Source: ASB
ASB is making interest rate adjustments following the Reserve Bank of New Zealand’s announcement that it is increasing the Official Cash Rate (OCR) by 0.50%.
The maximum interest rate on ASB’s Savings Plus deposit account will increase from 2.25% to 2.80% while the interest rate for Headstart will also increase from 2.25% to 2.80% and for Savings On Call from 0.80% to 1.30%.
To further support savers, ASB has also increased many of its term deposit rates, including its nine-month term deposit rate to 4.00% and five-month term deposit rate to 2.75%.
ASB’s Housing Variable rate will move from 6.85% to 7.35% while the ORBIT home loan rate will move from 6.95% to 7.45%.
“Today’s changes to savings deposit rates will be welcome news for many customers,” says ASB’s Executive General Manager Personal Banking Adam Boyd. “We also know some customers will have questions about how this impacts their home lending and encourage them to reach out so we can talk them through the best options to meet their needs.”
Savings Plus bonus interest changes will be backdated to apply from 1 October 2022. All other personal savings rates take effect from 25 October 2022. New variable rates are effective for all new housing loans from 18 October 2022 and 25 October 2022 for existing loans.
ASB rate changes:
|
Savings |
Band |
Current Rates |
New Rates |
Rate Change |
|
Savings Plus |
No Bonus* |
0.40% |
0.80% |
+0.40% |
|
Partial Bonus* |
0.50% |
0.90% |
+0.40% |
|
|
Full Bonus** |
2.25% |
2.80% |
+0.55% |
|
|
Headstart* |
All Balances |
2.25% |
2.80% |
+0.55% |
|
Savings On Call & ASB Cash Fund* |
All Balances |
0.80% |
1.30% |
+0.50% |
*Effective from 25 October 2022. **Backdated to 1 October 2022.
|
Home Loan* |
Current Rates |
New Rates |
Rate Change |
|
Housing Variable |
6.85% |
7.35% |
+0.50% |
|
Orbit |
6.95% |
7.45% |
+0.50% |
|
Back My Build |
4.54% |
5.04% |
+0.50% |
*Home loan rates effective from 18 October 2022 for new lending and 25 October 2022 for existing customers.
Note – Back My Build applications are no longer open to new customers.
| Term deposits* | Current Rates (p.a)
($5,000+) |
New Rates (p.a)
($5,000+) |
Rate Change |
| 5 months | 2.25% | 2.75% | 0.50% |
| 9 months | 3.70% | 4.00% | 0.30% |
*New rates were effective 6 October 2022
