Cut counter: Which rates have the banks cut the most in 2024?

Which banks are cutting their rates most?

Since the start of 2024, Westpac has cut its interest rates most. In total, they have made 43 cuts to their interest rates. They get the crown as the 'King of Cuts.'

That’s followed by ASB and BNZ on 42 and 40 cuts each.

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

On the other hand, TSB has cut their interest rates the least (when it comes to the total number of cuts). They have only cut their interest rates 30 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?

Kiwibank’s 2 year rate has had the biggest cut.

At the start of the year, they advertised 7.05% for their 2 year rate. This is now 5.79%, at the time of writing.

That’s a total drop of 1.26% percentage points. That could save you $95 a week on a $500k mortgage (on a 30 year term).

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

They have cut a combined 7.11% off all their interest rates so far.

TSB has been more conservative, trimming only 6.09% 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 31 times this year.

Kiwibank is the bank have cut this rate that most. On a $500k mortgage (over 30 years) that saves $81 a week.

But the 2 year rate is not far behind with a total of 29 cuts.

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

Across all the banks, it has been cut only 6 times. The biggest cut being only 0.25% percentage points.

On a $500k mortgage (over 30 years) that saves only $20 a week.