Best Savings Accounts in New Zealand

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In this article, we’ll compare the Best Savings Accounts in NZ so you can decide which one is best for you.

Best savings accounts in New Zealand
Thinking of opening up a new savings account? That’s great, but with so many different savings accounts from different banks in New Zealand, choosing the right one can be tricky. Depending on what your goals are and how you want to use your account will determine the one you look for. Generally speaking, most banks offer a nominal savings account option which provides a low-interest rate, and a serious saver account which rewards you for things like no withdrawals from the account. After researching all of New Zealand’s commonly used banks, these are the results we came to about each bank.

KiwiBank Savings Account

Kiwibank has the biggest selection when it comes to savings accounts, boasting a whopping 5 different options. They also have the most competitive rates when it comes to interest rates from all of the New Zealand banks.

If you are looking for a long term savings plan and don’t expect to be withdrawing any money anytime soon, the Notice Saver may be the option that would benefit you the most. If you are able to deposit over $2000, after 90 days the interest rate will sit at 2.10% p.a. which will give great returns.

The best options if you plan to withdraw money at least once would be the Fast Forward Saver or First Saver which have an interest rate of 0.70% p.a.

Below is a table of the current Kiwibank savings account plans and fees.

Best savings accounts in New Zealand

ASB Savings Account

When it comes to savings accounts with ASB, they have 3 different options to choose from. The FastSaver, Savings On Call and Savings Plus. All options have free account management fees, online transfers and deposits. They do however have fees across all accounts for payments and withdrawals and in-branch transfers.

If you don’t plan on having any withdrawals with your savings account, perhaps ASB is a good option for you.

Below is a table comparing the different ASB Savings Accounts plans and fees.

Best savings accounts in New Zealand

Westpac Savings Account

There are 3 options from the Westpac Bank when it comes to savings accounts. The Bonus Saver, Notice Saver and Bonus Saver PIE. Westpac has some interesting plans for their savings accounts, slightly different to the other banks.

That being said, there are no account management fees, deposit fees and if you are looking for a savings account that has decent interest rates, the Notice Saver account might be worth looking into!

Below is a table comparing the different Westpac Savings Account plans and fees.

Best savings accounts in New Zealand

BNZ Savings Account

BNZ Bank only has 2 options when it comes to savings accounts, the Personal On Call account and the Rapid Save. They both have no account management fees and no deposit fees. The Personal On Call has free online withdrawals and both have other withdrawal fees.

Below is a table comparing both BNZ Savings Account plans and fees.

Best savings accounts in New Zealand

ANZ Savings Account

ANZ is another contender with only 2 options for savings accounts. The plans are also very similar to BNZ’s plans with no account management fees, no deposit fees, free automated withdrawals on the Online account and fees for other types of withdrawals on both accounts.

Below is a table comparing both ANZ Savings Account plans and fees.

What is the Best Savings Account in NZ?

After researching all of the options when it comes to the best savings accounts in NZ, it’s safe to say that KiwiBank pulls ahead in terms of interest rates for their accounts. Their Fast Forward Saver and First Saver account right from $0+ give a 0.70% interest rate, and their Notice Saver plan gives a whopping 2.10% on balances over $2,000 after 90 days.

That being said, each person has their own personal wants and needs and this article was just to show you the options available from New Zealand Banks. Please do your own research before choosing the right option for you.

If would prefer to try and invest your money yourself, check out Sharesies! New Zealand owned and operated investment platform that makes investing easy.

Please note: This is not a paid article and we are not representatives of the banks mentioned in this article. This article was compiled from information listed on their pages. If you feel something wasn’t represented properly, please reach out to us and let us know.

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