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Compare savings accounts

With so many good reasons to save, here are some excellent ways to go about it. Short term, longer term, flexible, fixed – the one thing these accounts all have in common is they pay very competitive interest rates.

Westpac Bonus Saver

Notice Saver

Westpac Bonus Saver PIE

Make unlimited withdrawals and earn bonus interest as long as you increase your balance by $20* each month.
Earn returns similar to a term deposit with this longer-term savings option that you can add money to anytime. What's more, there's the potential to pay less tax on savings depending on your Income Tax Rate.
Perfect for your longer term savings with bonus returns as long as you increase your balance by $20* each month, plus potential tax savings.
 
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Benefits

  • Withdrawals: payments can be made directly out of your Westpac Bonus Saver account.
  • 0.05% p.a base interest plus 1.35% p.a. bonus interest if you increase your balance by $20* each month*
  • Earn a term deposit sized return calculated daily and paid monthly
  • Money can be added anytime
  • Delay for withdrawals to minimise impulse purchases
  • It's a PIE which means you can be taxed less on returns if you're on an Income Tax Rate of 30% or 33%
  • No minimum balance required.
  • Make unlimited withdrawals and earn a bonus return as long as you increase your balance by $20* each month
  

Monthly account maintenance fee

Free

Free

Free

  

Electronic transactions

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Deposits: Free

Withdrawals: require a Westpac transaction account

Deposits: Free

Withdrawals: require a Westpac transaction account

Deposits: Free

Payments can be made directly out of your Westpac Bonus Saver PIE account.

  

Manual transactions

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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.

  

Interest rates

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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.

  
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"Rate" and "Rates" refer to (a) interest rates for the Westpac Bonus Saver, Cash Management, Simple Saver, Save & Win and Online Saver accounts; and (b) the rate of return for the Online Saver PIE, Westpac Bonus Saver PIE and Notice Saver accounts.

*If 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/returns earned on the account and/or Westpac fees charged to the account.

# Service fees still apply, for example: clearance fees and use of other banks’ ATMs. Refer to the Transaction and Service Fees brochure for details (also available free of charge from any Westpac branch). 

Interest rates and fees are current as at 3 April 2020 and are subject to change without notice.

Westpac Bonus Saver PIE is offered under the Westpac Cash PIE Fund and Notice Saver PIE is offered under the Westpac Notice Saver PIE Fund (each a “Fund” and together, the "Funds"). Investments made in the Funds do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited (“Westpac NZ”) or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Funds’ performance, returns or repayment of capital. Any rates of return are subject to change without notice. You can get more information and free copies of the Disclosure Statement for Westpac NZ and the term sheet for each Fund from any Westpac branch or online at westpac.co.nz