**The effective return incorporates the tax benefits of a Notice Saver PIE account so you can compare this with the interest rate on a standard savings account. The effective return is the rate you would need to receive from a regular savings account to match the returns from a Notice Saver PIE account (after tax is paid). This is based on a PIR (Prescribed Investor Rate) of 28% and an income tax rate of 30% or 33%. Rates subject to change, including OCR changes.
***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.
The special rate is an additional 0.2% p.a. on top of the advertised base rate for Notice Saver PIE accounts.
To qualify for the special rate, the balance of your Notice Saver PIE account, as at 1 July 2016, must increase (either by instalments or a lump sum, up to a maximum of $5,000,000) between 1 July 2016 and 30 September 2016. You will then receive the special rate on the new funds deposited for any period you maintain these funds (up to a maximum of $5,000,000), until 30 September 2016.
The special rate is calculated on your daily balance and is paid on the last business day of each month. The return from the additional 0.2% p.a. will appear on your monthly account statement as a separate entry.
To operate a Notice Saver PIE account, you must maintain a minimum balance of $500 and hold a Westpac transaction account.
Investments made in the Westpac Notice Saver PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risks. No Westpac company or any person guarantees the Fund's performance, returns or repayment of capital. Westpac NZ’s General Terms and Conditions (including online banking terms) apply to investments in the Fund and Westpac NZ transaction accounts. You can get more information and free copies of the Disclosure Statement for Westpac NZ, the term sheet for the Fund and Westpac NZ’s General Terms and Conditions from any Westpac branch. BT Funds Management (NZ) Limited is the manager of the Fund. A copy of the Trust Deed for the Fund can be accessed here, and a copy of the latest audited PIE Financial Statements here.