Cut counter: Which rates have the banks cut the most in 2025?

Which banks are cutting their rates most?

Since the start of 2024, ASB has cut its interest rates most. In total, they have made 64 cuts to their interest rates. They get the crown as the 'King of Cuts.'

That’s followed by Westpac and BNZ on 62 and 60 cuts each.

Here are all the cuts. This table automatically updates every morning, reflecting the latest interest rate changes.

On the other hand, Kiwibank has cut their interest rates the least (when it comes to the total number of cuts). They have only cut their interest rates 51 times since the start of the year.

To take you through how it works. If a bank cuts its 1-year and 2-year rates on the same day, that counts as 2 cuts.

Though, you don't only care about the total number of cuts. Because if a bank trims 1% off their interest rate, that has the same effect as if a bank cuts 0.1% off a rate 10 times. So let's dig into the size of the cuts.

Who’s delivered the deepest cuts?

TSB’s 1 year rate has had the biggest cut.

At the start of the year, they advertised 7.39% for their 1 year rate. This is now 5.69%, at the time of writing.

That’s a total drop of 1.70% percentage points. That could save you $129 a week on a $500k mortgage (on a 30 year term).

TSB has also trimmed the most off of all their interest rates since the start of the year.

They have cut a combined 10.51% off all their interest rates so far.

Kiwibank has been more conservative, trimming only 8.61% from all their rates so far.

Though, as the Reserve Bank continues to cut the OCR, expect the cuts to continue.

Also, keep in mind that Kiwibank doesn't have an 18-month rate. That disadvantages them in this analysis, since they have one fewer interest rate to cut. That's why I initially excluded Kiwibank from the interest rate cut counter. But, they called me and specifically asked to be included.

Which interest rates are being cut the most?

The 1 year rate has received the most cuts. All up, the banks have cut the 1 year rate 50 times this year.

TSB is the bank have cut this rate that most. On a $500k mortgage (over 30 years) that saves $129 a week.

But the 2 year rate is not far behind with a total of 43 cuts.

In comparison, the floating rate hasn’t been cut much at all.

Across all the banks, it has been cut only 18 times. The biggest cut being only 1.25% percentage points.

On a $500k mortgage (over 30 years) that saves only $101 a week.