ASB matches 3.05% rate

The 3.05% rate is the joint-lowest offered by a major bank in New Zealand, alongside ANZ's special and BNZ's 18-month rate. 

Fixed rates have begun to fall after the Reserve Bank's emergency OCR cut last week. The 75 basis point cut has now prompted ANZ, BNZ, ASB, Westpac and Kiwibank to cut fixed terms. 

ASB's one year represents a cut of 40 basis points. 

The bank's one year rate for standard customers falls to 3.55% from 3.95%.

ASB's changes come into effect this morning. See the latest rates here.