Notices - 2023

Change to Foreign Currency Account and Global Markets Term Deposit Terms and Conditions.

We've made a change to our Foreign Currency Account and Global Markets Terms and Conditions, which is effective from 8 December 2023. The change addresses what happens if a term deposit is opened but is not funded.

ASB announces the following fee removals, and changes to the Guide to fees and Guide to Business Banking Fees - effective 3 December 2023.

ASB wishes to announce the removal of the Staff-assisted Transaction fee on our standard Personal and Business transaction and savings accounts, some Services Charges, the Visa Debit Card fee and the Credit Card Cash Advance fee. These changes are effective from 3 December 2023 which you will see reflected on your 1 January statement.

The asb.co.nz website will reflect these changes from Tuesday, 5 December 2023. The updated Guide to fees will be available here and Guide to Business Banking Fees will be available here.

Changes to True Rewards Card Conditions of Use.

We've made changes to our True Rewards Card Conditions of Use which are effective from 4 December 2023. The changes address the end of the AA Smartfuel programme. You can find the updated True Rewards Card Conditions of Use here.

Important notice for ASB Business, Corporate and Rural customers.

ASB announces the following Business, Rural and Corporate interest rate change:

The Floating Base Rate has decreased from 7.00% p.a. to 6.94% p.a.

This change will be effective on and from Friday 17 November 2023. Interest rates are subject to change.

ASB announces the following Business, Rural and Corporate interest rate change:

• The Floating Base Rate has increased from 6.95% to 7.00% p.a.

This change will be effective on and from Thursday 12 October 2023. Interest rates are subject to change.

Changes to ASB Rewards Programme Terms and AA Smartfuel - effective from 4 December 2023

AA Smartfuel have decided to end their programme on Wednesday 31 January 2024.  ASB customers can continue earning AA Smartfuel discounts through their ASB Rewards credit card until Sunday 3 December 2023.  On Monday 4 December 2023 all customers who are earning AA Smartfuel discounts will be automatically switched to earning True Rewards dollars instead. Customers will be able to redeem their AA Smartfuel discounts up until 11:59pm on 31 January 2024.

Changes to ASB Mobile Banking Terms and Conditions

We've made changes to our Mobile Banking Terms and Conditions. These changes are effective from 4 October 2023:

• Clause 8 has been added to cover the use of images (for example, when you upload images to change the image associated with your account).
• Clause 16 has been reorganised and changed to display the updated Privacy Act legislation date, changing from Privacy Act 1993 to Privacy Act 2020.

The updated ASB Mobile Banking Terms and Conditions can be found on our website from 4 October 2023.

Changes to foreign currency cheque acceptance

From 15 November 2023, ASB will no longer accept Australian dollar (AUD) cheques and from 31 March 2024, ASB will no longer accept any other foreign currency cheques.

Customers who receive payment by cheque from overseas are advised to arrange alternative payment methods with the sender of the cheque. 

Please refer to our Foreign Cheques page for more details.

Global equities change to Paris Aligned Index for ASB funds, from 1 September 

The global equities asset class in relevant ASB funds now tracks the MSCI World ex Australia Climate Paris Aligned Index, which is designed to help reduce climate related investment risk and help limit global temperature rise by setting specific investment targets or limits.

The ASB KiwiSaver Scheme NZ Cash Fund isn't part of this change as it is a cash, rather than equities, fund. It also doesn't apply to the Positive Impact Funds in the ASB KiwiSaver Scheme and ASB Investment Funds as these funds invest in companies that make a positive impact on society or the environment. The change does not affect fees associated with any of our funds.

Find out more about what this means for you on our most recent blog. 

ASB announces the following unarranged overdraft fee change - effective 29 September 2023

From 29th September 2023 (inclusive), we are changing the Monthly Unarranged Overdraft fee for business accounts. The fee applies to overdrafts exceeding $20 where there is no arranged limit in place.

The fee is changing to $3 from 0.12% of the highest daily overdrawn balance (minimum charge of $10).

The updated Guide to Business Banking Fees can be found here (from 29 September 2023).

ASB Securities announces the following interest rate change - effective 31 August 2023

To increase ASB Margin Lending interest rate from 8.60% to 9.35% p.a. (+75bps).

Important notice for ASB Business, Corporate and Rural customers

ASB announces the following Business, Rural and Corporate interest rate changes:

The Floating Base Rate has decreased from 6.99% p.a. to 6.95% p.a.

This change will be effective on and from Friday 21 July 2023. Interest rates are subject to change.

ASB announces the following Business, Rural and Corporate interest rate changes:

• The Business Base Rate has increased from 13.62% to 13.77% p.a.
• The Rural Base Rate has increased from 10.86% to 11.01% p.a.
• The Floating Base Rate has increased from 6.84% to 6.99% p.a.
• The Corporate Indicator Rate has increased from 8.03% to 8.18% p.a.

These changes will be effective on and from Monday 3 July 2023. Interest rates are subject to change.

ASB announces the following Savings Plus interest rate changes - effective 1st July 2023.

ASB announces the following Savings interest rate changes - effective 8th June 2023.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 8th June 2023.

Interest rates are subject to change.

Changes to ASB Term Deposit Terms and Conditions

We've made changes to our ASB Term Deposit Terms and Conditions to update the format of the document. These changes are effective from Friday 9 June 2023.  

ASB announces the following Home Lending interest rate changes - effective 1 June 2023.

The Housing Variable Rate has increased from 8.39% p.a. to 8.64% p.a.

The Orbit Home Loan and Orbit FastTrack Home Loan Rates have increased from 8.49% p.a. to 8.74 % p.a.

The HomePlus Interest Rate has increased from 9.89% p.a. to 10.14% p.a.

The ASB Back My Build Variable Rate has increased from 5.94% p.a. to 6.19% p.a.

This change will be effective on and from 1 June 2023 for new home lending customers and on and from 8 June 2023 for existing home loans.

Interest rates are subject to change.

Important notice for ASB Business, Corporate and Rural customers

ASB announces the following Business, Rural and Corporate interest rate changes:

Lending:
The Business Base Rate has increased from 13.37% p.a. to 13.62% p.a.
The Rural Base Rate has increased from 10.61% p.a. to 10.86% p.a.
The Floating Base Rate has increased from 6.73% p.a. to 6.84% p.a.
The Corporate Indicator Rate has increased from 7.78% p.a. to 8.03% p.a.
The Special Purpose Base Rate has increased from 6.50% p.a. to 6.75% p.a.

Savings:
The Business Saver Rate has increased from 2.50% p.a. to 2.70% p.a.
The Corporate Saver Rate has increased from 2.50% p.a. to 2.70% p.a. for non-negotiated accounts.
The Commercial Moneymaker Rate has increased from 2.50% p.a. to 2.70% p.a.
The Business Accelerater Rate has increased from 2.50% p.a. to 2.70% p.a. with bonus interest not currently payable.
The Commercial Call Base Rate has increased from 2.50% p.a. 2.70% p.a.
The Education Admin Cheque Rate has increased from 2.10% p.a. to 2.70% p.a.

These changes will be effective on and from Thursday 1 June 2023. Interest rates are subject to change.

Important notice for ASB Business, Corporate and Rural customers.

ASB announces the following Business, Rural and Corporate interest rate changes:

The Floating Base Rate has increased from 6.64% p.a. to 6.73% p.a.

These changes will be effective on and from Friday 19 May 2023. Interest rates are subject to change.

Important notice for ASB Business, Corporate and Rural customers.

ASB announces the following Business, Rural and Corporate interest rate changes:

The Business Saver Rate has increased from 2.10% p.a. to 2.50% p.a.
The Corporate Saver Rate has increased from 2.10% p.a. to 2.50% p.a. for non-negotiated accounts.
The Commercial Moneymaker Rate has increased from 2.10% p.a. to 2.50% p.a.
The Business Accelerater Rate has increased from 2.10% p.a. to 2.50% p.a. with bonus interest not currently payable.
The Commercial Call Base Rate has increased from 2.10% p.a. to 2.50% p.a.

These changes will be effective on and from Thursday 18 May 2023. Interest rates are subject to change.

Changes to ASB Direct Terms and Conditions for Bulk Direct Credit Service, FastNet Business Terms & Conditions, Merchant Facility Terms and Conditions and Worldline Merchant Tripartite Agreement Terms and Conditions

We've made changes to the above ASB Terms and Conditions. These changes are effective 26 May 2023 and include the following:

• Changes to the T&Cs to reflect the industry move to everyday processing of domestic electronic payments.
• Where appropriate, we have removed reference to business days, public holidays, and weekends.
• Please refer to our Everyday payment processing page for details of the change.

ASB announces the following Foreign Exchange fee change - effective 23 May 2023 

From 23/05/2023 we're changing our send fee related to online outward International Money Transfers (IMTs). 

Online IMTs

Electronic self-service transactions

We've reduced the fee from $15.00 to $5.00, when you use our FastNet online system to send an IMT.

Staff Assisted IMTs

Manual staff assisted transactions

There is no change to the fee for staff assisted IMTs.

All other fees relating to International Money Transfers (sent and received) remain unchanged. 

Credit card late payment fee changes

From Wednesday 7 June 2023 we are reducing the credit card late payment fee from $5 to $4 for all consumer and business credit cards.

The updated ASB guide to fees will be available from the 7 June and can be found here. 

The updated ASB guide to business banking fees will be available from the 7 June and can be found here.

ASB announces the following Savings interest rate changes - effective 27th April 2023.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 27th April 2023.

Interest rates are subject to change.

Changes to our credit card travel insurance provider

ASB announces that from Thursday 1 June 2023, the ASB Visa Platinum Rewards credit card travel insurance will no longer be underwritten by Chubb Life Insurance New Zealand Limited. We have appointed AIG Insurance New Zealand Limited to be the new underwriter of our credit card travel insurance. Please visit our Credit Card Travel Insurance page (available until 31 August 2023) for further information on this change. Terms and conditions including exclusions and limitations apply, please refer to the updated Visa Platinum travel insurance policy wording.

This change is effective from Thursday 1 June 2023 for new and existing customers.

ASB announces the following Business, Rural and Corporate interest rate changes:

The Business Base Rate has increased from 12.87% p.a. to 13.37% p.a.
The Rural Base Rate has increased from 10.11% p.a. to 10.61% p.a.
The Corporate Indicator Rate has increased from 7.28% p.a. to 7.78% p.a.
The Floating Base Rate has increased from 6.30% p.a. to 6.64% p.a.
The Special Purpose Base Rate has increased from 6.00% p.a. to 6.50% p.a.

These changes will be effective on and from Thursday 13 April 2023. Interest rates are subject to change.

ASB announces the following Business, Rural and Corporate interest rate changes:

The Education Admin Rate has increased from 1.75% to 2.10% p.a.

These changes will be effective on and from Saturday 1 April, 2023. Interest rates are subject to change.

ASB announces the following Savings Plus interest rate changes - effective 1st April 2023.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 1st April 2023.

Interest rates are subject to change.

ASB Announces the following Business, Rural and Corporate interest rate changes. 

The Business Saver Rate has increased from 1.75% p.a. to 2.10% p.a.
The Corporate Saver Rate has increased from 1.75% p.a. to 2.10% p.a. for non-negotiated accounts.
The Commercial Moneymaker Rate has increased from 1.75% p.a. to 2.10% p.a.
The Business Accelerater Rate has increased from 1.75% p.a. to 2.10% p.a. with bonus interest not currently payable.
The Commercial Call Base Rate has increased from 1.75% p.a. to 2.10% p.a.

These changes will be effective on and from Thursday 23 March 2023. Interest rates are subject to change.

ASB announces the following Savings interest rate changes - effective 16th March 2023.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 16 March 2023.

Interest rates are subject to change.

Important notice for ASB Business, Corporate and Rural customers.

ASB announces the following Business, Rural and Corporate interest rate change:

The Floating Base Rate has increased from 6.18% p.a. to 6.30% p.a.

This change will be effective on and from Friday 17 March 2023. Interest rates are subject to change.

ASB announces the following Business, Rural and Corporate interest rate changes:

The Business Base Rate has increased from 12.37% p.a. to 12.87% p.a.

The Rural Base Rate has increased from 9.61% p.a. to 10.11% p.a.

The Corporate Indicator Rate has increased from 6.78% p.a. to 7.28% p.a.

The Floating Base Rate has increased from 6.06% p.a. to 6.18% p.a.

The Special Purpose Base Rate has increased from 5.50% p.a. to 6.00% p.a.

These changes will be effective on and from Thursday 2 March 2023. Interest rates are subject to change.

Changes to ASB Personal Banking Terms and Conditions

We’ve made changes to the Personal Banking Terms and Conditions.  These changes are effective 7 March 2023 and include the following:

• Sanctions: We’ve included information in clauses 8 and 13 regarding when we can refuse to make a payment or suspend an account where there is a direct or indirect connection to a New Zealand or international sanctions regime, person or activity. We’ve also clarified in clause 7 that we may reverse payments paid into your account where we are required to do so by law or to comply with a New Zealand or international sanctions regime.
• Direct Debits: We’ve included information in clause 10 to outline and clarify our Direct Debit cancellation process.
• Electronic communications: We’ve removed reference to the web browser “Internet Explorer” due to it being obsolete.

Updates to our Visa Platinum Rewards credit card travel policy

ASB announces that from Monday 6 March 2023, ASB Visa Platinum Rewards credit card travel insurance will now be underwritten by Chubb Life Insurance New Zealand Limited after it rebranded from Cigna Life Insurance New Zealand Limited. The terms and conditions including the exclusions and limitations that apply to travel insurance remain unchanged.

This change is effective from Monday 6 March 2023 for new and existing customers.

Important notice for ASB Business, Corporate and Rural customers

ASB announces the following Business, Rural and Corporate interest rate change: 

The Floating Base Rate has increased from 5.80% to 6.06% p.a.

This change will be effective on and from Friday 17 February 2023. Interest rates are subject to change.

ASB announces the following changes to business transaction and savings accounts fees, Guide to Business Banking Fees – effective 1 January 2023

ASB wishes to announce some changes to the fees for business transaction and savings accounts. These are effective from 1 January 2023, and you will see the changes first reflected on your 1 February statement.

Monthly base fee

We have removed the standard $7.50 monthly base fee from the Business Focus account.

Electronic self-service transactions

We have removed the standard $0.25 fee for a range of electronic self-service transactions (including ATM deposit and withdrawal, EFTPOS withdrawal, One-off, IRD, Bill and Automatic payment and outward direct debit, account transaction fee for inward direct debit and bulk payment) on the Business Account, High Interest Business Account, Commercial Flexible Finance Facility, Development Funding Facility, Commercial Credit Facility, Rural Account, Rural Credit Facility, Business Accelerater, Commercial Moneymaker, Business Saver and Corporate Saver.

There is no change to FastNet Business fees including inward direct debit and bulk payments completed via FastNet Business.

The new fees will be available on asb.co.nz from Thursday, 26 January 2023. The updated Guide to Business Banking Fees is available here and Commercial Moneymaker and Business Accelerator fees are available here.

ASB Securities announces the following interest rate change - Effective 26 January 2023

To increase ASB Margin Lending interest rate from 7.95% to 8.60% p.a. (+65bps)

Important changes to ASB home Loans

ASB will remove the Orbit and Orbit FastTrack account monthly base fee, effective from Thursday 2 February 2023 for new and existing home loan customers.

Fees are subject to change. ASB Bank Limited.

Important notice for ASB Business, Corporate and Rural customers.

ASB announces the following Business, Rural and Corporate interest rate change: 

The Floating Base Rate has increased from 5.57% to 5.80% p.a.

This change will be effective on and from Friday 20 January 2023. Interest rates are subject to change.

ASB announces the following Personal Banking Transaction account fee changes - effective 1 February 2023.

ASB wishes to announce some changes to the fees on our Streamline and Unlimited accounts.  From 01 February 2023 the new fees will be:

Streamline
Monthly base fee: Free

Unlimited
Monthly base fee: Free