Archived public notices

Information about previous changes to Kiwibank accounts and services.

2019

Savings and investments interest rates - 1 October 2019

We've made interest rate changes to some of our savings and investments products following changes in the market. The new rates were effective from 1 October 2019.

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

Online Call, PIE Online Call and Business 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 1 October 2019

Bonus rate

Bonus rate from 1 October 2019

Total rate

Total rate from 1 October 2019

$0 - $1,999

0.00% p.a.

No change

0.00% p.a.

No change

0.00% p.a.

No change

$2,000+

0.35% p.a.

0.30% p.a.

1.00% p.a.

0.90% p.a.

1.35% p.a.

1.20% 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 1 October 2019

$0 - $3,999

0.00% p.a.

No change

$4,000 - $99,999

0.10% p.a.

0.10% p.a.

$100,000+

1.35% p.a.

1.20% 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 1 October 2019

$0 - $4,999

0.00% p.a.

No change

$5,000 - $99,999

0.10% p.a.

No change

$100,000+

1.35% p.a.

1.20% p.a.

General Terms and Conditions - 30 September 2019

As well as updates reflecting the changes to our cheques service, we’ve also updated the General Terms and Conditions to provide increased clarity regarding the steps we’ll take if we receive a request for information from the police or any government agency. These changes were effective from 30 September 2019. Download a copy of the new General Terms and Conditions (PDF 196.5 KB).

Notice Saver interest rates - 12 August 2019

We've made changes to our Notice Saver interest rates following changes in the market. The new rates were 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.

Air New Zealand Airpoints™ Credit Card benefits - 1 August 2019

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.

Credit card interest rates and fees - July 2019

On 1 July 2019, Kiwibank reduced 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% p.a.

Cash Advances - 9.95% p.a.

Kiwibank Mastercard Zero

Purchases - 16.90% p.a.

Cash Advances - 22.95% p.a.

Purchases - 13.95% p.a.

Cash Advances - 13.95% p.a.

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're 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 - July 2019

On 1 July 2019, we've increased 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've also amended 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 - May 2019

Kiwi Insurance has made 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 are effective 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 investment interest rates - May 2019

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 Saver

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% p.a.

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.

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 - $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 - $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.

Back-up Saver

Balance

Current rate

Rate from 13 May 2019

$0+

0.15% p.a.

0.10% p.a.

First Saver

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 - $4,999

0.00% p.a.

No change

$5,000 - $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 card terms and conditions - May 2019

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

  • 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 - April 2019

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

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

Government changes

The Government also introduced a number of changes to KiwiSaver this year, which was rolled out in two phases. The first phase was effective from 1 April 2019 and included:

  • 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.

Foreign cheques over the value of NZ$500 - March 2019

We’ve made changes to the way we handle foreign cheques, effective from 29 March 2019. If your foreign cheque is over the value of NZ$500, it can take up to four to six weeks (or longer in some cases) for us to process. We’ll only accept foreign cheques under the value of NZ$500 on a case by case basis at our discretion.

Download a copy of the new General Terms and Conditions (PDF 200.5 KB) effective from 29 March 2019.

Overdraft fees - February 2019

We've removed some of our overdraft fees, effective from 1 February 2019. Download the new Personal banking fees and limits brochure (PDF 129.5 KB). The changes have been summarised below.

Fee type

Old fee

New fee

Application fee

$15

$0

Overdraft monthly fee

$5 per month

$0

Over limit fee

$10 per month

$0

2018

Changes to home loan fees and terms and conditions - December 2018

Home loan fees and terms and conditions

We've made changes to some of our home loan fees and our home loan terms and conditions. These changes are effective from 17 December 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 129.5 KB) and our home loan terms and conditions (PDF 163.0 KB). The changes have been summarised below.

Changes to home loan terms and conditions

Effective 17 December 2018 we've updated our home loan terms and conditions to reflect the removal of the Low Equity fee. See Section 16, "What Fees and Costs Do You Pay?". Download the home loan terms and conditions (PDF 163.0 KB) effective 17 December 2018.

Home loan fees removed

Fee type

Old fee

New fee

Application fee

$250

Removed

Demand fee – Insurer premiums

$50

Removed

Discharge of security fee – urgent

$50

Removed

Low Equity fee

Varies depending on LVR

Removed

Home loan fees reduced

Fee type

Old fee

New fee

Demand fee – Default

$50

$12

Demand fee – Rates

$50

$12

Discharge of security fee

$75

$30 – full discharge* $70 – partial discharge*

Loan restructure fee

$175

$30 – simple request* $135 – complex request*

Settlement Statement fee

$45

$15

Top Up fee

$200

$185

* Full descriptions of when each fee is applicable can be found in the updated Personal Banking fees and limits brochure (PDF 129.5 KB).

Changes to credit card fees and terms and conditions - October 2018

Credit card terms and conditions

We’ve made changes to some of our credit card fees for our personal customers and our credit card terms and conditions. These changes are effective from 15 October 2018. Download an updated copy of our Personal Banking fees and limits brochure (PDF 129.5 KB) and our credit card terms and conditions (PDF 122.6 KB). The changes have been summarised below.

Changes to credit card terms and conditions

The credit card terms and conditions changes clarify when you’ll need to reduce a positive balance on your account, refer to Clause 6 "Your credit limit and positive balances".

Credit card fees removed

Fee type

Old fee

New fee

Over limit fee

$5

$0

Statement copy fee

$5

$0

Voucher copy fee

$15

$0

Contact centre high use fee

Variable

$0

Emergency cash advance overseas

$52

$0

Credit card fees changed

Fee type

Old fee

New fee

Low Rate Mastercard® account fee

$25 every six months

$24 every six months

Domestic cash advance fee

$1 per transaction

$0.90 per transaction

Late payment fee

$3 per late payment

$5 per late payment

Replacement card fee

$10 per request

$9.50 per request

Urgent card delivery fee to a New Zealand address

$25 for metro deliveries; applicable courier charges elsewhere

$2.60 per delivery

Changes to our General Terms and Conditions - June 2018

We’ve updated our General Terms and Conditions. A summary of the changes are:

  • Changes to assist us to comply with the new Code of Banking Practice;
  • Changes to clarify your and our rights and obligations in relation to certain products and services (including cards, internet and mobile banking and phone banking), and when your information may be disclosed;
  • Minor wording changes on the information we hold about you, internet banking, mobile banking and phone banking;
  • When you request certain transactions or changes within internet banking or our mobile app we may require you to enter a One Time PIN sent to your mobile number before we will process the request. The main change is set out in section 51.

These changes are effective from 1 June 2018. Download a copy of the new General Terms and Conditions (PDF 200.5 KB) brochure.

We no longer sell international bank drafts - May 2018

Our international bank draft service is now unavailable, effective Tuesday, 1 May 2018. You'll still be able to stop an international bank draft but we won't be able to issue you a replacement or a new draft.