Notices

ASB Securities announces the following interest rate change – effective 18 December 2024

The ASB Margin Lending interest rate has decreased from 8.60% p.a. to 8.10% p.a (-50bps).

ASB announces the following home loan fee changes:

Effective from 12 December 2024, for new and existing home loan customers. 

ASB has removed the following fees:

• Home loan processing fee
• Progress payment construction home loan processing fee
• Home loan top up fee
• Re-documentation fee
• Early Repayment Adjustment administration fee
• Loan demand fee

ASB has reduced the following fees to $10:

• Alterations to security fee
• Change parties to loan agreement or owners on title fee
• Registrations affecting land title fee
• Priorities fee
• Settlement statement fee

Fees are subject to change. ASB Bank Limited.

ASB announces the following Go Home Loan and New Zealand Home Loan fee changes:

Effective from 12 December 2024, for new and existing home loan customers.

ASB has removed the following fees:

• Early Repayment Adjustment administration fee
• Loan demand fee
  

ASB has reduced the following fees to $10:

• Alterations to security fee
• Change parties to loan agreement or owners on title fee
• Registrations affecting land title fee
• Priorities fee
• Settlement statement fee
  

Fees are subject to change. ASB Bank Limited.

ASB announces the following Savings interest rate changes - effective 5th December 2024.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 5th December 2024.

Interest rates are subject to change.

Important notice for ASB Business, Rural and Corporate customers

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

Lending:
The Business Base Rate has decreased from 13.02% p.a. to 12.52% p.a.
The Rural Base Rate has decreased from 10.26% p.a. to 9.76% p.a. 
The Floating Base Rate has decreased from 6.19% p.a. to 5.69% p.a.
The Corporate Indicator Rate has decreased from 7.43% p.a. to 6.93% p.a.
The Special Purpose Base Rate has decreased from 6.00% p.a. to 5.50% p.a.

Savings:
The Business Saver Rate has decreased from 2.10% p.a. to 1.65% p.a.

These changes will be effective on and from Thursday 5 December 2024. Interest rates are subject to change. 

Important notice for ASB Business customers

ASB announces the following Business interest rate change:

The Education Admin Rate has decreased from 1.95% p.a. to 1.45% p.a.

These changes will be effective on and from Sunday 1 December 2024. Interest rates are subject to change.

ASB announces the following Home Lending interest rate changes - effective 28 November 2024.

The Housing Variable Rate has decreased from 7.89% p.a. to 7.39% p.a.

The Orbit Home Loan and Orbit FastTrack Home Loan Rates have decreased from 7.99% p.a. to 7.49 % p.a.

The HomePlus Interest Rate has decreased from 9.39% p.a. to 8.89% p.a.

The ASB Back My Build Variable Rate has decreased from 5.44% p.a. to 4.94% p.a.

This change will be effective on and from 28 November 2024 for new home lending customers and on and from 5 December 2024 for existing home loans.

Interest rates are subject to change.

ASB announces changes to the NZHL-arranged Home Loan Transaction Fees and the Go Home Loan Transaction Fees - effective December 2024.

ASB wishes to announce the removal of transaction fees from the NZHL-arranged Home Loan and the Go Home Loan. These will be reflected in changes to the NZHL-arranged Home Loan Fees and Limits guide and the Go Home Loan Fees and Limits guide.

Changes to the Merchant Services Terms and Conditions

The following changes have been made to the Merchant Services Terms and Conditions and take effect from 8 November 2024. 

In relation to information that ASB requires to comply with its legal and regulatory obligations, we have made amendments to:  

• clause 4.1 (General Undertakings) to include ASB's ability to require its customers to provide it with all of the information it reasonably asks for, including information about any transaction or payment made into or out of customers' Deposit Account or Fee Account, customers' New Zealand and foreign tax information, and other information that ASB may require in order to comply with its legal and regulatory obligations; and 
• clause 10.7 (Suspension) and clause 10.3 (Termination by us) to include ASB's ability to suspend or terminate merchant facilities if it has not received the information requested under the amended clause 4.1, including, for example, where ASB has not received information about any payments made into or out of customers' Deposit Account or Fee Account or customers' New Zealand and foreign tax information.

Legacy Account Type Changes

ASB will be closing the following products: Prizesaver, FastSaver, Flexisave, Moneymaker and Accelerater. Customers on these account types will be migrated onto one of our current products between October 2024 and March 2025.

The last Prizesaver Prize Draw will be for November 2024.

Refer to ASB Bank Limited's Terms and Conditions and Guide to Fees for details on our current products.

ASB announces the following Savings product interest rate changes - effective 24th October 2024. 

ASB is changing the interest rates on the following Savings account. These changes are effective 24th October 2024.

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 Education Admin Rate has decreased from 2.45% p.a. to 1.95% p.a.

These changes will be effective on and from Friday 1 November 2024. Interest rates are subject to change.

Important notice for ASB Business, Corporate, Rural and Securities customers

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

Lending:
The Business Base Rate has decreased from 13.52% p.a. to 13.02% p.a.
The Rural Base Rate has decreased from 10.76% p.a. to 10.26% p.a.
The Floating Base Rate has decreased from 6.69% p.a. to 6.19% p.a.
The Corporate Indicator Rate has decreased from 7.93% p.a. to 7.43% p.a.
The Special Purpose Base Rate has decreased from 6.50% p.a. to 6.00% p.a.

Savings:
The Business Saver Rate has decreased from 2.50% p.a. to 2.10% p.a.

Securities:
The ASB Margin Lending interest rate has decreased from 9.10% p.a. to 8.60% p.a.

These changes will be effective on and from Thursday 17 October 2024. Interest rates are subject to change.

ASB announces the following changes to ASB Personal Banking Terms and Conditions.

We've made changes to our personal banking terms and conditions, these are to outline more information on our privacy statement and where to find it. This includes electronic communications relating to fraud and scams as well as arranged overdrafts.

ASB announces the following Savings Plus interest rate changes - effective 1st October 2024.

ASB is changing the interest rates on the following Savings account. These changes are effective 1st October 2024.

Interest rates are subject to change.

ASB Securities announces the following interest rate change - effective 18 September 2024

The ASB Margin Lending interest rate has decreased from 9.35% p.a. to 9.10% p.a. (-25bps)

Changes to ASB Cash Fund and ASB Term Fund Terms and Conditions

We've made a change to the ASB Cash Fund and ASB Term Fund Terms and Conditions.
The following change is effective 17th September 2024.

We've updated details relating to grace periods on Term Funds.

ASB announces the following Savings interest rate changes - effective 29th August 2024.

ASB is changing the interest rates on the following Savings accounts. These changes are effective 29th August 2024.

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 decreased from 13.77% p.a. to 13.52% p.a. 
• The Rural Base Rate has decreased from 11.01% p.a. to 10.76% p.a.
• The Floating Base Rate has decreased from 6.94% p.a. to 6.69% p.a.
• The Corporate Indicator Rate has decreased from 8.18% p.a. to 7.93% p.a.
• The Special Purpose Base Rate has decreased from 6.75% p.a. to 6.50% p.a.

These changes will be effective on and from Thursday 29 August 2024. Interest rates are subject to change.

Savings:

• The Business Saver Rate has decreased from 2.70% p.a. to 2.50% p.a.
• The Corporate Saver Rate has decreased from 2.70% p.a. to 2.45% p.a. for non-negotiated accounts.
• The Commercial Call Base Rate has decreased from 2.70% p.a. to 2.45% p.a.

These changes will be effective on and from Thursday 29 August 2024. Interest rates are subject to change.

Other Savings:

• The Education Admin Cheque Rate has decreased from 2.70% p.a. to 2.45% p.a.

This change will be effective on and from Sunday 1 September 2024. Interest rates are subject to change.

Changes to ASB Term Deposits Terms and Conditions

We've made a change to the Term Deposits Terms and Conditions. The following change is effective 23rd August 2024.

We've updated details relating to grace periods on Term Deposits.

ASB announces changes to the Business, Rural and Corporate Banking Terms and Conditions

The following changes have been made to the Business, Rural and Corporate Banking Terms and Conditions and take effect from 21 August 2024.

In relation to information that ASB requires to comply with its legal and regulatory obligations, we have:

• Made amendments to clause 6.4 under Accounts General to outline ASB's ability to require its customers to provide it with all of the information it reasonably asks for, including, information about any payments made into or out of customers' accounts, customers' New Zealand and foreign tax information, and other information that ASB may require in order to comply with its legal and regulatory obligations.
• Made amendments to clause 11.1 under Suspension of an Account and Payment Refusal to include ASB's ability to put holds on customers’ accounts if it has not received the information it has asked for in the amended clause 6.4, including, for example, where ASB has not received information about any payments made into or out of customers' accounts or customers' New Zealand and foreign tax information.

In addition and in relation to Electronic Payments or Transfers and Term Deposits, we have:

• Made amendments to clause 18.6 under Electronic Payments or Transfers to outline ASB's ability to take money from a customer’s account(s) where it believes that customer has received a payment, knowing that payment was not made by the true owner of the funds, and then transferred that payment elsewhere.
• Added the new clause 18.9 under Electronic Payments or Transfers to outline what may occur if there are insufficient funds in a customer’s account when ASB takes money or reverses a payment under conditions 18.6 or 18.7.
• Added the new clause 19.10 under Term Deposits to outline the grace periods which apply when a customer opens or reinvests in a term deposit.

Changes to the Personal Banking Terms and Conditions

The following changes have been made to the Personal Banking Terms and Conditions in relation to information that ASB requires to comply with its legal and regulatory obligations. Changes are effective from 09 August 2024.

 We have:

• Added the new clause 2.2 under Operating an account to outline ASB's ability to require its customers to provide it with all of the information it reasonably asks for, including, information about any payments made into or out of customers' accounts, customers' New Zealand and foreign tax information, and other information that ASB may require in order to comply with its legal and regulatory obligations.
• Made amendments to clause 13.1 under Refusing to act on an instruction or suspending your account to include ASB's ability to put holds on accounts if it has not received the information it has asked for in the new clause 2.2, including, for example, where ASB has not received information about any payments made into or out of customers' accounts or customers' New Zealand and foreign tax information.  

ASB announces changes to the Foreign Exchange Terms and Conditions effective from 01 July 2024.

ASB has made the following changes to the Foreign Exchange Terms and Conditions effective from 01 July 2024. 

We have:

• Removed clauses relating to Foreign Currency cheques, which will no longer be accepted by ASB.
• Added the following new clause under clause 2 International Money Transfers:
  • 2.7 You can request that ASB does not convert your funds into another currency when sending an IMT. However, the correspondent bank or the beneficiary’s bank may still convert the funds to another currency. ASB will not be liable in the event this occurs. Any enquiry we make to a correspondent or beneficiary bank on your behalf regarding a payment will be at your cost.
• Updated the following terminology: "Payee" to "Beneficiary" and "Buy Rate" and "Sell Rate" to "Applicable Foreign Exchange Rate".
• Made amendments to clause 2.3 (previously clause 4.3) and clause 4 (previously clause 6) to add further clarity.
  

ASB announces the following changes to the Guide to Fees and Guide to Business Banking Fees - effective 1 July 2024.

From 1 July 2024, ASB will no longer accept foreign currency cheques. The Guide to Fees and Guide to Business Banking Fees will be updated to remove references to fees for foreign currency cheques. 

The asb.co.nz website will reflect these changes from Monday, 1 July 2024. The updated Guide to Fees will be available here and Guide to Business Banking Fees will be available here.

ASB announces changes to the NZHL-arranged Home Loan Fees and Limits guide and the Go Home Loan Fees and Limits guide - effective May 2024.

Following the recent removal of some service fees we are updating the NZHL-arranged Home Loan Fees and Limits Guide and the Go Home Loan fees and Limits guide.

ASB SECURITIES - CHANGES TO OUR TERMS AND CONDITIONS

We've made some changes to the ASB Securities Terms and Conditions.  These changes will come into effect on 10 June 2024.  

What are the changes?

An overview of the key changes to the ASB Securities Terms and Conditions is detailed below.

Through ASB Securities, customers may have a facility set up to trade on the Australian Securities Exchanges (ASX) and these trades are executed on customers' behalf by FinClear Execution Ltd (FinClear Execution). FinClear Execution currently use FinClear Pty Ltd (FinClear) to clear and settle ASX trades. From 10 June 2024 FinClear Execution will use FinClear Services Pty Ltd (FinClear Services) instead of FinClear to clear and settle NZX trades.

The ASB Securities Terms and Conditions will be updated as follows: 

• We will make changes to the ASB Securities Investment Broker Disclosure Statement and ASB Securities Client Services Agreement Terms and Conditions (clause 41.2) to reflect the appointment of FinClear Services in place of FinClear. 
• Finclear Execution will also make changes to the FinEx Terms of Trade (contained within the ASB Securities Terms and Conditions) to reflect the appointment of FinClear Services in place of FinClear.

All changes will be effective from 10 June 2024. The updated ASB Securities Terms and Conditions will be available on asb.co.nz from that date. 

Changes to ASB Mobile Banking Terms and Conditions 

We've made changes to our Mobile Banking Terms and Conditions to include ASB's Open Banking Services. These changes are effective from 24 May 2024:  

ASB's Open Banking Services:

• Condition 1 has been updated to provide a description of open banking.
• Condition 7 has been added to explain Open Banking Services, including the parties involved, their obligations, and how you can provide and manage your consent.
• Condition 10 has been updated to clarify the extent of each party's liability in relation to the use of Open Banking Services.
• Condition 16 relating to privacy has been updated to include open banking.
• Various other conditions have had minor updates to incorporate open banking. 

Other changes:

• References in conditions 1 and 4 to your mobile operator or an internet service provider have been updated. For clarity, references to 'Mobile Operator(s)' have been changed to 'Telecommunication Provider(s)'.
• Condition 18 has been added to explain our complaint processes.  

More information: 
Open Banking is an industry initiative that allows you to securely make payments and share account information with approved third-party service providers. Find out more about Open Banking.  

The updated ASB Mobile Banking Terms and Conditions can be found on our website from 24 May 2024.

Changes to ASB's Rural Term Deposit

Effective from 29 April 2024, the Rural Term Deposit will be renamed to the Business Term Deposit.

ASB announces the following change of interest rate type that is charged on Dishonoured Payments for all ASB Visa Credit Cards - effective 3 April 2024.

ASB is changing the interest rate type that is charged for Dishonoured Payments for all ASB Visa credit cards, from the Cash Advance interest rate (currently 22.95% p.a.), to the card's standard Purchase Interest rate. This change is effective from 3 April 2024.

Interest rates are subject to change.

Account Type Changes

ASB will be closing several legacy accounts, including the Business Focus, Rural Account, Commercial Call, Commercial Call Negotiated, Corporate Saver, Retail Call, Retail Call Negotiated, Call Rate Cheque, Statement Flexisave, Flexisave, Omni, Personal Omni, Personal Omni no interest and the Unlimited Account. Customers on these account types will be migrated onto one of our current account types, commencing March 2024. The terms and conditions, interest rates and fees relating to the customer's new account type will apply. Refer to ASB Bank Limited's Terms and Conditions, Guide to Fees and Guide to Business Banking Fees for details. 

Changes to ASB's Commercial Credit Facility

Effective from 16 March 2024, the Commercial Credit Facility will be renamed to the Business Credit Facility. 

Changes to ASB Personal Banking Terms and Conditions

We've made a change to the Personal Banking Terms and Conditions. The following change is effective 8th February 2024

Reversal of payments into your account: 
We've included the new clause 7.3 which outlines what may occur in the event that you have insufficient funds in your account and we need to take money from your account or reverse a payment in accordance with exisiting clauses 7.1 or 7.2.

Changes to True Rewards Card Conditions of Use and True Rewards balance update from daily to monthly.

We've updated our True Rewards Card Conditions of Use which are effective from 1 February 2024. The changes address ASB's partnership with Woolworths' Everyday Rewards Programme as an alternative rewards programme to ASB True Rewards. You can find the updated True Rewards Card Conditions of Use here. Additionally, this address True Rewards changes, where balances will be updated monthly instead of daily. The True Rewards balances will update two days after the credit card period.