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 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.

Removal of the ‘Charges Our’ service for international payments to Japan

Effective from 6 December 2019

The ‘Charges Our’ service for paying correspondent bank fees on behalf of your beneficiary, will no longer be available when you send international payments to Japan. This is because the fee we charge for the service does not cover the cost to us of making the payment to Japan.

To find out more about the ‘Charges Our’ service, view our International Payments service fees or phone 0800 269 562.

Removal of YouMoney monthly account fee

Effective from 29 November 2019

We are removing the $5 Monthly Base or Account Fee on YouMoney transaction accounts for all customers. As a result, we are making changes to our Fee Guide. The changes include:

  • changing the Monthly Base or Account Fee from $5 per month to No Charge
  • removal of references in the Fee Guide to waivers of the YouMoney Monthly Base or Account Fee, as waivers will no longer need to be applied

View the updated Personal account, service and facility fees brochure PDF 136 KB.

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

Introduction of fees for depositing foreign cheques and foreign travellers’ cheques

Effective from 29 November 2019

We are introducing new fees for depositing foreign currency cheques and foreign currency travellers’  cheques into a BNZ bank account.

  • $15 per cheque for depositing a foreign currency cheque into a BNZ account
  • $15 per transaction for depositing foreign travellers’ cheques into a BNZ account

As a result, we are making changes to our Fee Guides. 

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

Reduction of the BNZ Lite Visa credit card purchase interest rate

Effective from 17 November 2019

We are reducing the Lite Visa credit card purchase interest rate from 13.90% per annum to 13.45% per annum. The reduced rate will apply from the opening date of your next full monthly statement period after 17 November 2019.

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

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

Changes to clearance times for payments made via credit card sales vouchers

Effective from 15 October 2019

The clearance times for deposited sales vouchers, for credit card payments taken via an imprinter (aka zip-zap machine), have increased from three business days to four business days. This was in response to an industry-wide rule change.

This change only effects the availability of these funds and you will continue to see the deposit into your account within one business day of the deposit.

We are expecting further changes next year that may affect clearance time frames. We encourage you to talk to your account manager about alternative payment methods if you are accepting manual payments.

Changes to CurrencySelect (EFTPOS) service fees

Effective from 31 October 2019

We are removing the monthly $20 minimum service fee that is currently charged to merchants using our CurrencySelect (EFTPOS) product.

This means that if the calculated service fees associated with the transactions processed by you in a given month are less than $20, your fee will not be increased to the minimum $20 monthly charge. The service fees otherwise remain unchanged.

The change will be reflected in your October merchant statement.

If you require more information, please phone 0800 737 774.

Changes to Internet Banking Terms and Conditions

Effective from 27 September 2019

We are changing our Internet Banking terms and conditions to introduce a new feature for you – spending insights. In the Mobile app, spending insights will allow you to see where your money is being spent.

We have also updated the security section to allow the set up and revocation of Bank feeds. Bank feeds are secure ongoing data connections with a third party that you can subscribe to.

To do this we have updated our Internet Banking Terms and Conditions as follows:

  • Amended definitions for “Alerts”, “Account Data”, “Insights” and “NetGuard Device”
  • Inserted new definition for “Revocation Request” and deleted definition for “Two step Authentication”.
  • Bank Feeds- clause 3.6 (d).
  • Instructing us- clause 4.1
  • Security - clause 8.2, 8.5 and 8.7.
  • Insights - clause 11.
  • Liability - clause 13.4, 13.6, and 13.7.
  • Key information.

Change to Standard Terms and Conditions – increase to cheque clearance time

Effective from 1 October 2019

Cheque clearance times will increase from up to three business days to four business days.

Foreign cheques may take longer to clear and are subject to the laws and regulations of the country in which they are drawn.

We will update clause 18.5 of the Bank of New Zealand Standard Terms and Conditions to reflect this change by removing the references to the clearance timeframes.

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.

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

Change to UnionPay International merchant service fee

Effective from 1 October 2019

For all UnionPay International transactions processed from 1 October 2019, the maximum merchant service fee charged per transaction will be 1.55%.

This is not a fee increase for any merchant and the new rate will be reflected on your October merchant statement.

If you require more information, please phone 0800 737 774.

Rapid Save interest rate changes

Effective from 30 August 2019 

Our Rapid Save interest rates for new and existing customers effective from 30 August 2019 are changing as follows:

Rapid Save rateCurrent interest rate p.aNew interest rate p.a 
Base rate (is not changing) 0.10% 0.10%
Bonus rate (is decreasing)  1.80% 1.30%
Total available rate (is decreasing)  1.90% 1.40%

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 branch.

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

NetGuard and Mobile Authentication changes to Internet Banking for Business

Effective from 2 September 2019

 We’re making changes to how our internet business banking users can verify who they are, when using Bank of New Zealand’s internet banking services.  For identity verification purposes, we are removing the mandatory use of the NetGuard token.  New internet business banking users can now opt to use Mobile Authentication or a NetGuard token.

NetGuard tokens may still be used by and/or requested for users.  However, if a new user opts to use Mobile Authentication, we will not send the user a NetGuard token.

Changes have been made in the Internet Banking for Business Terms and Conditions to reflect the ability to use either NetGuard Token or Mobile Authentication. 

  • Clause 2.17 is deleted in its entirety.
  • Clauses 3.4, 3.5, 3.6, 3.9, 3.11, 3.12, 3.13, 10.45, 12.3 are amended to reflect the ability to use either NetGuard Token or Mobile Authentication.
  • 3.13 (f)(ii) is amended to correct a typographical error by deleting the words ‘immediately notify you’ with ‘immediately notify the Bank’. Other minor typographical errors have also been corrected throughout the terms and conditions.
  • Clause 3.13 (f)(ii) is amended by deleting the words ‘not allow any other person to be able to access or open their Mobile Device using that person’s Customer’s Device Identification’ and replacing with ‘not allow any other person to be able to access or open the User’s Mobile Device using Customer’s Device Identification’. 
  • Clause 3.13 (i) is amended to clarify that ‘system updates’ include ‘security updates’.
  • The definition of ‘Access Rights’ is amended by deleting the words ‘mobile phone portal’ and replace with the defined term ‘Mobile Portal’.

You can visit our Internet Banking for Business help and support page for more information on the use of Mobile Authentication and NetGuard tokens.

View the current Internet Banking for Business Terms and Conditions

Variable (floating) home loan & 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

Residential Owner Occupied 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.

ProductCurrent variable
interest rate p.a.
new variable
interest rate p.a.
effective date
Mortgage One 6.40% 5.90% 12 August 2019
Rapid Repay 5.85% 5.35% 12 August 2019
TotalMoney 5.80% 5.30% 26 August 2019
Standard/FlyBuys 5.80% 5.30% 26 August 2019
BNZ Advantage 5.80% 5.30% 26 August 2019
Private Bank Line of Credit - Secured 5.80% 5.30% 26 August 2019
Premium Rapid Repay 5.80% 5.30% 26 August 2019

Residential Investor variable interest rates

ProductCurrent variable
interest rate p.a.
new variable
interest rate p.a.
effective date
Mortgage One 6.65%  6.15% 12 August 2019
Rapid Repay 6.10%  5.60% 12 August 2019
TotalMoney 6.05%  5.55% 26 August 2019
Standard/FlyBuys 6.05%  5.55% 26 August 2019
BNZ Advantage 6.05%  5.55% 26 August 2019

HomeAdvantage Mastercard interest rate

The Tier 1 purchase interest rate is decreasing, effective for statements with a closing date of 25 September 2019 or later.

Current Tier 1 purchase interest rate p.a.New tier 1 purchase interest rate p.a.
5.80% 5.30%

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

Changes to Internet Banking Terms and Conditions

Effective from 15 August 2019

We’re providing new ways to set up the BNZ Mobile app, such as SMS and email authentication.

To do this we need to update our Internet Banking Terms and Conditions.

We’re introducing the definition - “Two-Step Authentication” in the following sections:

  • Instructing us - clause 4.1 
  • Security - clause 8.2, 8.5, and 8.7
  • Liability - clause 12.4, 12.6, and 12.7
  • Key information.​

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