In this article, we’ll compare the Best Savings Accounts in NZ so you can decide which one is best for you.
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.
Fast Forward Saver | Back-Up Saver | First Saver | Notice Saver | Online Call | |
|---|---|---|---|---|---|
Interest Rates | 0.70% p.a. for balances $0+ | 0.05% p.a. for balances $0+ | 0.70% p.a. for balances $0+ | 0.00% p.a. for 32 days and 90 days notice period for balances $0 - $1,999 1.25% p.a. for 32 days notice period for balances $2,000+ 2.10% p.a. for 90 days notice period for balances $2,000+ | 0.00% p.a. for balances $0 - $1,999 0.70% p.a. for balances $2,000 + Please note interest breakdown |
Account Management Fee | Free | Free | Free | Free | Free |
Deposits and Withdrawals at Kiwibank Branch | Free deposits; one free withdrawal of any type per month, then $5 per withdrawal | $3 per transaction (one free deposit per month) | $3 per transaction (one free deposit per month) | Free deposits; withdrawal N/A | |
Electronic transfer between your Kiwibank Accounts | Free | Free | Free | Free | Free |
Kiwibank ATM Withdrawals | $1 per withdrawal | ||||
Withdrawal fee - automatic payment, bill payment and direct debit | One free withdrawal of any type per month, then $5 per withdrawal | ||||
Withdrawal Fee - EFTPOS and online | $1 per withdrawal |
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.
Fast Saver | Savings on Call | Savings Plus | |
|---|---|---|---|
Interest Rates | 0.05% p.a. for balances $0+ | 0.05% p.a. for balances less than $49,999.99 0.08% p.a. for balance more than $50,000 | 0.05% p.a. Base Interest Rate 0.70% p.a. Full reward interest (Calculated daily and paid quarterly on balances up to and including $2,000,000) |
Account Management Fee | Free | Free | Free |
Transfers and Deposits (Online Banking, Fastphone, ATM, FastDeposit Boxes, Branch Deposits) | Free | Free | Free |
Payments and Withdrawls (Bill Payments, One off Payments, IRD Payments and ATM Widthdrawls) | $1 | $1 | $1 |
Manual Transfers (In Branch, Contact Centre, Business Banking, Virtual Banking) | $1 | $5 | $1 |
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.
Bonus Saver | Notice Saver | Bonus Saver PIE | ||
|---|---|---|---|---|
Interest Rates | 0.05% p.a. base interest plus 0.60% p.a. On the last business day of the month your account balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. | 1.25% p.a. For funds remaining in the account 1.25% p.a. Funds on Notice - applied to withdrawal amounts until the withdrawal date. For balances up to $10,000,000 | 0.05% base return plus 0.60% p.a. bonus return as long as you increase our balance by $20* each month. | |
Account Management Fee | Free | Free | Free | |
Deposits | Free | Free | Free | |
Withdrawals and Payments | Require a Westpac transaction account | Require a Westpac transaction account | Payments can be made directly out of your Westpac Bonus Saver PIE account. | |
Manual Transactions | Branch withdrawals are available ($2.50 fee); deposits can be made through deposit boxes or over the counter in-branch. | Manual transactions over the counter are not available. However, deposits can be made through branch deposit boxes. | Branch withdrawals are available ($2.50 per transaction). Deposits can be made through branch deposit boxes or over the counter. |
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.
Personal OnCall | Rapid Save | |
|---|---|---|
Interest Rates | 0.10% p.a. credit interest rate | 0.65% p.a.combined credit interest rate (0.10% p.a. base + 0.55% p.a. bonus). Earn bonus interest when you maintain or increase your balance (on top of interest earned) each bank month, and make no more than one withdrawal. 1.25% p.s. Funds on Notice - applied to withdrawal amounts until the withdrawal date. For balances up to $10,000,000 |
Account Management Fee | Free | Free |
Deposits | Free | Free |
Online withdrawals (telephone, internet banking, BNZ app, automatic payments) | Require a Westpac transaction account | One free withdrawal then $3 each after |
Other online withdrawals | $5.00 each | One free withdrawal then $3 each after |
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.
Serious Saver | Online Account | |
|---|---|---|
Interest Rates | 0.05% p.a. Standard Interest plus 0.50% p.a. Premium interest | 0.05% p.a. Flat interest rate |
Account Management Fee | Free | Free |
Deposits | Free | Free |
Automated Withdrawal Fee | First withdrawal in a month is free, $5 per there after | Free |
Manual withdrawal fee (staff-assisted transactions) | First withdrawal in a month is free, $5 per there after | $3 per transaction |
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.
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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.