1.65% |
|
Online Call* |
1.00% |
1.30% |
* Changes apply to Standard, PIE and Business Online Call. The new Online Call rate will be made up of 1.20% base interest + 0.10% bonus interest.
Home lending
Effective from:
- Monday 30 May 2022 for new customers
- Monday 13 June 2022 for existing customers.
We're increasing our variable interest rates for new and existing lending on the following home loan products:
|
Product |
Previous rate |
New rate |
|
Term loan - Variable |
5.00% |
5.50% |
|
Term loan - Offset variable |
5.00% |
5.50% |
|
Revolving loan |
5.05% |
5.55% |
For a full list of our current interest rates, please visit our rates & fees page.
Date published: 27 May 2022
Changes to our personal credit card international transaction fee
Effective from 13 June 2022
From 13 June 2022, we're changing how we describe the personal credit card international transaction fee. The fee hasn't changed, we're providing more clarity around the way we describe the fee. This is outlined below:
|
International transaction fee |
When you use your credit card for a foreign currency transaction. 1.85% of the New Zealand dollar amount once converted. This will show on your internet banking and the mobile app as:
|
Download a copy of the updated Personal Banking Fees & Limits (PDF 246.5 KB).
Date published: 26 May 2022
Changes to our Quick Cash Deposit service
Effective from 24 June 2022
From 24 June 2022, we’ll no longer be offering the Quick Cash Deposit service in our branches, including retailers we partner with across the country to provide Kiwibank services on our behalf.
You'll still be able to deposit cash via our smart ATM's or over the counter at your nearest branch.
If you're a Kiwibank business customer, QuickPay will enable you to take EFTPOS, Visa and Mastercard payments.
Date published: 23 May 2022
Changes to our Personal Banking Fees & Limits
Effective from 29 April 2022
- The foreign currency cheque or draft collection fee (NZD60 per cheque or draft) has been removed from page 13 as we're no longer offering this product.
- The foreign currency cheque or draft dishonour fee (fees may vary from bank to bank) has been removed from page 13 as we're no longer offering this product.
Download a copy of the updated Personal Banking Fees & Limits (PDF 148.4 KB).
Date published: 4 April 2022
Changes to our Business Banking Fees & Limits
Effective from 29 April 2022
- The foreign currency cheque or draft collection fee (NZD60 per cheque or draft) has been removed from page 11 as we're no longer offering this product.
- The foreign currency cheque or draft dishonour fee (fees may vary from bank to bank) has been removed from page 11 as we're no longer offering this product.
Download a copy of the updated Business Banking Fees & Limits (PDF 131.3 KB).
Date published: 4 April 2022
Changes to our General Terms & Conditions
Effective from 29 April 2022
- Section 30 ‘What if you want to deposit a foreign currency cheque?’ has been removed from page 25 as we're no longer offering this product.
- We’ve updated the section number references in sections 1, 31, 41, 48 and 52 within the General Terms & Conditions brochure.
Download a copy of the updated General Terms & Conditions (PDF 196.7 KB).
Date published: 4 April 2022
Changes to our foreign cheques and international bank drafts
Effective from 29 April 2022
From 29 April 2022, we’ll no longer accept foreign cheques or international bank drafts. Find out more about the changes on our cheques page.
Date published: 28 October 2021
Changes to our fingerprinting services
Effective from 31 March 2022
Further to our public notice dated 30 April 2021, we will no longer offer manual fingerprinting services from 31 March 2022 (not 30 April 2023, as originally stated).
Date published: 10 December 2021
Recent changes
We're providing more clarity around the way we communicate and disclose information to you on your overdraft account.
Summary of changes:
- We've updated the section on continuing disclosure statements to outline how we will send you information about your overdraft
- We've updated the section on making payments and removed the option to make payments by mailing a cheque
- We've removed the option to use your local New Zealand Postshop for any enquiry on your overdraft account.
Download the new version of the Overdraft Terms and Conditions (PDF 122.5 KB).
Date effective: 15 February 2022
Date published: 25 January 2022
We're making a change to one of our home loan fees. The change is outlined below:
|
Fee Type |
Old fee |
New fee |
|
Loan restructure fee - complex request |
$55 |
$50 |
A description of when this fee applies can be found on our home loan rates and fees page.
Download a copy of the updated Personal Banking Fees & Limits Brochure (PDF 167.0 KB) which includes this fee change.
Date effective: 11 February 2022
Date published: 28 January 2022.
Changes to our Business Banking Fees and Limits brochure
Effective from 10 January 2022
We've updated the table of fees displayed in our Business Banking Fees and Limits brochure to clarify the debit international transaction fee. It now reads as follows:
ATMs, EFTPOS card and Visa Debit Card fees
|
ATM/EFTPOS card replacement fee |
When you ask for a replacement ATM/EFTPOS card. $15 |
|
Overseas ATM balance enquiry fee |
When you use your ATM/EFTPOS card or Visa Debit Card to make an ATM balance enquiry at an overseas ATM. $1 per balance enquiry. |
|
Overseas ATM transaction decline fee |
When you use your ATM/EFTPOS card or Visa Debit Card at an overseas ATM and the transaction declines. $1 per declined transaction. |
|
Overseas ATM cash withdrawal fee |
When you use your ATM/EFTPOS card or Visa Debit Card to withdraw cash at an overseas ATM. $6 per withdrawal. |
|
International transaction fee |
When you use your ATM/EFTPOS card or Visa Debit Card for a foreign currency transaction. 2.5% of the New Zealand dollar amount once converted. |
|
Visa Debit cash advance fee |
When you use your Visa Debit Card to withdraw cash over the counter at another bank or financial institution. $6 withdrawal fee. |
|
Visa Debit Card annual fee |
What you'll pay to have your Visa Debit Card. $10 per card per annum (waived for the first year of the first card). |
|
Visa Debit Card disputed transaction fee |
When you dispute a transaction made using your Visa Debit Card. $15 per transaction receipt requested. The investigation fee may also apply. |
|
Visa Debit Card replacement fee |
When you ask for a replacement Visa Debit Card: $15 for a standard delivery within New Zealand. $20 for urgent delivery within New Zealand. $20 for standard international delivery. $50 for urgent international delivery. |
Download the updated Business Banking Fees and Limits brochure (PDF 154.7 KB).
Date effective: 10 January 2022
Date published: 22 December 2021
We're making some changes to some of our business lending documents.
Summary of changes
Kiwibank Business Banking overdraft letter
Within this letter we’ve updated the definition of Overdraft Limit to include the following wording:
"We can reduce the Overdraft Limit at any time and for any reason. We’ll give you advance notice of this if we think it is appropriate in the circumstances. Otherwise we’ll give you notice as soon as reasonably practical afterwards."
While we've always had the right to reduce the overdraft limit at any time, we've made changes to how and when we give notice
Loan agreement
Within this agreement we've updated:
- the revolving credit loan section titled “Cancellation of unused portion”; and
- the Wholesale revolving credit loan (BKBM) section titled “Cancellation of unused portion”.
These sections now contain the following wording:
"Kiwibank may, at any time cancel any portion of the loan limit that exceeds the amount outstanding under the loan. We’ll give you advance notice of this if we think it is appropriate in the circumstances. Otherwise we’ll give you notice as soon as reasonably practical afterwards."
While we've always had the right to cancel any portion of the loan limit exceeding the drawn amount at any time, we've made changes to how and when we give notice.
Date effective: 6 December 2021
Date published: 22 November 2021
- The investigation fee when you ask us to investigate something about your credit card account ($60 per hour, Minimum fee $15) has been removed from page 10.
- We’ve added a description of the account fee on pages 10 and 11 to clarify that the fee relates to our costs of administrating and supporting your card and providing any benefits available on your card.
- The account fee (every six months) for Low Rate Visa will change from $15 to $0, this has been amended on page 10.
- The Joint/Additional cardholder account fee (every six months) for Low Rate Visa will change from $5 per card to $0, this has been amended on page 11.
- All references to Mastercard™ have been removed as all Mastercard products have been replaced by Visa products.
Download a copy of the updated Personal Banking Fees & Limits (PDF 181.2 KB).
Date effective: 24 November 2021
Date published: 19 October 2021
- We’ve expanded on the description of what happens if you request a transfer to a different Kiwibank Credit Card on page 4.
- We've clarified in clauses 2 and 3 that when you ask us to close your card account or we exercise our right to close your card account, it will be closed without any refund of card account fees that you’ve already paid.
- For Airpoints cards, we’ve added a new section 22 that sets out which transactions are not eligible to earn Airpoints dollars. This includes gambling transactions (including online gambling).
- We've updated section 11 to clarify how interest rate changes will apply to your statements, as well as an explanation on how we calculate interest on transactions.
- We’ve updated the section number references in sections 2, 3, 4, 6, 9 and 19 within the Credit Card Terms & Conditions brochure.
Download a copy of the updated Credit Card Terms & Conditions (PDF 200.0 KB). Effective from 24 November 2021.
Date effective from: 24 November 2021
Date published: 19 October 2021
We’re making some changes to our credit cards.
Summary of changes
Low Rate Visa
- From 24 November 2021, we’ll stop offering the Low Rate Visa.
- If you’re an existing cardholder, from 24 November 2021, the account fee (every six months) will change from $15 to $0, and the interest rate on purchases and cash advances will change from 9.95% p.a. to 12.90%. p.a. You can continue to use your card until its expiry date. We'll then send you a Zero Visa to replace your current card. All your existing account details including your card and account number will remain the same (unless your card has been lost or stolen).
Zero Visa
- From 24 November 2021, the interest rate on purchases and cash advances will drop from 13.95% p.a. to 12.90% p.a.
Platinum Visa
- From 24 November 2021, we’ll stop offering the Platinum Visa.
- If you’re an existing cardholder, you can continue to use your card as usual.
Air New Zealand Airpoints Low Fee Visa
- From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 16.90% p.a.
Air New Zealand Airpoints Standard Visa
- From 24 November 2021, we’ll stop offering the Air New Zealand Airpoints Standard Visa.
- If you’re an existing cardholder, you can continue to use your card as usual.
- From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 20.95% p.a.
Air New Zealand Airpoints Platinum Visa
- From 24 November 2021, the interest rate on cash advances will drop from 22.95% p.a. to 20.95% p.a.
- The Airpoints Dollar earn rate for Airpoints Platinum will change from 1 Airpoints Dollar for every $75 spent on eligible purchases to 1 Airpoints Dollar for every $85 spent on eligible purchases.
Date effective: 1 June 2021
Date published: 19 October 2021
Previous public notices can be found on our archived public notices.