OCR Rise Boosts Savings Rates for New Zealand Savers

The Reserve Bank of New Zealand raised its Official Cash Rate (OCR) to 2.50% in July 2026, signaling further increases could follow.

Savings and term deposit rates tend to rise when the OCR increases, but not every provider passes on these changes equally.

A wide gap exists between the best and worst savings rates, with some non-bank deposit takers offering more than half a percentage point higher one-year term deposit rates than major banks.

Shoppers may find better deals by regularly reviewing their options and comparing rates from different providers.