3.49% is now the new norm

3.49% is now the new norm

Cutting paper

Kiwibank has announced their two-year fixed term today to be 3.49% as of Monday the 30th September. This is following BNZ’s announcement a week ago and Westpac and ASB's decision a couple of days later.

The China Construction Bank and HSBC still hold the lowest rates in the market, with 3.15% and 3.35% respectively.

However, across the so-called big five, 3.49% is the lowest in the market. It would be interesting to see if BNZ would be lowering their rate yet again to put themselves back ahead of the pack.

How does this impact me?