Notice Saver PIE

Find yourself constantly managing multiple term deposits to boost your returns? Or find it difficult to save or allocate funds for planned, regular or major expenses, like GST or saving towards new equipment or assets?


The Notice Saver PIE savings account maximises returns on idle funds and removes the temptation to spend them too soon with a 32 day notice period for withdrawals.

It's for you if:

  • You seek higher returns than an on-call savings account
  • You want to add money whenever you like
  • You're saving or allocating funds for larger business expenses and can wait at least 32 days to access some or all of your money
  • You can plan for payments but you want to keep funds invested to maximise returns
  • You want to reduce the reinvestment and renegotiating of rates on term deposits
  • You have $500 to start your account.

Key differences

  • No fixed term – unlike term deposits, your investment never expires
  • High returns are paid regardless of whether you make a regular deposit or not 
  • Returns paid monthly, rather than at maturity for a term deposit 
  • Periodic withdrawals (with notice) can be made as you save for major expenses 
  • No account maintenance or transaction fees, but service fees may apply if you’re a frequent user of Phone Banking.
How it works
  • 32 Day Notice Saver PIE is a product of the Westpac Notice Saver PIE Fund (Notice Saver PIE). 
  • Notice Saver PIE accounts are online, cash investments with a minimum notice period for withdrawals. 
  • As a Portfolio Investment Entity (‘PIE’), this account can potentially provide tax advantages for individuals and trusts. However for New Zealand tax resident companies, there is generally neither a tax advantage nor disadvantage (see the tax tab for more information). 
  • A $1 investment represents 1 unit. A $500 investment means you hold 500 units. 
  • Your money in Notice Saver PIE is invested solely in a New Zealand dollar bank account with Westpac NZ. 
  • You need to have a Westpac NZ business transaction account to operate your Notice Saver PIE account(s) and make withdrawals. If you don’t already have a transaction account, this can be opened at the same time as you open your Notice Saver PIE account. 
  • A minimum opening and ongoing balance of $500 is required.

How do I transfer money in?

You can:
  •  Transfer funds in using Business Online Banking, Online Banking, Phone Banking and Impulse Saver.
  • Set up a Sweep Over facility into your Notice Saver PIE accounts. Automatically maintain your transaction account at a balance of your choice so you always have enough to cover bills while earning returns on surplus amounts.
  • Set up automatic payments, direct credits and bill payments from any New Zealand bank account.
  • Use a branch deposit box to make cash or cheque deposits.

How do I withdraw my money?

You can:
  • Make multiple withdrawals of any amount with different withdrawal dates, as long as you give at least 32 days’ notice and you maintain the minimum account balance of $500.
  • If you wish to make a withdraw that would leave your account with a balance of less than $500, you will need to withdraw all funds and close your account after giving 32 days’ notice.
  • Give withdrawal notices by calling 0800 177 200, calling your Relationship Manager or in branch. Withdrawals are paid into your Westpac transaction account or another Westpac account in your businesses name.
  • Cancel your withdrawal notice; reduce the amount you wish to withdraw or change the destination account details prior to the withdrawal date.

Early withdrawals without notice 

You have a seven business day cooling off period starting on the day you open your account. After this period, business account holders cannot make a withdrawal without providing at least 32 days’ notice.

If you’re an individual you can only make a withdrawal without giving 32 days’ notice, if we agree. In deciding whether to agree we apply our Early Withdrawal Policy for Notice Saver PIE which assesses such requests on the basis of hardship. A return reduction is applied for early withdrawals. The Early Withdrawal Policy for Notice Saver PIE may change from time to time. 

Return reduction for early withdrawals - individuals

If an early withdrawal is approved for individuals, the return earned to date on your account is reduced.

The return is reduced by the amount that the early withdrawal amount would have earned over the minimum notice period. 

The return reduction = withdrawn amount x (Fund on Notice Rate / 365) x minimum notice period.

The return reduction will never exceed the total aount earned since your account was opened.


Your early withdrawal of $10,000 is approved on a 32 Day Notice Saver PIE account. The Funds on Notice Rate (see returns tab for more inforamtion) is 3.25% p.a. You have notified a PIR of 28%. The return reduction is calculated as follows. 

$10,000 x (3.25% ÷ 365 days) x32
= $28.49
Less PIE tax refund of $7.98 ($28.49 x 28%)
Net return reduction = $20.51

Term Sheet

For important information about Notice Saver PIE, please download the Westpac Notice Saver PIE Fund Term Sheet (PDF). We recommend you read this before making an investment.


Companies and PIE Tax

New Zealand tax resident companies

Generally, there is no tax advantage or disadvantage for New Zealand tax resident companies investing in a PIE as their PIE income is taxed at 28%. However, there could be other benefits (such as time value of money) and other disadvantages (such as impact on provisional tax) that should be considered.

A New Zealand tax resident company has to elect a 0% Prescribed Investor Rate (or PIR) and include PIE income in its income tax return which will be taxed at the company Income Tax Rate of 28%. As a 0% PIR applies, the PIE income does not have tax deducted at source.

If a company has residual income tax (tax not deducted at source) of more than $2,500 for an income year, the company will generally have provisional tax obligations for that income year and the following income year. 

Time value of money benefit

Companies that currently pay provisional tax can benefit from the time value of money by saving through a PIE. Provisional tax instalments occur less frequently than the regular, monthly 28% company Resident Withholding Tax (RWT) deducted from a regular savings account.

Obligation to start paying provisional tax

Companies that don’t currently pay provisional tax (because their residual income tax is $2,500 or less) may be required to start paying provisional tax if additional PIE income causes their residual income tax to exceed $2,500.

Non-tax resident companies

Companies that are not New Zealand tax residents have a PIR of 28%. This rate could be higher than the approved issuer levy (AIL) or non-resident withholding tax (NRWT) rate applicable to interest on a regular savings account (generally 2%, 10% or 15%).

Note: If a non-tax resident is engaged in business through a fixed establishment in New Zealand (i.e. a NZ branch), a 28% PIR still applies. However, the 28% PIR would equal the 28% company Income Tax Rate on interest from a regular savings account, if operated by the NZ branch. In this case, there is no tax disadvantage through investing in a PIE.

PIE tax for individual, joint and trustee investors

Please click here for information on how PIE tax applies to investors other than companies.

Please note:

The information provided above is general in nature and should not be construed as tax advice. Taxation legislation, its interpretation and the rates, levels and bases of taxation may change. The application of taxation laws depends on your individual circumstances.

Westpac, BT Funds Management (NZ) Limited and Trustees Executors Limited do not accept any responsibility for the tax consequences of your investment in Notice Saver PIE. You should seek independent professional advice as to your particular tax position.

Rates of return and fees

32 Day Notice Saver PIE

The variable returns are calculated on the daily balance of your account and paid (less any PIE tax) on the last business day of each month. You can choose to have your month returns either compounded back into your account or paid out to your nominated Westpac account.

If your account balance is below the minimum investment of $500, you will not receive any returns. We will notify you in writing if your account balance is below $500 for 30 days or more.

Any portion of your balance over $10 million will not receive any returns.

Funds on Notice

When you submit a withdrawal notice, the withdrawal amount will receive a lower return until its withdrawal date. This ‘Funds on Notice Rate’ will be similar to a current 30 day Term Deposit.

Notice Saver PIE - Rates of Return
TierRate of Return^
Balances $500 to $10,000,000  2.80% p.a.
0.35% p.a.
Funds on Notice

^Rates of return shown are introductory rates that apply between 1 December 2014 and 31 March 2015.


Notice Saver PIE - Fees
Note: Service fees are charged to your Westpac transaction account.
Fee typeFee amount
Account maintenance and transaction fees
Txt banking service fee
Txt alerts, txt banking balances and transfer confirmations
Phone banking service fee
Third party telephone fees may apply
First five calls each month are free (then 50c per call)