Changes to variable (floating) home loan rates

Effective from 28 October 2021

Our variable (floating) home loan interest rates for existing customers are increasing as indicated below.

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 as indicated below.

PRODUCT Current variable interest rate p.a New variable interest rate p.a
Rapid Repay

4.60%

4.70%

Premium Rapid Repay

4.55%

4.70%

TotalMoney

4.55%

4.70%

Standard/Flybuys

4.55%

4.70%

BNZ Advantage

4.55%

4.70%

Private Bank Line of Credit – Secured 4.55% 4.70%

Interest rates are subject to change. Full details, and a copy of our current disclosure statement may be obtained from any BNZ branch or Partners Centre, or on our website.

Reduction of international payment fees

Effective from 12 October 2021

International fees* FEE before 12 OCTOBER 2021 FEE AFTER 12 OCTOBER 2021
Send international payments - Self service online
(Internet Banking – Personal and Business)

$15

$5

Receive international payments - Credited to a BNZ account

$15

$10

Receive international payments - Credited to another bank $25 $15

*Overseas bank charges may apply.

View our current international transaction service fees

View our current Business and Agribusiness Account and Service Fees Guide PDF 114KB

For more information, please phone 0800 275 269

Removal of Private Bank Line of Credit from sale

Effective from 17 September 2021

We will no longer be offering new Private Bank Line of Credit accounts or increasing existing limits from 17 September 2021. Existing Private Bank Line of Credit accounts will remain open.

For more information, please phone 0800 275 269. Private Bank clients, please contact your private banker.

Changes to statements for savings, transactional, overdraft, and credit card customers

Effective from 18 August 2021

  • If you have a savings or transactional account, you may start to receive your statements by email in PDF form in accordance with clause 2.16 of the Standard Terms and Conditions
  • If you have a personal credit card account, which you opened after 6 June 2015, you may start  to receive your statements by email in PDF form in accordance with clause 2.10(d) of the BNZ Credit Card Terms and Conditions PDF 251KB
  • If you have a Personal Arranged Overdraft, which you opened after 6 June 2015, you may start  to receive your statements by email in PDF form in accordance with clause 10(d) of your Personal Arranged Overdraft Agreement PDF 78KB SAMPLE LETTER
  • If you have a YouMoney Tertiary Overdraft, which you opened after 6 June 2015, you may start  to receive your statements by email in PDF form in accordance with clause 11.1(d) of your YouMoney Tertiary Overdraft Agreement PDF 78KB SAMPLE LETTER

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

Changes to Internet Banking for Business Terms and Conditions

Effective from 23 August 2021

We are amending our Internet Banking for Business Terms and Conditions by updating the clauses as follows:

  • Clauses 6.3 (b), 10.2, 10.5, 10.45 and 17: we are removing all references to international cheques as we no longer accept them.
  • Clauses 10.15 and 10.20: we are removing these clauses about international cheques as we no longer accept them.
  • Clauses 10.16-10.46: we have renumbered these clauses.

The updated Terms and Conditions will be available from 23 August 2021.

View the current Internet Banking for Business Terms and Conditions

 

Update to our Master Privacy Policy

Effective from 2 August 2021

As part of our annual review of our Master Privacy Policy, we are updating the document to:

  • better reflect existing business practice
  • include reference and a link to the BNZ Open Banking privacy statement
  • include reference and a link to our new ‘Summary for children and young people’ 
  • update the European General Data Protection Reguation (EU GDPR) Privacy Statement, to better align with our Master Privacy Policy.

We are not changing what we are doing with the handling of your personal information.

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

Changes to Standard Terms and Conditions 

Effective from 28 July 2021

We are amending our Standard Terms and Conditions by updating the clauses as follows:

  • Clauses 2.2, 7.3, 8.2, 8.7 and 18: we are removing references to domestic and foreign cheques as we no longer accept them. 
  • Clauses 2.16, 2.17 and 2.18: we are providing more information on how you may receive your statements, including by email.
  • Clause 4.9: we are removing the reference to the certificate of exemption from Withholding Tax.
  • Clauses 6.1, 6.2, 14.9 and 15.7: we are adding information about making PIN changes using the BNZ app or Internet Banking.
  • Sub-clause 8.2 (f): we are clarifying our rights for when we can close or suspend an account, or end or suspend any products or services. 
  • Clause 23.1: we are clarifying the definition of ‘Maturity Date’.
  • Clause 23.13: we are clarifying when interest is payable on a Term Deposit.  
  • Clause 24: we are removing the definition for ‘New Zealand Dollar Bank Draft’ as we no longer accept this product.
  • We are updating the terms (as applicable) to include email as a way we can communicate with you. 
  • We are making other minor formatting changes and correcting typographical errors.

View the updated Standard Terms and Conditions PDF 345KB

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

Changes to how interest is applied on Rapid Save account balances

Effective from 30 July 2021

We’ll apply a single interest rate to Rapid Save account balances. This is a move away from applying a base rate and a bonus rate, that makes up the total available interest rate. 

Changes Rapid Save before 30 July 2021 Rapid Save After 30 July 2021
Interest rate you earn

Base rate: 0.05%

Bonus rate: 0.10% p.a.*

Total available interest rate: 0.15% p.a. 

Single interest rate: 0.15%^

Withdrawal fee

One free withdrawal each bank month**.

Each withdrawal after that costs $3. 

One free withdrawal*** each bank month**.

Each withdrawal after that costs $3. 

 Account fee No fee No fee 

* 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.

** A bank month starts on the last business day of the previous month, and ends on the second last business day of the current month.

*** Withdrawal fee applies per withdrawal for all subsequent withdrawals per bank month. A withdrawal includes transferring your money from your Rapid Save account to one of your other BNZ accounts, but does not includes transferring money to a BNZ term deposit. See our Personal account, service, and facility fees guide (86 KB). 

^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.

Removal of Treasury Call Account from sale

Effective from 21 July 2021

We will no longer be offering new Treasury Call Accounts from 21 July 2021. Existing Treasury Call Accounts will remain open.

For more information, please phone 0800 275 269.

Removal of domestic and foreign cheque fees from the Business and Agribusiness Account and Service Fees Guide

Effective from 17 July 2021

We are making changes to our Business and Agribusiness Account and Service Fees Guide as part of our removal of domestic and foreign cheques. All fees and references to accepting domestic and foreign cheques are being removed from the fees guide as we no longer offer these services.  See more information about the removal of cheques

The updated Business and Agribusiness account and service fees guide will be available from 17 July 2021.

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

Rapid Save interest rate changes

Effective from 30 June 2021

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) 0.05% 0.05%
Bonus rate* (is decreasing) 0.15% 0.10%
Total available rate (is decreasing) 0.20% 0.15%

* 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.

** A bank month starts on the last business day of the previous month, and ends on the second last business day of the current month.

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 the BNZ Advantage Visa Platinum and BNZ Advantage Business credit card travel insurance

Effective 28 June 2021

The following change is being made to the BNZ Advantage Visa Platinum travel insurance policy document:

  • Removal of the Accidental Death and Disablement (Common Carrier) policy.

The following changes are being made to the BNZ Advantage Business credit card travel insurance policy document:

  • Removal of the Accidental Death and Disablement (Common Carrier) policy.
  • Removal of the 35 Day Gold International Travel Insurance Business Extension policy, as we no longer offer any type of BNZ Gold Card.

The updated policy documents will be effective from 29 July 2021 for existing cardholders, and for any new cardholders from 28 June 2021.

If you need more information, please phone the BNZ travel team at Cigna on 0800 269 872.

Removal of Personal OnCall account from sale and reduction in withdrawal fee 

Effective 30 June 2021 

From 30 June 2021, we will no longer be offering new Personal OnCall accounts

Existing Personal OnCall accounts can remain open and we will be reducing the withdrawal fee (electronic and manual) from $5 per withdrawal to $3 per withdrawal 

For more information visit your local branchor contact our team on 0800 275 269. 

Changes to Internet Banking for Business Terms & Conditions

Effective from 23 June 2021

We have removed the ability to order cheque books and deposit books in Internet Banking for Business and will soon be removing the ability to request a replacement statement to be sent in the post. A copy of a statement is still available to download in the Statement and Document area of Internet Banking for Business.

We are amending our Internet Banking for Business Terms and Conditions to remove all references to “replacement statements”, “chequebooks”, and “deposit books”. Amendments have been made to the following clauses:

  • Clause 2.7(a)(ii) has been deleted
  • The definitions of “Manage Account Information and Services” and “Controlled Instructions” in clause 17 have been amended.

The updated Terms and Conditions will be available from 23 June 2021.

View the current Internet Banking for Business Terms and Conditions

Important information for BNZ Life policyholders

Proposed transfer of BNZ Life’s policies to Partners Life

If you’re a BNZ Life Insurance Limited (BNZ Life) policyholder, we’d like to make sure you’re aware that the owner of BNZ Life, National Australia Bank Limited (NAB), has signed an agreement to sell BNZ Life to Partners Life Limited (Partners Life). The sale is subject to regulatory and other approvals, including approval from the Reserve Bank of New Zealand (RBNZ). We’ve sent a letter explaining the proposed change to all BNZ Life policyholders. If you haven’t received it, please call the BNZ Life team on 0800 808 648 to update your details and have your letter resent. They’re available 8am-6pm, Monday to Friday.         

What does this mean for you and your policy? 

For now, nothing changes – BNZ Life is still the insurer of your policy. Once the regulatory approvals have been confirmed and the sale is completed, your policy will be transferred to Partners Life with the same terms and conditionsAny claims that are in progress at the time will not be affected by the transfer. If your premiums are currently reviewed on your policy anniversary under your policy terms and conditions, this will continueFor more information on what the proposed sale means for you and your policy, please go to www.bnz.co.nz/bnzlifesale.

Your views are welcome

If you’re a BNZ Life policy holder, we welcome any views you may have on the proposed transfer of your policy to Partners Life. Please let us know your views using the online feedback form. The form will be open until 14 June 2021. If you’d like to provide a view but don't have internet access, please call us. Feedback will be collated and included within the RBNZ approval process. 

Removal of foreign exchange cash fees

Effective from 1 June 2021

All fees and references to the buying and selling of foreign exchange cash, are being removed from our fees guides as we no longer offer this service.

Changes to our Personal account, service and facility fees guide

  • Under the defined term “International fees” the defined term:
    • “Travel funds – Issue of foreign cash” and associated fee is removed
    • “BNZ buy foreign cash” is removed along with the associated fee 
    • “Foreign currency account cash handling” for deposits and withdrawals in cash and associated fees is removed
    • “Uplifted in cash” for international payments is removed along with the associated fee.

Changes to our Business and Agribusiness account, service and facility fees guide 

  • The defined term “BNZ buys foreign cash” and the associated fee is removed for money transfer service fees and international fees. 
  • Under the defined term “Cash Advance”, where there is reference to foreign cash for “NZ over the counter” this is removed. Overseas cash advances and a foreign currency service fee are not relevant. 
  • The footnote 2 on page 6 will also remove the reference to  cash advances in foreign currencies and a foreign currency service fee. 

The updated fee guides will be available from 1 June 2021.

View our current Personal account, service and facility fee guide PDF 92KB  or our current Business and Agribusiness account, service and facility fees guide Pdf 146kb.

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

Changes to Rapid Repay home loan fees

Effective from 1 June 2021

We are making changes to the way fees are charged on Rapid Repay home loans. We are removing the electronic and manual transaction fees as well as removing the monthly fee rebates. The monthly base/account fee of $2.00 will remain.

View the current Personal Account, Service and Facility Fees guide PDF 136KB.

View the updated Personal, Account, Service, and Facility Fees guide PDF 89KB, effective from 1 June 2021.

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

Changes to domestic and foreign cheque deposit fees

Effective from 1 June 2021

We are making changes to our Personal, Account, Service and Facility Fee guide as part of our removal of domestic and foreign cheques. From 1 July 2021, domestic or foreign cheque deposit fees will no longer apply as this service will not be available. More information on the removal of cheques

The updated Personal, Account, Service and Facility Fee guide will be available from 1 June 2021. View the current Personal, Account, Service and Facility Fee guide PDF 92KB 

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

Removal of foreign cheque deposits

Effective from 1 July 2021

We will no longer be accepting foreign cheques. This means you will need to receive international payments directly to your bank account by requesting telegraphic transfers or international direct deposits. 

Any cheques received will need to be deposited to your account by 30 June 2021. 

More information on the removal of cheques

Reduction of outward automatic payment fee for Business Current Account plan

Effective from 31 May 2021

We are reducing the outward automatic payment fee from $0.50 to $0.35 per payment. This is to align it with the electronic transaction fee on Business Current Account plans for all customers.

As a result, we have updated the ‘Electronic transaction fee’, in our Business and Agribusiness Account and Service Fees Guide, to include reference to automatic payments and removed the row ‘Automatic payments’ and the corresponding footnote on page 3.  

The updated Business and Agribusiness Account and Service Fees Guide will be available on 31 May 2021, 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.

Changes to Personal account, service and facility fees brochure

Effective from 13 May 2021

We are amending our Personal account, service and facility fees brochure. 

  • The defined term “BNZ Internet Banking”, we are updating to “Internet Banking”. 

  • Where we have used “Internet” and not “Internet Banking”, we are updating to “Internet Banking”. 

  • Where we have used “Branch and Staff Assisted or Staff assisted”, we are updating to “branch/staff assisted transactions”. 

  • Where we have used “Flexi Debit Visa”, we are updating to “Flexi Debit Visa card”. 

  • Where we have used “Service fees, account and facility fees”, we are updating to “Service, account and facility fees”. 

  • Where we have used: 
    • “Internet or Telephone Banking, transactions using BNZ App or BNZ ATMs. Electronic transactions including bill payments, EFTPOS, direct debit, telephone banking, automatic payments, and BNZ ATM transactions”.

      We are updating to:
    • “Internet Banking or telephone banking, transactions using BNZ App or BNZ ATMs.  Electronic transactions include automatic payments, bill payments, direct credits, direct debits, funds transfers, Flexi Debit Visa card, card not present and EFTPOS”.

  • On page three of the brochure, the monthly base or account fees for Personal On Call accounts, where we have used: 
    • “No charges for deposits. No charge when you withdraw money from your account via funds transfer or Automatic Payments or one off payment using Internet Banking, Telephone Banking or Automatic Payments”.

      We are updating to: 

    • “No charges for deposits. No charge when you withdraw money from your account via funds transfer or automatic payment or one off payment using Internet Banking, telephone banking”.

  • We have made other minor formatting and corrected typographical errors throughout the fees brochure, including the deletion of an obsolete cross reference to another page in the brochure in footnote five on page six. 

View the updated Personal account, service and facility fees brochure  PDF 290KB

Removal of foreign cash exchange services  

Effective from 23 April 2021

We will no longer be offering foreign cash exchange services. This means we will no longer buy or sell foreign cash online or at our branches

All pre-paid or direct orders for foreign cash placed with us by a BNZ customer before 23 April 2021, will still be delivered to branches for customer collection.

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

 

Changes to Business and Agribusiness account and service fees guide

Effective from 24 April 2021

We are amending our Business and Agribusiness account and service fees guide as follows:

  • We are updating the guide with references to “account fees, service fees and/or facility fees” as applicable.

  • Where we have used “Business First Transaction Accounts”, we are updating this to “Business First Transact Accounts”.

  • Where we have used “BNZ Internet Banking and Internet Banking for Business” as a row heading in a fees table, we are updating these headings to “Internet Banking for Business and Mobile Business Banking app transaction fee”. A new description of this fee will be included below each of these row headings as follows: “Funds transfers, outward bill payments and direct credit transactions initiated when using Internet Banking for Business or Mobile Business Banking app. For all other transactions made using Internet Banking for Business or Mobile Business Banking app, the Electronic transaction fee will apply. Service fees, account and facility fees may also apply”.

  • Where we have used “Electronic transactions” as a row heading in a fees table, we are updating these headings to “Electronic transaction fee”. A new description of this fee will be included below each of these row headings as follows: “Electronic transactions include bill payments into your account, and transactions made from or received into your account using: automatic payments, direct credits, direct debits, same-day cleared payments and/or EFTPOS transactions. Service fees, account and facility fees may also apply”.

  • Where we have used “Manual transactions” as a row heading in a fees table, we are updating these headings to “Manual transaction fee”. We are also updating the description below these headings to include “Point to Point service, BNZ Direct Cash and Business Deposit Unit”.

  • Where we have used “Overdraft Establishment Fee” as a row heading in a fees table, we are removing this reference.

  • The terms “Overdraft Facility Fee” and “Unarranged Overdraft Fee” are being separated into different rows in each fees table and we are deleting the description below this row heading.

  • We are updating the corresponding footnotes for “Overdraft Facility Fee” and “Unarranged Overdraft Fee” as follows: 
    • On page 1:
      “2. Payable monthly in arrears on an arranged or unarranged overdraft. Calculated on the overdraft limit or actual overdraft utilised, whichever is the greater. You also pay interest at the Bank’s applicable business overdraft rate plus a margin on the overdrawn amount (up to your arranged overdraft limit) as set out in your overdraft facility letter. If you go into unarranged overdraft (including if you go over your arranged overdraft limit), interest at the Bank’s Business Overdraft Base Rate plus 10.00% p.a. (unless we advise you otherwise) also applies to the debit balance, calculated daily and paid monthly.
      3. Applies to all accounts in a ‘Group Set Off’ arrangement.
      4. Overdraft Establishment Fee payable on establishment of an arranged overdraft or temporary overdraft. The fee will be disclosed in your overdraft facility agreement or confirmation we provide to you”.
    • On page 2, the above footnotes will be renumbered as 4, 5, and 6 respectively.
    • On page 3:
      “3. Applies to all accounts in a ‘Group Set Off’ arrangement.
      4. Payable monthly in arrears on an arranged or unarranged overdraft. Calculated on the overdraft limit or actual overdraft utilised, whichever is the greater. You also pay interest at the Bank’s applicable business overdraft rate plus a margin on the overdrawn amount (up to your arranged overdraft limit) as set out in your overdraft facility letter.
      5. If you go into unarranged overdraft (including if you go over your arranged overdraft limit), interest at the Bank’s Market Connect Base Rate plus 8.00% p.a. (unless we advise you otherwise) also applies to the debit balance, calculated daily and paid monthly.
      6. If you go into unarranged overdraft (including if you go over your arranged overdraft limit), interest at the Bank’s Business Overdraft Base Rate plus 10.00% p.a. (unless we advise you otherwise) also applies to the debit balance, calculated daily and paid monthly.
      7. Overdraft Establishment Fee payable on establishment of an arranged overdraft or temporary overdraft. The fee will be disclosed in your overdraft facility agreement or confirmation we provide to you”.
  • On pages 1-4 (inclusive), we are inserting a new reference to: BNZ Standard Terms and Conditions applying.

  • Where we have used “Monthly base or account fee1” as a row heading in the fees table on page 2, we are inserting a new description below this heading as follows: “Service and facility fees may apply. No cash handling fee for MyMoney for Business or Non-Profit Organisation accounts”.

  • We are updating footnote 3 on page 2 to read: “Non-Profit Organisation accounts are available to any charity, association or organisation that returns any profit, property or benefit to the wider community and not to any individual member or members”.

  • Where we have used “Automatic Payments”, as a row heading in the fees table on pages 3 and 4, we are replacing the description below these headings with “Automatic payments made from your account. Service fees, account and facility fees may also apply”. We are also amending the footnote to this fee to read as follows: “An Electronic transaction fee will not be charged in addition to the automatic payment fee. Automatic payments into your account from other parties are classed as Electronic transactions”.

  • Where we have used “Freepost deposits” as a row heading in the fees table on each of pages 3 and 4, we are amending the row headings to include “Point to Point service, BNZ Direct Cash and Business Deposit Unit”.

  • We are removing all references to the following products as they are no longer available: Business Advantage Line of Credit Account and Farm First Transact Pay. 

  • For the fees table on page 3, we are removing the row “Line of Credit charges” as this service relates to “Business Advantage Line of Credit Account” and is no longer available.

  • We are deleting the first row “Annual card fee” in the fees table for “Business Credit Cards” on page 6, and replacing it with:

    Card Fees
    Business First Visa (Control Plan):
    Business First Visa (Lite):
    BNZ Advantage Business:
    Purchasing Card:”

  • On page 6, under the section “Business First Oncall” where we have used “Unarranged overdraft fee” as the row heading, we are deleting the description below the words “$5.00 for any month overdrawn”. We are also including a new footnote 6 to this fee to read: “If you go into unarranged overdraft, interest at the Bank’s Business Overdraft Base Rate plus 10.00% p.a. (unless we advise you otherwise) also applies to the debit balance, calculated daily and paid monthly”.

  • On page 7, under the heading “Overdraft Facility Fees and Unarranged Overdraft Fees”, we are replacing the second sentence of the first paragraph with “An unarranged overdraft is when an account is in debit where there is no arranged overdraft in place, or if you go over your arranged overdraft limit”.

  •  Where we have used “Cash Handling Fees” as a row heading in the fees table on page 7, we are replacing the description with “Non personal accounts only, excluding MyMoney for Business and Non-Profit Organisation accounts. Cash handling fees are calculated on a per account suffix basis using all cash transactions made on a Calculation Day as set out in the table below”.

  • We are updating all references of “Teller assisted” to “Staff assisted”.

  • On page 7, we are replacing the fees table column heading title “Express Deposit Tower, Business Deposit Unit, ATM, Express Link” with “Point to Point service, BNZ Direct Cash, Business Deposit Unit and ATM”.

  • On page 7, we are deleting the entire section titled “Other Bank Processing Charges”, as the services listed in this section are no longer available.

  • On pages 8, 9, and 10, we are deleting the sections or rows titled “Telephone Banking”, “Internet Banking” “Internet Banking for Business”, as there are no fees applicable for these services. We are also deleting the sections or rows titled “Bank cheques”, “Travel funds”, “BNZ buys foreign cash” “Uplifted in cash, and “Faxing – international”, as these services will no longer be available.

  • We are adding a new defined term “BNZ Direct Cash”, which is defined as “deposit service for cash only, using a third party cash-in-transit service provider to pick up and deliver deposits on request, to a site specified by BNZ and then processed manually”.

  • We are adding a new defined term “Business Deposit Unit”, which is defined as “deposits made into a business deposit unit and then processed manually”.

  • We are adding a new defined term “EFTPOS”, which is defined as “a transaction initiated on a BNZ transaction account using: a BNZ EFTPOS card, or a Flexi Debit Visa Card, or a mobile or wearable device that has a Flexi Debit Visa card’s chip details stored to enable contactless payments”.

  • We are removing the defined term “Express Deposit Tower Deposits” and all references to this service.

  • We are adding a new defined term “Internet Banking for Business”, which is defined as “BNZ’s online business banking service, which is intended for use by non-personal customers”.

  • We are adding a new defined term “Mobile Business Banking app”, which is defined as “BNZ’s digital app which is used to access Internet Banking for Business”.

  • We are adding a new defined term “Point to Point”, which is defined as “deposit service for cash and/or cheques, using a third party cash-in-transit service provider to pick up and deliver deposits on request, to a site specified by BNZ and then processed manually”.

  • We are deleting the following defined terms from page 11: “Account Alerts”, “BNZ app”, “Group Balance”, and “NetGuard card”.

  • We are making other minor formatting and correcting typographical errors throughout the fees guide.

View the current Business and Agribusiness account and service fees 178KB

Rapid Save rate change

Effective from 31 March 2021

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) 0.05% 0.05%
Bonus rate* (is decreasing) 0.20% 0.15%
Total available rate (is decreasing) 0.25% 0.20%

* 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.

** A bank month starts on the last business day of the previous month, and ends on the second last business day of the current month.

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 cheque book monthly facility fee for tertiary accounts

Effective from 31 March 2021

We are waiving the $1.00 cheque book monthly facility fee for tertiary accounts with a cheque book attached, as we are no longer supplying new cheque books.

View the current Personal account, service, and facility fees PDF 92KB

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

 

Changes to Telegraphic Transfer terms and conditions, Internet Banking terms and conditions, and Internet Banking for Business terms and conditions

Effective from 6 April 2021

We are amending the following terms and conditions in relation to Telegraphic Transfer requests.

Telegraphic Transfer terms and conditions

We are amending terms and conditions under the heading ‘Other’ by replacing those terms with the following:

Other

If the request is submitted through Internet Banking secure message, the following terms and conditions also apply;

  1. The exchange rate used is the one that is current at the time of processing the Telegraphic Transfer or at the time of reversing the foreign exchange transaction (as applicable), not the time of receipt of the instruction;
  2. Delays in retrieving incomplete details may result in a different exchange rate applying, as rates are subject to change;
  3. We may decline a Telegraphic Transfer request for any reason at any time, with or without prior notification to you, including:
    a) if we determine that you have breached any of these terms and conditions, or
    b) if we determine it is necessary to protect BNZ’s interests, or
    c) if we are concerned about the legitimacy or authenticity of the beneficiary of the Telegraphic Transfer; or
    d) for sanction reasons; or
    e) if the request is cancelled by you and the Bank accepts your request to cancel.
  4. If for whatever reason, the Telegraphic Transfer request cannot be completed, you will be liable for any costs to process or reverse (as applicable) the foreign exchange transaction(s), including but not limited to any commissions or service fees payable and any foreign exchange loss that may occur.
  5. The exchange rates displayed on our website at www.bnz.co.nz are indicative rates only and are subject to change.
  6. Telegraphic Transfers above a certain amount (as determined by BNZ from time to time) may be subject to you providing requested additional evidence of authority to operate the accounts involved in the transaction.”

Internet Banking terms and conditions

We are amending clause 6.4 to read as follows:

“6.4 Submission of Telegraphic Transfers instruction not confirmation:

Submission of your Telegraphic Transfers instruction to us is not confirmation the instruction has been successful or has been completed. If we are unable to process or complete your instruction, we will try to contact you. We may decline to process your instruction at any time, with or without prior notification to you, for any reason including:

a) if we determine (acting reasonably) that you have breached any of these terms and conditions; or
b) if we determine it is necessary to protect our interests; or
c) if we are concerned about the legitimacy or authenticity of any party to the transaction; or
d) for sanction reasons; or
e) the request is cancelled by you and we accept your request to cancel.”

We are adding new clauses 6.8 and 6.9 as follows:

“6.8 Acceptance of the exchange rate by you is an irrevocable confirmation by you to proceed with the Telegraphic Transfers transaction, including any foreign currency conversion. If for whatever reason, (including where an instruction is cancelled by you and the Bank accepts your request to cancel, or an instruction is subsequently declined by us in accordance with clause 6.4) the instruction cannot be completed, you will be liable for any costs to process or reverse (as applicable) the foreign exchange transaction(s), including any commissions payable for locking the rate and any foreign currency exchange loss that may occur.

6.9 You acknowledge that foreign currencies fluctuate and therefore the buying and selling of foreign currency can result in a loss to yourselves, even if the transactions are carried out on the same day. You also acknowledge that the exchange rate for buying foreign currency may differ from the exchange rate for selling foreign currency.  You agree not to hold us responsible in any way for any loss which you may suffer as a result of BNZ converting currencies on your behalf, including any losses arising out of reversing a foreign exchange transaction for a cancelled or a declined instruction.”

Internet Banking for Business terms and conditions

We are amending clauses 10.29, 10.41 and 10.42 to read as follows:

“10.29 Submission of your request to the Bank is not confirmation the request is successful and has been completed. Where the Bank is unable to process or complete your request we will attempt to contact you. The Bank may decline to process your request at any time, with or without prior notification to you, for any reason including:

a) if we determine that you have breached any of these terms and conditions; or
b) if we determine it is necessary to protect the Bank’s interests; or
c) if we are concerned about the legitimacy or authenticity of any party to the transaction; or
d) for sanction reasons; or
e) the request is cancelled by you and the Bank accepts your request to cancel.

10.41 Acceptance of the exchange rate by you is an irrevocable confirmation by you to proceed with the transaction, including any foreign currency conversion. If for whatever reason, (including where an instruction is cancelled by you and the Bank accepts your request to cancel, or an instruction is subsequently declined by us in accordance with clause 10.29), the instruction cannot be completed, you will be liable for any costs to process or reverse (as applicable) the foreign exchange transaction(s), including any commissions payable for locking the rate and any foreign exchange loss that may occur.

10.42 You acknowledge that foreign currencies fluctuate and therefore the buying and selling of foreign currency can result in a loss to yourselves. You also acknowledge that the exchange rate for buying foreign currency may differ from the exchange rate for selling foreign currency, even if the transactions are carried out on the same day.  You agree not to hold the Bank responsible in any way for any loss which you may suffer as a result of the Bank converting currencies on your behalf, including any losses arising out of the foreign exchange transaction(s) for a cancelled or a declined instruction.”

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

Changes to Internet Banking terms and conditions

Effective from 26 March 2021

We are amending our Internet Banking terms and conditions as follows:

  • We are updating clause 3.1 to clarify where you can find information about activating your account on our website.
  • We are updating clause 3.2 to provide more information on ways you can notify us.
  • We are correcting minor typographical errors.

View the updated Internet Banking terms and conditions.

 

Notification of BNZ’s transition to the new financial advice regime

Effective from 15 March 2021

The laws governing financial advice in New Zealand are changing. BNZ advisers will operate under BNZ’s Financial Advice Provider (FAP) licence either as a Financial Adviser, or as a Nominated Representative. The regime is introduced under the Financial Services Legislation Amendment Act 2019 (FSLAA) and repeals the Financial Advisers Act 2008 (FAA).

The following links provide information about the new regime and what customers can expect from advisers in the new financial advice regime.

Rapid Save rate change

Effective from 29 January 2021

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 decreasing) 0.10% 0.05%
Bonus rate* (is decreasing) 0.30% 0.20%
Total available rate (is decreasing) 0.40% 0.25%

* 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 26 February 2021

As a result of the recent notice to remove our Paper Credit Card Processing facility by 26 February 2021 and some other changes we are making, we are amending our Merchant Agreement - Master Terms and Conditions as follows:

  • Clause 1, Interpretation
    • we are updating the definition for “contactless transaction” by replacing the reference to “$80” with “$200”;
    • we are inserting the following new definition for “CID” which is relevant to American Express cards: "CID means the card identification number for American Express cards. It is the 4-digit, non-embossed number printed above the account number on the face of the card”;
    • we are deleting the definitions for “floor limit”, “manual equipment”, “manual transaction” and “voucher”;
    • we are updating the definition of "transaction" by deleting the reference to "manual transactions".

  • Clause 3, Your obligations: we are deleting sub-clause 3.6 (c) in its entirety.

  • Clause 4, Accepting Nominated Card Details: we are deleting:
    • sub-clause 4.1 (c) in its entirety;
    • from both sub-clause 4.3 (c) and (f), the following words: “voucher or”;
    • sub-clause 4.4 in its entirety;
    • from sub-clause 4.14 (e), the following words: “except where the equipment cannot read the nominated card, in which case the relevant transaction must be processed as a manual transaction”.

  • Clause 5, Transaction Authorisation and Authentication:
    • we are deleting sub-clauses 5.2(b), 5.2(c), 5.2(d)(ii), and 5.3 in their entirety.

  • Clause 6, Vouchers and Receipts: we are deleting:
    • from the clause heading the following words: “Vouchers and”
    • from sub-clause 6.1(g), the following words: “unless on a voucher”
    • all references to the terms “voucher”, “voucher or”, “and voucher”, or “or vouchers” in sub- clauses: 6.1, 6.3, 6.6, 6.7, 6.8(a) and 6.9.

  • Clause 7, Informing us about transactions: we are deleting sub-clause 7.2 (b) in its entirety.

  • Clause 9, Transactions not valid or not acceptable: we are deleting all references to the term “voucher" or "voucher or" in sub-clauses 9.1 (f) and  9.1 (m).

  • Clause 19, Term, Termination and Suspension: we are deleting clause 19.7 in its entirety and replacing it with:  “You must certify to us in writing that the materials referred to in clause 19.5 have been returned to us (as required by clause 19.5) and until you have provided us with this certification, you must continue to pay any fees, charges and costs due to us in relation to that material as if the agreement had not terminated.” 

  • Clause 28, Confidential Information and Privacy: in sub-clause 28.2 we are updating the reference to the “Privacy Act 1993” to: “Privacy Act 2020”.

  • We are deleting all references to “fax” or “facsimile” and we are removing all references to the use of facsimiles in the Merchant Agreement - Master Terms and Conditions.  These deleted references are in; clause 1 the definition of “MOTO transaction”, sub-clauses 4.15 (c), 4.16(c), 6.5 and 6.6.  We are deleting sub-clauses 23.1(c) and 23.5 in their entirety.

  • We will also update the Contents page, all clause references and cross references in the Merchant Agreement - Master Terms and Conditions, to reflect any consequential changes required as a result of any new insertions and/or deletions. 

View the current version of the BNZ Merchant Agreement - Master Terms and Conditions before the changes take effect.

View the updated BNZ Merchant Agreement Master Terms and Conditions PDF 290KB which will take effect 26 February 2021.

Removal of paper credit card processing

Effective 26 February 2021

We’ll no longer offer the Paper Credit Card Processing facility currently used by merchants to accept manually processed credit card payments, from 26 February 2021.

A letter was sent to impacted merchants on 11 December 2020. Any other e-commerce and merchant services or facilities we currently provide won’t be affected by this change and all other terms of the Merchant Agreement* will remain the same.

Merchants won’t be able to order credit card paper vouchers, deposit books, Merchant Mail Order Transaction Schedules and other items required to process these types of transactions. Any current stocks held by merchants should be disposed of securely. Imprinters (or zip zap machines) should also be disposed of securely.

Merchants have the option to use alternative payment facilities which include PayClip, EFTPOS and Buy-Line+ Online

*View the updated Merchant Master Terms and Conditions pdf 290Kb which form part of the BNZ Merchant Agreement.

For more information go to bnz.co.nz, visit your local branch or contact our team on 0800 737 774 (option 4).