Interest rates

A summary of our current rates as at 13 December 2017. All rates are subject to change without notice.

Bank accounts

Transaction accounts

Note: The Electronic Account, Access Account, and Easy Access Account don't pay interest.

Earner Account - Interest rates
A transaction account that actually pays you interest once you have an average monthly balance of $5,000. You will see the interest paid into your account at the end of each calendar month.
TierRate
Less than $4,999 0.00% p.a.
$5,000 < $19,999 0.10% p.a.
$20,000 < $49,999 0.10% p.a.
$50,000 < $99,999 0.10% p.a.
$100,000 and over 0.10% p.a.

Savings, Cash PIE and Notice Saver PIE accounts

As we simplify and improve things to make your banking easier, we are no longer offering Online Saver, Online Saver PIE and Save & Win as of 24 November 2017. But if you already have one of these accounts, don't worry - you can continue using your account as usual.

 

Notice Saver PIE - Rates of Return
TierRate of Return ^Effective Return *
Balances $500 to $10,000,000   If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
Funds on Hold: 2.80% p.a. 2.88% p.a. 3.01% p.a.
 Funds on Notice: 0.35% p.a. 0.36% p.a. 0.38% p.a.

 

Online Saver - Interest rates

The Online Saver Account is no longer available for new accounts.

Interest is calculated daily on the full credit balance, and the same rate applies to all balances. Interest is paid (less resident withholding tax) into your Online Saver account on the last business day each month.

TierRate
All balances 0.10% p.a.

 


To operate the Online Saver account, you must hold a Westpac transaction account. Any transfers from your Online Saver Account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.

 

Online Bonus Saver - Interest rates
The Online Bonus Saver (an on call savings account) works by topping up the base interest rate with bonus interest if you make one deposit (of any amount) every month, and no withdrawals or transfers that month.

Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Online Bonus Saver account on the last business day each month.
TierBaseBonusPotential
All balances 0.10% p.a. 2.00% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.10% p.a. If you make at least one deposit and no withdrawals by the last business day of the month

To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.

 

Online Saver PIE - Rates of return

The Online Saver PIE Account is no longer available for new accounts.

Your returns are calculated on the daily balance of your account. Returns are paid into your account (less PIE tax) on the last business day of each month.
If your account balance is below the minimum investment of $500, you will not receive any returns.
If your account balance is below $500 for 30 days or more, we will notify you in writing. You can set up a txt and/or email alert to notify you when your account balance falls below $500.

TierRate of ReturnEffective Return *
Balances $500 and above 0.10% p.a. If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
0.10% p.a. 0.11% p.a.


* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Cash PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.


To make withdrawals from your Online Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquires, fund transfers and for deposits (if deposit facilities exist). No cash withdrawals from ATMs can be made.

 

Online Bonus Saver PIE - Rates of return

Your returns are calculated on the daily balance of your account. Returns are paid into your account (less PIE tax) on the last business day of each month.
If your account balance is below the minimum investment of $500, you will not receive any returns.
If your account balance is below $500 for 30 days or more, we will notify you in writing. You can set up a txt and/or email alert to notify you when your account balance falls below $500.
If you make a withdrawal from your Online Bonus Saver PIE account to invest in a Westpac NZ term investment, you will still qualify for the bonus rate of return.

TierBase Rate of ReturnBonus Rate of ReturnPotential Rate of ReturnEffective Return *
Balances $500 and over 0.10% p.a. 2.00% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.10% p.a. If you make at least one deposit and no withdrawals by the last business day of the month  If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
2.16% p.a. 2.26% p.a.

* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Cash PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.>


To make withdrawals from your Online Bonus Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquires, fund transfers and for deposits (if deposit facilities exist). No cash withdrawals from ATMs can be made.

 

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies to all balances.
Tier Rate
All balances 0.10% p.a.

 

Save & Win - Interest rates

The Save & Win Account is no longer available for new accounts.
Interest is calculated daily, and the same rate applies to all balances.

TierRate
All balances 0.05% p.a.

 


Each Save & Win prize draw is subject to the prize draw eligibility criteria and terms and conditions.

 

Bonus Saver - Interest rates

The Bonus Saver Account is no longer available for new accounts.

Less than $10,000 0.05% p.a. 0.05% p.a. 0.10% p.a.
$10,000 and over 0.05% p.a. 0.05% p.a. 0.10% p.a.
*Note: When you make at least one deposit and no withdrawals in a month.

 

Cash Management - Interest rates
The Cash Management Account is no longer available for new accounts.
TierRate
Balance less than $20,000 0.00%
Balance between $20,000 and $49,999 0.10%
Balance between $50,000 and $99,999 0.10%
Balance between $100,000 and over 0.10%

You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.

Term Investments

Term deposit

For important information about term deposits please download the Term Deposit Term Sheet. (65Kb PDF )

Term Deposit
TermInterest Frequency$5,000-$5,000,000
30 days At Maturity 1.00% p.a.
60 days At Maturity 1.50% p.a.
90 days At Maturity 2.75% p.a.
4 months At Maturity 3.00% p.a.
5 months At Maturity 3.00% p.a.
6 months At Maturity
Monthly or Compounding
3.30% p.a.
3.30% p.a.
8 months At Maturity
Monthly or Compounding
3.50% p.a.*special rate 
3.50% p.a.*special rate 
9 months At Maturity
Monthly or Compounding
3.35% p.a.
3.35% p.a.
12 months At Maturity
Monthly or Compounding
3.70% p.a.*special rate 
3.70% p.a.*special rate 
18 months At Maturity
Monthly or Compounding
3.50% p.a.
3.50% p.a.
2 years At Maturity
Monthly or Compounding
3.70% p.a.
3.55% p.a.
3 years At Maturity
Monthly or Compounding
3.80% p.a.
3.60% p.a.
4 years At Maturity
Monthly or Compounding
4.00% p.a.
3.80% p.a.
5 years At Maturity
Monthly or Compounding
4.10% p.a.
3.90% p.a.

*Special rates not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. 

For Terms 12 months or more, you can make a single withdrawal of up to 20% of your invested amount (excluding any compounding returns) without loss of interest on withdrawals approved by us. You only need to provide 32 days’ notice. For more information on our Accessible Term Deposit feature, please see here.

 Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac. For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions.

Term Deposit - Interest paid at maturity
For terms less than six months, interest is paid in full at the end of the term. You can also elect to have interest paid at maturity for terms six months or longer.

Term Deposit - Monthly income
For terms of six months or longer you can choose to have interest paid monthly into your nominated bank account. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation.

Term Deposit - Compounding interest & regular interest
For terms six months or longer, you can choose to have interest paid every three months. Alternatively, interest can be compounded quarterly (added automatically to your original investment) which allows you to earn ‘interest on your interest’, meaning your investment grows at a faster rate than if interest were paid out during the course of the investment or paid in full at maturity. 

You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited and a copy of the term sheet for Westpac Term Deposits from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand.

Term PIE Fund

For important information about the Term PIE Fund download the Westpac Term PIE Fund Term Sheet.

Westpac Term PIE Fund - Rates of return
TermReturn Frequency$5,000-$5,000,000
30 days At Maturity 1.00% p.a.
60 days At Maturity 1.50% p.a.
90 days At Maturity 2.75% p.a.
4 months At Maturity 3.00% p.a.
5 months At Maturity 3.00% p.a.
6 months At Maturity
Monthly or Compounding
3.30% p.a.
3.30% p.a.
8 months At Maturity
Monthly or Compounding
3.50% p.a.*special rate 
3.50% p.a.*special rate 
9 months At Maturity
Monthly or Compounding
3.35% p.a.
3.35% p.a.
12 months At Maturity
Monthly or Compounding
3.70% p.a.*special rate 
3.70% p.a.*special rate 
18 months At Maturity
Monthly or Compounding
3.50% p.a.
3.50% p.a.
2 years At Maturity
Monthly or Compounding
3.70% p.a.
3.55% p.a.
3 years At Maturity
Monthly or Compounding
3.80% p.a.
3.60% p.a.
4 years At Maturity
Monthly or Compounding
4.00% p.a.
3.80% p.a.
5 years At Maturity
Monthly or Compounding
4.10% p.a.
3.90% p.a.

*Special rates not available to financial institutions or for investments over $5,000,000 and cannot be used in conjunction with any other Westpac promotion, offer or package benefit. 

Rates are available for Retail and Business Banking customers and apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac. For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions.

Westpac Term PIE Fund - Returns paid at maturity
For terms less than six months, returns are paid in full at the end of the term. You can also elect to have returns paid at maturity for terms six months or longer.

Westpac Term PIE Fund - Monthly income
For terms of six months or longer you can choose to have returns paid monthly into your nominated bank account. This regular income stream can be ideal if you need to supplement other income such as NZ Superannuation.

Westpac Term PIE Fund - Compounding & regular return
For terms six months or longer, you can choose to have returns paid every three months. Alternatively, returns can be compounded (added automatically to your original investment) which allows you to earn ‘returns on your returns’, meaning your investment grows at a faster rate than if returns were paid out during the course of the investment or paid in full at maturity.

Investments made in the Westpac Term 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 risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. Westpac accepts no responsibility for the availability or content of third party websites. You can get a copy of the current Disclosure Statement for Westpac New Zealand Limited, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change and are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. A copy of the Trust Deed for the Fund can be accessed here, and a copy of the latest audited PIE Financial Statements here.