Set up a Notice Saver PIE
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 to transfer money in
1. Transfer funds in using Online Banking, or Phone Banking
2. 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 money to cover bills while earning returns on the surplus amount.
3. Set up automatic payments, direct credits and bill payments from any New Zealand
4. Make cash or cheque deposits in branch
How to withdraw your money
Make multiple withdrawals of any amount, with different withdrawal dates. You just need to
give at least 32 days’ notice and maintain the minimum account balance of $500.
Give withdrawal notices by calling 0800 177 200, calling your Relationship Manager, or going into any Westpac branch. Withdrawals are paid into your Westpac transaction account or another Westpac account in your businesses name.
You can cancel your withdrawal notice, reduce the amount you wish to withdraw, or change the destination account details any time before the withdrawal date.
Please note: If you want to make a withdrawal that will leave your account with a balance of
less than $500, you’ll be required to give 32 days’ notice then withdraw all funds and close your
Early withdrawals without notice
You have a cooling off period of seven business days, starting on the day you open your account. After this period, business account holders can’t make a withdrawal without providing at least 32 days’ notice.
As 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. This assesses such requests on the basis of hardship. A return reduction is applied for early withdrawals. Companies and trusts are unable to request an early withdrawal.
Return reduction for 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The return reduction = withdrawn amount x (Fund on Notice Rate / 365) x minimum notice period.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 amount 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 information) is 0.35% p.a. You have notified a PIR of 28%.
The return reduction is calculated as follows:
$10,000 x (0.35% ÷ 365 days) x 32
Less PIE tax refund of $0.86 ($3.07 x 28%)
Net return reduction = $2.21
For important information about Notice Saver PIE, please download the Westpac Notice Saver PIE Fund Term Sheet. We recommend you read this before making an investment.
- 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.