{"id":463458,"date":"2026-05-28T00:03:09","date_gmt":"2026-05-28T00:03:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/463458\/"},"modified":"2026-05-28T00:03:09","modified_gmt":"2026-05-28T00:03:09","slug":"kiwibank-first-to-make-post-ocr-rate-change","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/463458\/","title":{"rendered":"Kiwibank first to make post-OCR rate change"},"content":{"rendered":"

\"No<\/p>\n

\nKiwibank has made changes to its term deposits.
\nPhoto: RNZ \/ Nate McKinnon\n<\/p>\n

Kiwibank has made changes to its term deposit rates – the first significant move since the official cash rate decision on Wednesday.<\/p>\n

The Reserve Bank kept the OCR at 2.25 percent<\/a> on Wednesday but signalled rate rises would come earlier and more quickly than previously expected later in the year.<\/p>\n

Half the monetary policy committee took the view that rates should have risen this week.<\/p>\n

Kiwibank said on Thursday it was increasing its nine-month term deposit rate by 15 basis points to 3.55 percent, and its one-year rate by five basis points to 3.9 percent.<\/p>\n

Gareth Kiernan, chief forecaster at Infometrics, said they were small shifts.<\/p>\n

“However, yesterday’s unexpectedly close decision has seen swaps pricing for future meetings lifted by 5-10 basis points, because there’s an implied greater level of certainty, as certain as things might be in what is currently a very uncertain environment, that the bank will lift the OCR consistently through most of the rest of the year.<\/p>\n

“Financial markets had largely expected those rate rises anyway, but a bit of confirmation from the bank and the fact that we were closer than anticipated to a hike yesterday has increased market confidence about the track and therefore got it more fully priced in. Set against yesterday’s movements, swap rates had come down 15-20 basis points over the last fortnight, so there could be a little bit of scope for further wholesale rate rises before banks need to pass those increases on, to either mortgage or term deposit rates.”<\/p>\n

Reserve Bank data shows two-year home loan rates have picked up most significantly from the trough of last year. From a low of 4.5 percent, they are now hovering around 5.2 percent.<\/p>\n

Sign up for Money with Susan Edmunds<\/a>, a weekly newsletter covering all the things that affect how we make and spend money.<\/p>\n","protected":false},"excerpt":{"rendered":"Kiwibank has made changes to its term deposits. Photo: RNZ \/ Nate McKinnon Kiwibank has made changes to…\n","protected":false},"author":2,"featured_media":463459,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[964,114,904,184,85,46,43,965,963,961,962],"class_list":["post-463458","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-audio","tag-business","tag-current-affairs","tag-economy","tag-il","tag-israel","tag-news","tag-podcasts","tag-public-radio","tag-radio-new-zealand","tag-rnz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/463458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=463458"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/463458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/463459"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=463458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=463458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=463458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}