To close off the week where we saw the OCR slashed to a record low 0.25%, ANZ and Kiwibank are the first banks to react with their remarkably low one-year rates.
ANZ is now offering 3.05% for one year while Kiwibank is offering 3.09%. The other big banks have yet to announce any changes to their own rates, but we can expect that by the beginning of next week most of the big five will be offering 3.05% for one year.
Heartland Bank is still offering their 2.89% for one year, and 2.97% for two years. We don’t expect the big five banks will to match this, as Heartland will have a very limited amount of funding, which means that the offer won't stand for long.
To view all current rates, visit our rates table here.