ASB adjusts rates following OCR increase
24 May 2023
ASB is making interest rate adjustments following today’s decision by the Reserve Bank of New Zealand to increase the Official Cash Rate (OCR) by 0.25%.
ASB is lifting interest rates on its Saving Plus deposit account and its Headstart account, passing on the full OCR change plus an additional 0.10% to customers. The maximum interest rate on ASB’s Savings Plus and Headstart will increase by 0.35% from 4.65% to 5.00%. ASB’s Savings On Call account will increase from 2.65% to 2.90%.
ASB’s Housing Variable rate will move from 8.39% to 8.64% while the ORBIT home loan rate will move from 8.49% to 8.74%.
These changes follow ASB’s increases to its short-term deposits rates last week, including its joint-market leading six-month term of 5.55%.
Savings Plus bonus interest changes will be effective from 1 July 2023. All other personal savings rates take effect from 8 June 2023. New variable rates are effective for all new housing loans from 1 June 2023 and 8 June 2023 for existing loans.
ASB savings rate changes*:
|
Savings
|
Band
|
Current Rates
|
New Rates
|
Rate Change
|
|---|---|---|---|---|
|
Savings Plus** |
No Bonus Partial Bonus Full Bonus** |
2.55% 2.65% 4.65% |
2.55% 2.65% 5.00% |
No change No change +0.35% |
|
Headstart |
All Balances |
4.65% |
5.00% |
+0.35% |
|
Savings On Call & ASB Cash Fund |
All Balances |
2.65% |
2.90% |
+0.25% |
* Effective from 8 June 2023 excluding Savings Plus
** Savings Plus is effective from 1 July 2023
|
Home Loan*
|
Current Rates
|
New Rates
|
Rate Change
|
|---|---|---|---|
|
Housing Variable |
8.39% |
8.64% |
+0.25% |
|
Orbit |
8.49% |
8.74% |
+0.25% |
|
Back My Build |
5.94% |
6.19% |
+0.25% |
*Home loan rates effective from 1 June 2023 for new lending and 8 June 2023 for existing customers.Note - Back My Build applications are no longer open to new customers.
