Public notices

If you require more information on any of these notices please visit your local BNZ branch or phone 0800 269 562.

View Financial Markets Authority (FMA) notices

Changes to various BNZ Terms and Conditions and Fee Guides 

Effective from 31 July 2019 

We’re changing the following Terms and Conditions and Fee Guides to reflect the removal of the overseas Cash Advance fee and overseas cash withdrawal fee. The changes include: 

  • Bank of New Zealand Standard Terms and Conditions - clauses 14.36.a, 14.36.b, 14.41, 15.25 and 15.29   

  • BNZ credit card Terms and Conditions – clauses 5.6, 5.10 and 8.11 

  • BNZ Business First Visa Card Welcome Book and Terms and Conditions  clauses 2.16 and 6.1. 

  • Corporate, Purchasing and Dynamic Card Funding Visa Cards Terms and Conditions  clauses 2.17 and 6.1.c 

  • Personal account, service and facility fees – page 5 Service Fees 

  • Business and Agribusiness Account and Service Fees  page 6 and page 8   

Changes have also been made in the following Terms and Conditions to reflect the ability to set your PIN online and other miscellaneous changes: 

  • Bank of New Zealand Standard Terms and Conditions – clauses 14.1, 14.and 14.28  

  • BNZ credit card Terms and Conditions – clauses 4.1, 4.5, 5.3 and 5.6  

A new clause has been added to the Bank of New Zealand Standard Terms and Conditions Section 14 at clause 14.2 regarding the use of a business name on relevant BNZ card products. Clauses 6.2.c and 6.2.d have also been adjusted accordingly. 

If you reside in a European Economic Area country, please disregard the following and instead read the European Union General Data Protection Regulations Privacy Statement, which applies to you instead of that section 

  • section 11 of the updated Bank of New Zealand Standard Terms and Conditions 

  • section 16 of the updated BNZ credit card Terms and Conditions 

  • section 13 of the updated BNZ Business First Visa Card Welcome Book and Terms and Conditions 

  • section 13 of the updated Corporate, Purchasing and Dynamic Card Funding Visa Cards Terms and Conditions 

Updated terms and conditions and fee guides: 

If you are not happy with the above changes, you can cancel your card(s) and close your account(s). 

If you have any questions or would like more information, please visit your local BNZ branch or phone 0800 275 269. 

Cheque book order changes

Effective 15 July 2019

BNZ will no longer automatically send a cheque book to you when you reach the last 20 percent of cheques in your cheque book.  Any cheque books that would have been sent before 15 July 2019 will be sent and delivered as usual.

You can still request a cheque book by contacting us.

For further information on other options of payment visit bnz.co.nz/payments

View the standard terms and conditions

Rapid Save interest rate changes 

Effective from 28 June 2019 

Our interest rates for new and existing customers effective from 28 June 2019 are changing as follows:

Product Current interest rate p.a New interest rate p.a 
Rapid Save Account    
Base rate (is not changing) 0.10% 0.10%
Bonus rate (is decreasing)  2.00% 1.80%
Total rate (is decreasing)  2.10% 1.90%

Interest rates are subject to change. Full details, Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ store.

If you require more information, please visit your local BNZ branch or phone 0800 269 562.

Unclaimed Monies 

Effective from 21 June 2019 

The Unclaimed Money Act 1971 requires the holder of monies to pay such monies to the Crown when they become “unclaimed”. This may include:

  • Bank cheques, NZD travellers’ cheques and foreign currency drafts that have not been claimed or presented by the payee for over 6 years.
  • Transaction accounts (in credit) which have been inoperative for over 6 years.
  • Deposit accounts (in credit) which have been inoperative for over 25 years. The bank is required to pay the Inland Revenue unclaimed monies in respect of bank cheques, NZD travellers’ cheques and foreign currency drafts issued by the bank in the period 1 June 2012 to 31 May 2013, including transaction account balances which have been inoperative since 31 May 2013, and deposit account balances which have been inoperative since 31 May 1994. If you are holding a BNZ issued bank cheque, NZD travellers’ cheque or foreign currency draft from this period, and you believe you are the true owner, please present the item to your bank for payment before 30 September 2019. If your account is inoperative, please reactivate it by undertaking transactions before 30 September 2019.

Any such monies remaining unclaimed as at 30 September 2019 will be transferred to Inland Revenue, where it will be available for the true owner to claim from 31 October 2019.

If you have any queries about how to claim monies from Inland Revenue please visit ird.govt.nz/unclaimed-money/

Variable interest rate changes

Effective from 28 May 2019

Our variable interest rates for existing customers are reducing as follows:

Product
Current variable interest rate p.a.
New variable interest rate p.a.
Private Bank Line of Credit - Secured 5.90% 5.80%
Premium Rapid Repay 5.90% 5.80%

Interest rates are subject to change. Full details, Standard Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any Bank of New Zealand Branch. If you need more information, please visit a BNZ Branch or phone 0800 ASK BNZ. 

Business overdraft base rate changes

Effective from 4 June 2019

Our business overdraft base rates for the following products are decreasing as follows:

PRODUCT
Current BUSINESS OVERDRAFT 
BASE RATE P.A.
new business overdraft
base RATE P.A.
Business Advantage Account 10.45%* 10.20%*
Business First Transact 10.45%* 10.20%*
MyMoney for Business 10.45%* 10.20%*
TotalMoney for Business 10.45%* 10.20%*

*You will pay interest at the business overdraft base rate plus a margin, calculated daily on the amount outstanding up to your arranged overdraft limit as set out in your overdraft facility agreement. If you exceed the limit, we will charge you interest on any amount that exceeds the limit at our excess rate.

Our excess rate is our business overdraft base rate plus 10%, unless we advise you otherwise. Arranged and unarranged overdraft fees also apply. Interest rates are subject to change. Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ branch or on our website.

Credit Card and Home Loan variable interest rate changes

The purchase interest rate for HomeAdvantage Mastercard is decreasing.

Effective for statements with a closing date of 25 June 2019 or later:

Current purchase interest rate
New purchase interest rate
5.90% p.a. 5.80% p.a.

Our variable home loan interest rates for existing home loan customers are reducing.

Effective from 14 May 2019:

PRODUCT
Current RESIDENTIAL OWNER-OCCUPIED VARIABLE Interest rate p.a.
new RESIDENTIAL OWNER-OCCUPIED VARIABLE INTEREST RATE P.A.
Mortgage One 6.50% 6.40%
Rapid Repay 5.95% 5.85%
PRODUCT
Current RESIDENTIAL INVESTOR VARIABLE Interest rate p.a.
new RESIDENTIAL INVESTOR VARIABLE INTEREST RATE P.A.
Mortgage One 6.75% 6.65%
Rapid Repay 6.20% 6.10%

Effective from 28 May 2019:

PRODUCT
Current RESIDENTIAL OWNER-OCCUPIED VARIABLE Interest rate p.a.
new RESIDENTIAL OWNER-OCCUPIED VARIABLE INTEREST RATE P.A.
Standard/Fly Buys 5.90% 5.80%
TotalMoney 5.90% 5.80%
BNZ Advantage 5.90% 5.80%
PRODUCT
Current RESIDENTIAL INVESTOR VARIABLE Interest rate p.a.
new RESIDENTIAL INVESTOR VARIABLE INTEREST RATE P.A.
Standard/Fly Buys 6.15% 6.05%
TotalMoney 6.15% 6.05%
BNZ Advantage 6.15% 6.05%

Changes to the Corporate, Purchasing and Dynamic Card Funding Visa cards’ terms and conditions

Effective from 15 May 2019

Following customer feedback and a recent review, we are changing our Corporate, Purchasing and Dynamic Card Funding Visa cards’ terms and conditions. This change removes the requirement for customers to collect and verify cardholders’ ID and address, as agents on our behalf, to meet customer due diligence obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which took effect on 1 October 2018.

In particular, we have removed clause 2.2 and the related definitions of “AML/CFT Act”, “Banking Day”, “Customer Due Diligence Procedures” and “Identity Code” from clause 1.2 (Terms).

The effect of these changes is that from 15 May 2019, all new Corporate, Purchasing and Dynamic card cardholders will need to present appropriate proof of ID and address that matches the information provided in the cardholder application when visiting a BNZ branch to put a PIN on their card.

View our ID requirements

Changes to the Internet Banking for Business terms and conditions

Effective from 29 April 2019

We are changing the Internet Banking for Business terms and conditions as follows:

  • Updating clause 3.4 to clarify the existing position of a Netguard Login Code or Mobile Authentication not being required when logging in and accessing the mobile business banking under clause 3.16.
  • Updating the definition of “Mobile Authentication” by removing reference to “Netguard Device” to reflect Mobile Authentication may now be activated without using a Netguard Device.
  • Updating clause 10.45 to clarify that in addition to Netguard, Mobile Authentication can be used for amending payment beneficiaries for telegraphic transfers and international cheques.

Correction: Corporate, Purchasing and Dynamic Card Funding Visa card terms and conditions

Effective from 10 April 2019

We’ve updated the above terms and conditions as the version published in connection with the changes advised in the public notice (effective from 12 November 2018) did not include previous changes to the terms and conditions, that took effect on 1 October 2018. The 1 October 2018 changes are described in an earlier public notice.

We apologise for this error and confirm it has now been fixed.

View the corrected terms and conditions pdf 135kb

Changes to the Foreign Exchange Dealing terms and conditions

Effective from 15 April 2019

We are changing clause 4.3 of the FX Dealing terms and conditions to make it clearer that we may settle a FX Transaction with you in accordance with any settlement instructions we receive from you, even in the situation where, for example, you provide settlement accounts that are not held in your name.

View the updated terms and conditions pdf 84KB

Reduction of Outward Telegraphic Transfer ‘Charges Our’ fee

Effective from 8 April 2019

The Outward Telegraphic Transfer ‘Charges Our’ fee is reducing from $25 to $20 per transaction.

To find out more about ‘Charges Our’ fee,  view our International payment fees section of our Service fees page , or phone 0800 269 562.

Correction: Rapid Save interest rate changes

Effective from 29 March 2019

Public notices we published this week described some changes to your Rapid Save account – including more ways to get your bonus interest and a proposed change to interest rates, effective 29 March.

It was suggested the proposed interest rate changes would be an improvement for all customers. That wasn’t right. We’re sorry and we’re fixing it.

To put this right, we’re keeping the total interest you could earn on your Rapid Save account at 2.10% p.a. As of 29 March 2019, the way the total interest rate is made up is changing, as set out in the table below.

PRODUCT
Current Interest rate p.a.
PREVIOUS PLANNED INTEREST RATE p.a. CHANGES

New planned INTEREST RATE CHANGES P.a.

Effective 29 MARCH 2019
Rapid Save Account      
Base rate (is still increasing) 0.05% 0.10% 0.10%
Bonus rate (is still decreasing) 2.05% 1.90% 2.00%
Total rate (is staying the same) 2.10% 2.00% 2.10%

Interest rates are subject to change. Full details, Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ store.

The other updates we shared remain unchanged. They are:

1. More ways to get your bonus interest
You used to only get rewarded for growing your balance. From 29 March 2019, you’ll also get bonus interest if your balance stays the same, and you make no more than one withdrawal during the bank month. And because we get that bank months can be tricky to get your head around, check out this new page on our website: bnz.co.nz/bankmonth

2. A lower withdrawal fee – $3
After your first free withdrawal, you’ll now pay $3 instead of $5 per withdrawal. This change has already taken place.

To find out more about Rapid Save visit bnz.co.nz/rapidsave

We’re committed to doing the right thing by our customers and will continue to explore ways to help you be good with money.

If you require more information, please visit your local BNZ branch or phone 0800 269 562.

Rapid Save interest rate changes

Effective from 29 March 2019

Our interest rates for new and existing customers are changing as follows:

PRODUCT
Current Interest rate p.a.
new interest rate p.a.
Rapid Save Account    
Base rate (is increasing) 0.05% 0.10%
Bonus rate (is decreasing) 2.05% 1.90%
Total rate (is decreasing) 2.10% 2.00%

Interest rates are subject to change. Full details, Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ store.

If you require more information, please visit your local BNZ branch or phone 0800 269 562.

Correction: Home loan variable interest rate changes

The public notice published on 2 March 2019 incorrectly recorded the effective date for increases to Residential Investor variable interest rates for existing Mortgage One and Rapid Repay home loan customers as 16 March 2019, rather than 18 March 2019.

Effective from 18 March 2019, our Residential Investor variable interest rates for existing Mortgage One and Rapid Repay home loan customers are increasing as follows:

PRODUCT
Current residential investor variable Interest rate p.a.
new residential investor variable interest rate p.a.
Mortgage One 6.60% 6.75%
Rapid Repay 6.05% 6.20%

Interest rates are subject to change. Full details, Standard Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ Branch. If you need more information, please visit a BNZ branch or phone 0800 269 562.

Rapid Save - Qualify for bonus interest when you maintain your balance

Effective from 29 March 2019

You no longer need to increase your Rapid Save account balance during a bank month to qualify for bonus interest. Instead, you’ll now qualify for bonus interest if:

  • your balance on the last day of the bank month is the same or more than at the start of the bank month 
  • you do not make more than one withdrawal during that bank month.

For more information, please visit your local BNZ branch, phone 0800 269 562, or view our Rapid Save page. For more information on bank months, including dates for each bank month period, see Receiving bonus interest on Rapid Save each bank month.

Home loan Residential Investor variable interest rate change

Effective from 16 March 2019

Our Residential Investor variable interest rates for existing home loan customers effective from 16 March 2019, are increasing as follows:

PRODUCT
Current Interest rate p.a.
new interest rate p.a.
TotalMoney 6.00% 6.15%
Standard/Fly Buys 6.00% 6.15%
Mortgage One 6.60% 6.75%
Rapid Repay 6.05% 6.20%
BNZ Advantage 6.00% 6.15%

Interest rates are subject to change. Full details, Standard Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ branch. If you need more information, please visit a BNZ branch or phone 0800 269 562.

Reduction of the Rapid Save withdrawal fee

Effective from 5 March 2019

The withdrawal fee on our Rapid Save account is reducing from $5 per withdrawal to $3 per withdrawal. Please note one free monthly withdrawal remains.

If you require more information, please visit your local BNZ branch, phone 0800 269 562, or view details on our website at bnz.co.nz/rapidsave.

Notification of increase to BNZ Cheque Clearance Fee

Effective 1 March 2019

We are increasing the BNZ Cheque Clearance Fee to 75 cents.

This change will only impact non-personal account types only. This change is a direct impact of declining volumes in the cheque market nationwide with customers choosing to do most (if not all) of their banking electronically.

For further information on our Internet Banking and Internet Banking for Business channels please refer to Payments.

Rapid Save interest rate changes

Effective from 30 November 2018

Our interest rates for new and existing customers effective from 30 November 2018 are decreasing as follows:

 Product
Interest rate p.a.
new interest rate p.a.
Rapid Save Account 2.20% p.a. total rate
(0.05% base + 2.15% bonus)
2.10% p.a. total rate
(0.05% base + 2.05% bonus)

Interest rates are subject to change. Full details, Terms and Conditions, a copy of our current disclosure statement and Qualifying Financial Entity Disclosure Statement may be obtained from any BNZ store.

If you require more information, please visit your local BNZ branch or phone 0800 269 562.

Changes to the Internet Banking for Business and Internet Banking terms and conditions

Effective from 1 December 2018

We are changing the above terms and conditions to introduce a new feature – customers (including users in Business Banking) will now be able to use their online banking login credentials to set up bank feeds allowing transactional account data to be exported directly to a third party application (for more information see new clause 3.6 in the Internet Banking Terms and Conditions and new clause 15 in the Internet Banking for Business Terms and Conditions).

At the same time, we are also making the following changes to the Internet Banking for Business Terms and Conditions:

  • Removing references to the Code of Banking Practice (following the new principles-based Code coming into force); and
  • Removing references to “Mobile Authentication Login Code” in anticipation of a new ‘push’ feature, which will mean users won’t need to provide a Mobile Authentication Code when using Mobile Authentication

Changes to Business First Visa Card terms and conditions 

Effective from 12 November 2018 

Changes to our standard terms and conditions for BNZ Business First Visa Card include: 

  • Amending clauses 2.3 and 6.1.b to reflect that a card replacement fee charged when a card is replaced because it is faulty, damaged, lost or stolen, will no longer apply from 12 November 2018. 
  • Amending clause 6.1.b to clarify that if you choose to have the replacement card couriered to you, a courier charge may apply.
  • Amending clause 6.1.f to reflect that a foreign currency service fee charged on purchase refunds will no longer apply from 11 November 2018.

View the updated terms and conditions pdf 442kb

If you require more information, please visit your local BNZ branch or phone 0800 275 269. 

Changes to credit cards terms and conditions

Effective from 12 November 2018

Changes to BNZ credit card terms and conditions include:

  • Amending clauses 4.10 and 8.6 to reflect that a card replacement fee charged when a card is replaced because it is faulty, damaged, lost or stolen, will no longer apply.
  • Amending clause 8.6 to clarify that if you choose to have the replacement card couriered to you, a courier charge may apply.
  • Amending clause 8.15b to reflect that a foreign currency service fee charged on purchase refunds for Visa cards will no longer apply (effective from 11 November 2018).

View the updated terms and conditions pdf 257kb

If you require more information, please visit your local BNZ branch or phone 0800 275 269.

Changes to BNZ Standard Terms and Conditions, and Flexi Debit Visa Terms and Conditions

Effective from 12 November 2018

Bank of New Zealand Standard Terms and Conditions and BNZ Flexi Debit Visa Terms and Conditions are changing. The changes include:

  • Incorporating the BNZ Flexi Debit Visa Terms and Conditions into the Bank of New Zealand Standard Terms and Conditions (refer section 14).
  • Removing references to the Code of Banking Practice (following the new principles-based Code coming into force).
  • Reducing our investigation timeframe for ATM, terminal or Flexi Debit Visa card faults (refer clause 14.32).
  • Amending clause 14.3 to reflect the removal of the card replacement fee and overseas postage fee.
  • Removing the $50.00 liability level for any fraudulent transactions for Eftpos cards (refer clause 15.16).
  • Amending clause 9.4(b) to include “Voice Identification”. This means that you will be liable for any BNZ losses in relation to the use of the telephone banking and/or video banking services accessed via Voice Identification.
  • Amending clause 14.39 to reflect that a foreign currency service fee charged on purchase refunds for Flexi Debit Visa cards will no longer apply (effective from 11 November 2018).
  • Other miscellaneous changes to align BNZ Flexi Debit Visa Terms and Conditions with Bank of New Zealand Standard Terms and Conditions.

If you reside in an European Economic Area country, please disregard section 11 of the updated Bank of New Zealand Standard Terms and Conditions and instead read the European Union General Data Protection Regulations (GDPR) Privacy Statement, which applies to you instead of that section.  View the GDPR Privacy Statement  pdf 51kb

View the updated Standard Terms and Conditions PDF 286kb

If you require more information, please visit your local BNZ branch or phone 0800 275 269.

Changes to Advanced and Anytime Personal Loan terms and conditions (for loans approved prior to 16 May 2014)

Effective from 12 November 2018

Changes to our standard terms and conditions for Your Advanced & Anytime Personal Loan include:

  • Amending clauses 15.4 and 16.3 to reflect that a card replacement fee charged when a card is replaced because it is faulty, damaged, lost or stolen, will no longer apply from 12 November 2018. 
  • Amending clause 16.3 to clarify that if you choose to have the replacement card couriered to you, a courier charge may apply. 
  • Amending clause 16.7 to reflect that a foreign currency service fee charged on purchase refunds will no longer apply from 11 November 2018.

View the updated terms and conditions pdf 177kb

If you require more information, please visit your local BNZ branch or phone 0800 275 269.

Changes to Corporate Purchasing and Dynamic Card Funding Visa Cards terms and conditions

Effective from 12 November 2018

Changes to our standard terms and conditions for Corporate Purchasing and Dynamic Card Funding Visa Card include:

• Amending clauses 2.4 and 6.1.b to reflect that a card replacement fee charged when a card is replaced because it is faulty, damaged, lost or stolen, will no longer apply from 12 November 2018.
• Amending clause 6.1.b to clarify that if you choose to have the replacement card couriered to you, a courier charge may apply.
• Amending clause 6.1.g to reflect that a foreign currency service fee charged on purchase refunds will no longer apply from 11 November 2018.

View the updated terms and conditions pd 132kb

If you require more information, please visit your local BNZ branch or phone 0800 275 269.

Changes to the Corporate, Purchasing and Dynamic Card Funding Visa Cards Terms and Conditions

Effective from 1 October 2018

We are changing our Corporate, Purchasing and Dynamic Card Funding Visa Cards Terms and Conditions so that customers will now need to collect and verify cardholders’ ID and address on our behalf to meet customer due diligence obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. We’ve also made some minor changes removing references to the Code of Banking Practice (following the new principles-based Code coming into force).

This new process will apply to new cardholders from 1 October 2018. A copy of the applicable customer due diligence procedures are available on our website.