Interest rates
Here are the current interest rates you'll get on Westpac savings, term investment and transaction accounts, as at 23 February 2019. All rates are subject to change without notice.
Bank accounts
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.
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.
Term Investments
Transaction accounts
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.
Tier Rate 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 accounts
Savings and PIE accounts
Accounts no longer available to open
| Online Bonus Saver - Interest rates | |||
| The Online Bonus Saver 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. It's easily accessed anytime, through your Westpac One online banking. 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 of each month. |
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| Tier | Base | Bonus | Potential |
|---|---|---|---|
| All balances | 0.10% p.a. | 2.00% p.a. If you make at least one deposit and no withdrawals during the month | 2.10% p.a. If you make at least one deposit and no withdrawals during 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.
| Simple Saver - Interest rates | |
| Interest is calculated daily, and the same rate applies whatever your balance. | |
| Tier | Rate |
|---|---|
| All balances | 0.10% p.a. |
Notice Saver - Rates of return
| Rate of Return | Effective Return * | |
|---|---|---|
2.65% p.a. |
If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** |
| 2.73% p.a. | 2.85% 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 Notice Saver, 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.
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 risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, 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.
| Online Bonus Saver PIE - Rates of return | |||||
| Tier | Base Rate of Return | Bonus Rate of Return | Potential Rate of Return | Effective Return * | |
|---|---|---|---|---|---|
| All balances | 0.10% p.a. | 2.00% p.a. If you make at least one deposit and no withdrawals during the month | 2.10% p.a. If you make at least one deposit and no withdrawals during the month | If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** |
| 2.16% p.a. | 2.26% p.a. | ||||
More about Online Bonus Saver PIE
* 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 Notice Saver 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.
Investments made in the Westpac Online Bonus 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 risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, 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.
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.
Savings accounts no longer for sale
| Save & Win - Interest rates | |
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The Save & Win Account is no longer available for new accounts. |
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| Tier | Rate |
|---|---|
| All balances | 0.05% p.a. |
| Online Saver - Interest rates | |
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The Online Saver Account is no longer available for new accounts. |
|
| Tier | Rate |
|---|---|
| All balances | 0.10% p.a. |
| Online Saver PIE - Rates of return | |||
|
The Online Saver PIE Account is no longer available for new accounts. |
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| Tier | Rate of Return | Effective 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 Online Saver 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.
Investments made in the Westpac Online Saver PIE Fund is offered under the Westpac Cash 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. You can get a copy of the current Disclosure Statement for Westpac NZ, 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.
| Bonus Saver - Interest rate | |||
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The Bonus Saver Account is no longer available for new accounts. |
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| 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 - Rates of return | |
| The Cash Management Account is no longer available for new accounts. | |
| Tier | Rate |
|---|---|
| Balance less than $20,000 | 0.00% |
| Balance $20,000 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 deposit
| Term Deposit | |||
| Term | Interest Frequency | $5,000-$5,000,000 | |
|---|---|---|---|
| 30 days | At Maturity | 0.50% p.a. | |
| 60 days | At Maturity | 1.00% p.a. | |
| 90 days | At Maturity | 2.65% p.a. | |
| 4 months | At Maturity | 2.95% p.a. | |
| 5 months | At Maturity | 2.95% p.a. | |
| 6 months | At Maturity, Monthly or Compounding | 3.25% p.a. | |
| 8 months | At Maturity, Monthly or Compounding | 3.35% p.a. |
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| 9 months | At Maturity, Monthly or Compounding | 3.25% p.a. | |
| 12 months | At Maturity, Monthly or Compounding | 3.40% p.a. | |
| 18 months | At Maturity, Monthly or Compounding | 3.40% p.a. | |
| 2 years | At Maturity, Monthly or Compounding | 3.45% p.a. | |
| 3 years | At Maturity, Monthly or Compounding | 3.50% p.a. | |
| 4 years | At Maturity, Monthly or Compounding | 3.55% p.a. | |
| 5 years | At Maturity, Monthly or Compounding | 3.60% p.a. | |
Download the Term Deposits Term Sheet
*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.
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 - Regular income
For terms of six months or longer, you can choose to have interest paid monthly or quarterly 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
For terms six months or longer, 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
| Westpac Term PIE Fund - Rates of return | Effective rate of return* | |||
| Term | Return Frequency | $5,000-$5,000,000 | If your Income Tax Rate is 30%** | If your Income Tax Rate is 33%*** |
|---|---|---|---|---|
| 30 days | At Maturity | 0.50% p.a. | 0.51% | 0.54% |
| 60 days | At Maturity | 1.00% p.a. | 1.03% | 1.07% |
| 90 days | At Maturity | 2.65% p.a. | 2.73% | 2.85% |
| 4 months | At Maturity | 2.95% p.a. | 3.03% | 3.17% |
| 5 months | At Maturity | 2.95% p.a. | 3.03% | 3.17% |
| 6 months | At Maturity, Monthly or Compounding |
3.25% p.a. | 3.34% | 3.49% |
| 8 months | At Maturity, Monthly or Compounding | 3.35% p.a. |
3.45% | 3.60% |
| 9 months | At Maturity, Monthly or Compounding | 3.25% p.a. | 3.34% | 3.49% |
| 12 months | At Maturity, Monthly or Compounding | 3.40% p.a. | 3.50% | 3.65% |
| 18 months | At Maturity, Monthly or Compounding | 3.40% p.a. | 3.50% | 3.65% |
| 2 years | At Maturity, Monthly or Compounding | 3.45% p.a. | 3.55% | 3.71% |
| 3 years | At Maturity, Monthly or Compounding | 3.50% p.a. | 3.60% | 3.76% |
| 4 years | At Maturity, Monthly or Compounding | 3.55% p.a. | 3.65% | 3.81% |
| 5 years | At Maturity, Monthly or Compounding | 3.60% p.a. | 3.70% | 3.87% |
*Special rates are 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.
Download the Term PIE Term Sheet
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.
* 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 Term 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.
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. You can get a copy of the current Disclosure Statement for Westpac NZ, 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.