Public notices

If you require more information on any of these notices please visit your local BNZ branch or phone 0800 275 269.

View Financial Markets Authority (FMA) notices

Changes to the Master Privacy Policy

Effective 1 December 2020

We are amending our Master Privacy Policy (MPP) to replace references to the Privacy Act 1993 with the new Privacy Act 2020, and to align with the new obligations BNZ has under it.

Section 6 of the MPP, “What we do if there is a privacy breach”, has been updated to clarify when we will notify individuals of a privacy breach.

Read the updated Master Privacy Policy PDF 93KB

Changes to issuing bank cheques

Effective 12 December 2020

We’ll no longer issue/supply bank cheques from 12 December 2020, as part of our plan to phase out cheques by July 2021. We’ll continue to accept bank cheques that have been issued before 12 December 2020 until July 2021. We have updated our Standard Terms and Conditions to reflect this change.

Standard Terms and Conditions

  • Removed Clause 18.14 – Issuing a bank cheque.

View the updated terms and conditions PDF 270 effective 12 December 2020.

 If you’d like any help around making payments without using chequescall us on 0800 275 269, or visit your local branch. 

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

Effective from 5 November 2020

If you have a BNZ Corporate or Purchasing Card, we are making some changes to your terms and conditions.

  • We are removing the Virtual Dynamic Card Funding product from the terms and conditions.
  • We are adding terms and conditions relevant to the ePurchasing product.

View the updated Corporate, Purchasing and ePurchasing Visa Cards Terms and Conditions 177 KB (effective from 5 November 2020).

If you require further information, please contact your relationship manager.

Rapid Save rate change

Effective from 30 September 2020

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

rapid save rate CURRENT interest rate p.a. new interest rate p.a.
Base rate (is not changing) 0.10% 0.10%
Bonus rate* (is decreasing) 0.40% 0.30%
Total available rate (is decreasing) 0.50% 0.40%

* To qualify for bonus interest, your balance (on top of any interest paid) on the last day of the bank month must be the same or greater than at the start of the bank month and you must not make more than one withdrawal during that bank month. For the bank month that an account is opened, the opening balance is nil.

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 or on our website.

If you require more information, please phone 0800 275 269.

Changes to Merchant Agreement – Master Terms and Conditions

Effective from 1 October 2020

We are amending our Merchant Agreement - Master Terms and Conditions as follows:

  • The defined term “card scheme” will be replaced in its entirety as follows:
    “card scheme means Visa, Mastercard, American Express, UnionPay International, Alipay, the domestic debit scheme or any other card scheme with whose card scheme rules we are obliged to comply.”

  • We have added a new subsection (v) to Section 3.9 (Your Obligations) as follows:
    “any surcharge for American Express cards is no greater than a surcharge charged to any other card scheme cardholder.”   

  • We have added a new Section 3.10 (American Express - Additional Terms and Conditionsas follows: 
    You acknowledge and agree that where you accept American Express cards:
    (a) you must not process any transaction for purposes other than bona fide purchases of goods and services. You must not process any transactions for:
    • (i) damages, losses, penalties, or fines of any kind (other than damages, losses, penalties, or fines which are charged by you in the course of providing goods or services, or where the cardholder defaults in relation to its contract with you;
    • (ii) costs or fees over the normal price of your goods and services or costs that cardholders have not specifically approved;
    • (iii) overdue amounts, or amounts covering returned or stop payment cheques;
    • (iv) gambling goods or services;
    • (v) adult digital content sold via the internet;
    • (vi) amounts that do not represent bona fide sales of goods or services at your business premises, e.g. purchases at your business premises by your owners (or their family members) or employees or any other person contrived for cash flow purposes;
    • (vii) other items of we notify you (as notified to us by American Express).

    (b) American Express, its affiliates, successors or assigns is not liable to you for any malfunction, unavailability or failure of, or delay in processing through, any point of sale terminal, direct payment service, direct connection or other devices or associated equipment operated by American Express or others which is beyond American Express’ control.  American Express is not responsible or liable to you for any incidental, indirect, speculative, consequential, special, punitive or exemplary damages of any kind (whether based in contract, tort, including negligence, strict liability, fraud, or otherwise, or statues, regulations, or any other source of law) howsoever arising out of or in connection with this agreement.  American Express will not be responsible to you for damages arising from delays or problems caused by telecommunications carriers or the banking system;

    (c) you authorise us to submit transactions to, and receive settlements from, American Express on your behalf;

    (d) each right (but not obligation) conferred under this agreement on us will be deemed to be conferred also for the benefit of American Express.  American Express will be entitled to enforce this agreement, as a third-party beneficiary, against you, only to the extent necessary to protect the American Express brand; and

    (e) you will comply with industry-specific requirements as notified by us from time to time.” 

  • We have amended Section 4.2 (c) (Accepting Nominated Card Details) as follows:
    “establish a fair policy which is the same for every card scheme and which is disclosed to cardholders at the time of purchase for dealing with refunds and disputes about transactions and include information about that policy on transaction receipts as required by us.”

  • We have amended Section 4.18 by inserting a new sentence at the end as follows:
    “You must ensure that your website does not contain any material in breach of applicable law.”

  • We have added a new subsection (c) to Section 12 (Promotional Material and Advertising) as follows:
    “ensure that, unless specified otherwise by us, all nominated cards have equal representation and promotion by you.”

View the updated terms and conditions pdf 216KB effective 1 October 2020.

If you require further information, please call 0800 737 774.

 

Changes to statements for BNZ credit cards

Effective from 26 August 2020

If you have a BNZ credit card that was opened after June 2015, you may start receiving statements via email instead of through the post.

This change is in line with clause 2.10 of the BNZ Credit Card Terms and Conditions PDF 215KB.

If this applies to you, we’ll let you know by email and/or post using the most recent contact details you’ve given to us. 

Changes to Personal loans and Community Finance Loan Terms and Conditions

Effective from 28 August 2020

Soon you’ll no longer see a payment advice slip on the bottom of your credit card or personal loan statement. We have updated the Personal loans and Community Finance Loan Standard Terms and Conditions to reflect this change.

Advanced Personal Loan Standard Terms and Conditions

  • Amended clause 6.1 - Methods of making payments.
  • Amended clause 3.4 - Crediting your payments. 

View the updated Advanced Personal Loan Standard Terms and Conditions PDF 155KB

Advanced & Anytime Personal Loan Standard Terms and Conditions

  • Amended clause 11.1 - Methods of making payments.

View the updated Advanced & Anytime Personal Loan Standard Terms and Conditions PDF 271KB

Your Advanced Personal Loan Standard Terms and Conditions

For StepUP loans offered with the assistance of Community Partners, approved on or before 13 November 2016.  

  • Amended clause 6.3 - Making additional payments.

View the updated Your Advanced Personal Loan standard terms and conditions PDF 281KB

 If you require further information, please call 0800 275 269.

Changes to Visa and Mastercard domestic interchange rates

Effective August 2020

Mastercard are changing several domestic interchange rates effective from 1 August 2020, and Visa are reducing domestic contactless interchange rates effective from 15 August 2020.

For Mastercard, some new categories are being introduced, while increases and decreases will apply across several other categories.

These changes will be applied automatically to transactions accepted from 1 August 2020 for Mastercard, and 15 August 2020 for Visa if you are a BNZ merchant on Interchange Plus pricing.

If you would like more information, please call 0800 737 774.

Changes to Standard Terms and Conditions

Effective from 20 July 2020

We have amended the following sections of our Standard Terms and Conditions:

  • Section 2.9 (Changes to personal or organisation details) has been updated to re-state that it is your responsibility to notify us of any changes to your contact details.
  • Section 2.15 (Statements by post) and section 2.16 (Viewing statements and/or balance enquiries) have been amended to clarify when we will send your statements to you by post or by other means.
  • Section 8.9 (Transferring you from a product or service) has been updated to include the right to transfer you to a different product or service based on the product or service eligibility criteria not being met and/or for product suitability reasons.

View the updated Bank of New Zealand Standard Terms and Conditions (PDF 271KB)

If you require further information, please phone 0800 275 269.

Rapid Save interest rate changes

Effective from 30 June 2020

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

rapid save rate CURRENT interest rate p.a. new interest rate p.a.
Base rate (is not changing) 0.10% 0.10%
Bonus rate* (is decreasing) 0.55% 0.40%
Total available rate (is decreasing) 0.65% 0.50%

*To qualify for bonus interest, your balance (on top of any interest paid) on the last day of the bank month must be the same or greater than at the start of the bank month and you must not make more than one withdrawal during that bank month. For the bank month that an account is opened, the opening balance is nil.

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 or on our website.

If you require more information, please phone 0800 275 269.

MyMoney for Business overdraft base rate changes

Effective from 3 July 2020

We’re decreasing the MyMoney for Business overdraft base rate as follows: 

PRODUCT CURRENT Overdraft base rate P.A. NEW overdraft base rate P.A.
MyMoney for Business 9.20%* 8.90%*

*You’ll pay interest at the MyMoney for 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’ll 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. 

Unclaimed money 

If you have money in a BNZ transaction or savings account that hasn’t been touched for a significant amount of time, or you have a BNZ cheque that hasn’t been banked for a number of years, we’re required to pay this money to Inland Revenue under the Unclaimed Money Act 1971.

This includes:
• any transaction accounts in credit which haven’t been touched since 31 May 2014
• deposit accounts in credit which have had no transactions since 31 May 1995, and
• bank cheques, travellers cheques and foreign currency drafts that haven’t been claimed or presented for more than six years.

If this affects any BNZ transaction or deposit accounts you hold, you can simply reactivate them by making a transaction before 30 September 2020.

Any money still unclaimed as at 30 September 2020 will be transferred to Inland Revenue, where it will be available to claim from 31 October 2020, provided you can prove you’re the owner. Visit ird.govt.nz/unclaimed-money/about for more information.

Bank and travellers cheques

If you have a bank cheque issued by BNZ between 1 June 2013 and 31 May 2014 and believe you’re the owner, please present it to your bank for payment by 30 September 2020.

We continue to accept BNZ-issued New Zealand dollar travellers cheques regardless of the date of issue. Please present these to your nearest BNZ branch

Changes to Lite Visa, Low Rate Mastercard and Home Advantage Tier 2 purchase interest rates 

COVID-19 special purchase interest rate 

We’ve introduced a temporary special purchase interest rate on Lite Visa, Low Rate Mastercard and Home Advantage Tier 2 credit cards of 9.95% p.a. for up to three months. This special purchase interest rate will apply to statements with a closing date between 29 June 2020 and 1 October 2020 (inclusive).  

Standard purchase interest rate from 2 October 2020 

A new standard purchase interest rate of 12.90% p.a. will apply (currently 13.45% p.a.) to statements with a closing date of 2 October 2020 or later. 

There is no change to the cash advance interest rate (currently 22.95% p.a.). 

Interest rates are subject to change. For full details, refer to the BNZ credit card terms and conditions.

Call account interest rate changes

Effective from 24 April 2020

Our interest rates for the following call accounts are decreasing as follows:

PRODUCT APPLIES TO current INTEREST RATE P.A. new interest rate p.a.
Personal OnCall $0+ 0.10% 0.05%
Personal Call $0 - $499,999 0.00% No change
Personal Call $500,000+ 0.10% 0.05%
TotalMoney (credit balance) $0 - $99,999 0.00% No change
TotalMoney (credit balance) $100,000+ 0.10% 0.05%
TotalMoney for Business (credit balance) $0 - $99,999 0.00% No change
TotalMoney for Business (credit balance) $100,000+ 0.10% 0.05%
Business First OnCall $0+ 0.10% 0.05%
Business Advantage Call $0 - $499,999 0.00% No change
Business Advantage Call $500,000+ 0.10% 0.05%
Farm First Call $0+ 0.10% 0.05%
Private Bank Call $0+ 0.10% 0.05%
Non-Profit Accounts $0+ 0.10% 0.05%
Client Funds Services Call $0+ 0.25% 0.05%

Interest rates are subject to change. Full details, Standard Terms and Conditions, TotalMoney Terms and Conditions, TotalMoney for Companies & Trusts 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.

If you require more information, please phone 0800 275 269.

Changes to Standard Terms and Conditions and Advanced Personal Loan Standard Terms and Conditions

Effective from 20 April 2020

We are amending our Standard Terms and Conditions and our Advanced Personal Loan Standard Terms and Conditions as follows.

Standard Terms and Conditions

  • We have amended clause 4.9 (Withholding Tax on interest we pay) to include the Withholding Tax non-declaration rate of 45%.
  • We have amended clause 15.28 (Reversal of foreign currency ATM withdrawals) to include reference to the foreign currency service fee.

View the updated Standard Terms and Conditions PDF 335KB

Advanced Personal Loan Standard Terms and Conditions

  • We have added a new subclause (c) to clause 10.1 (What happens if you default).

View the updated Advanced Personal Loan Standard Terms and Conditions PDF 154KB

If you require further information, please phone 0800 275 269.

Changes to terms and conditions due to privacy policy updates

Effective from 20 April 2020

We’re updating our privacy policy which sets out how we collect, use, and protect personal information. As a result of the changes, we’re making the following consequential changes to our terms and conditions. 

Standard Terms and Conditions
  • We have updated the ‘Key Information’ section.
  • Amended clause 11 (Information about you).
  • Amended clause 24 (Definitions).

View the updated Standard Terms and Conditions PDF 335KB 

Internet Banking Terms and Conditions
  • We have updated the ‘Complaints’ section.
  • Clause 1.11 has been replaced by a new clause 8 (Information about you).
Credit Card Terms and Conditions
  • We have updated the ‘Important Information’ section.
  • Amended clause 1 (Definitions).
  • Amended clause 16 (Information about you).
  • Amended clause  21 (Fly Buys Terms). 

View the updated Credit Card Terms and Conditions PDF 251KB 

Advanced Personal Loan Standard Terms and Conditions
  • We have updated the ‘Important Information’ section.
  • Amended clause 1 (Introduction, applicable law, and definitions).
  • Amended clause 15 (Information about you). 

View the updated Advanced Personal Loan Standard Terms and Conditions PDF 154KB

Private Bank Line of Credit Agreement
  • Amended clause 17 (Consent to electronic disclosure).
  • Amended clause 22 (Dispute resolution). 

View the updated Private Bank Line of Credit Agreement PDF 53KB 

If you have any questions or would like more information, call us on 0800 275 269.

Removal of $80 transaction value for Contactless Purchases in credit card terms and conditions

Effective 9th April 2020 

We are removing all references to the $80 transaction value for Contactless Purchases when using a BNZ Visa or BNZ Flexi Debit Visa.  We will replace these references to a new Transaction Value, which may be updated from time to timeYou can find our applicable Transaction Value for Contactless Purchases (as well as the dates on which the Transaction Value is changed) on our website, or you can call us at 0800 275 269.

Terms and conditions to be updated
  • Standard Terms and Conditions
    • Clause 14.21 (Contactless Purchases).
    • Clause 24 (Definitions). 
  • BNZ credit card Terms and Conditions
    • Clause 1 (Definitions).
    • Clause 5.4 (Contactless Purchases). 
  • Business First™ Visa Card Terms and Conditions
    • Clause 2.8.1 (for the purpose of these terms and conditions the following definitions apply).
    • Clause 2.8.2 (Cards with payWave logo).
  • Corporate, Purchasing And Dynamic Card Funding Visa Cards Terms and Conditions
    • Clause 1.2 (Terms).
    • Clause 2.9.b PIN selection (for Corporate Cards and Purchasing Cards only).  

Business First and Farm First overdraft base rate changes

Effective from 16 April 2020 

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

Product Current overdraft base rate p.a New Overdraft base rate p.a 
Business First Transact 9.20%* 8.90%* 
Farm First Transact 9.20%* 8.90%*

*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.

Variable (floating) home loan and HomeAdvantage Mastercard interest rate changes

Our variable (floating) home loan interest rates and HomeAdvantage Mastercard Tier 1 purchase interest rate for existing customers are decreasing.

Home loan interest rates

The table below applies to Residential Owner Occupied variable interest rates, Residential Investor variable interest rates, Private Bank Line of Credit – Secured variable interest rates, and variable interest rates for all home loans entered into before 23 October 2018 which have not had a Residential Owner Occupied or Residential Investor rate applied to the loan.

PRODUCT CURRENT VARIABLE
INTEREST RATE P.A.
NEW VARIABLE
INTEREST RATE P.A.
EFFECTIVE DATE
Mortgage One 5.90% 5.15% 18 March 2020
Rapid Repay 5.35% 4.60% 18 March 2020
TotalMoney 5.30% 4.55% 1 April 2020
Standard/Fly Buys 5.30% 4.55% 1 April 2020
BNZ Advantage 5.30% 4.55% 1 April 2020
Private Bank Line of Credit - Secured 5.30% 4.55% 1 April 2020
Premium Rapid Repay 5.30% 4.55% 1 April 2020

HomeAdvantage Mastercard interest rate

The Tier 1 purchase interest rate is decreasing, effective for statements with a closing date of 29 April 2020 or later.

Current tier 1 purchase interest rate p.a. New tier 1 purchase interest rate p.a.
5.30% 4.55%

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

Changes to clearance times of cheques and merchant sales vouchers and changes to Express Deposit Bag Terms and Conditions

Effective from 1 April 2020

The clearance times for cheques and merchant sales vouchers will increase from four business days to six business days, from the day the cheque or merchant sales voucher is verified. The timeframe for verification will depend on the deposit channel.

Further information about cheque security and clearance times is available on our website, or you can talk to your relationship manager.

The following clauses in the Express Deposit Bag Terms and Conditions will be amended.

  • Clause 7 will be amended to clarify that processing of Express Deposit bags will usually take to two business days, but in some locations a further day may apply.
  • Clauses 12 – 14 will be added to reflect the relationship between the Express Deposit Bag Terms and Conditions and BNZ’s Standard Terms and Conditions.

The amended Express Deposit Bag Terms and Conditions will be available on our website from 1 April 2020.

Updates to our privacy policy

Effective from 20 April 2020

Trust and privacy are important to us, and with upcoming changes to New Zealand’s Privacy Act, we’ve taken the opportunity to update our privacy policy to make it easier to access and understand.

Our updated privacy policy sets out how we collect, use and protect personal information, as part of delivering products and services or interacting with customers. It also explains how customers can exercise their privacy rights. 

Read the Master Privacy Policy

Changes to Standard Terms and Conditions

Effective from 10 February 2020

We have amended the following clauses of our Standard Terms and Conditions to clarify when we may close or suspend a customer’s account:

  • clause 2.8 (Failure to provide all information we ask for)
  • clauses 8.2 and 8.3 (Suspension or closure of accounts, products or services).

We have amended the following clauses to remove the description of the process for requesting a cheque book and to clarify the terms that apply to cheques:

  • removed existing clause 18.1 (Asking for a cheque book)
  • added in a new clause 18.8 (Refusal of cheque deposited to your account)
  • amended clause 18.16 (Refusal of payment).

We have amended clause 1.5 (Governing law and enforceability) by deleting the reference to “exclusive jurisdiction” and replacing it with “non-exclusive jurisdiction”.

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 read the European Union General Data Protection Regulations (GDPR) Privacy Statement(PDF 51KB), which applies to you instead of that section.

View the updated Bank of New Zealand Standard Terms and Conditions.

If you require further information, please phone 0800 275 269.

Residential Investor variable (floating) home loan interest rate changes

Our Residential Investor variable (floating) home loan interest rates for existing customers are decreasing.

Residential Investor variable interest rates

PRODUCTCURRENT VARIABLE
INTEREST RATE P.A.
NEW VARIABLE
INTEREST RATE P.A.
EFFECTIVE DATE
Mortgage One 6.15% 5.90% 24 January 2020
Rapid Repay 5.60% 5.35% 24 January 2020
TotalMoney 5.55% 5.30% 7 February 2020
Standard/Fly Buys 5.55% 5.30% 7 February 2020
BNZ Advantage 5.55% 5.30% 7 February 2020

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.

Removal of monthly base fee for Business First Transact account – Pay As You Go plan

Effective from 30 January 2020

We are removing the $3.50 monthly base fee on Business First Transact accounts for all customers on the Pay As You Go plan. As a result, we are amending the reference to the monthly base fee in our Business and Agribusiness Account and Service Fees Guide from ‘$3.50’ to ‘No charge’.

The updated Business and Agribusiness Account and Service Fees Guide will be available on 30 January 2020 when the change is effective.

If you have any questions or would like more information, please visit your local BNZ branch or phone 0800 955 455.