Notice Saver

Trying to set aside funds for regular payments like provisional tax, or a major purchase? Notice Saver gives you a good return at 2.65% p.a. while removing the temptation to dip into savings too often, with a 32-day notice period required for withdrawals. 

Benefits

It's for you if:

• You’re looking for higher returns than an on-call savings account can offer
• You want to add money whenever you like
• You're saving or allocating funds for larger business expenses, and can wait at least 32 days to access some or all of your money
• You want to reduce time spent managing multiple Term Deposits

Eight ways Notice Saver is different: 

  1. Our highest earning savings account - these are paid whether you make a regular deposit or not. 
  2. Returns paid monthly. You don't have to wait until the investment matures. 
  3. Add to your savings whenever you like. 
  4. No monthly account or transaction fees. Service fees may apply if you're a frequent user of Phone Banking. 
  5. Make multiple withdrawals of any amount (with 32 days' notice). 
  6. Only pay up to 28% tax on your returns. 
  7. No fixed term. Unlike Term Deposits, your investments never expires. 
  8. No penalty for making a withdrawal with 32 days' notice. You'll still earn the same return on your balance. 

 

How it works

How to transfer money in

You can:

  • Transfer funds in using online banking (including Business online banking), phone banking or in branch
  • Set up automatic payments, direct credits and bill payments from any New Zealand bank account

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.

Give withdrawal notices by calling 0800 177 200, calling your Relationship Manager, or going into any Westpac branch. Withdrawals are paid into your nominated NZ bank account.

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.

Early withdrawals without notice

You have a cooling off period of seven business days, starting on the day you open your account (even if you did not make an investment into your account on this day). 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. 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 early 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 prior 32 days.

The return reduction = withdrawn amount x (Fund on Notice Rate / 365) x 32 days.

The return reduction will never exceed the total amount earned since your account was opened.

Example:
Your early withdrawal of $10,000 is approved for your Notice Saver account. The Funds on Notice Rate (see returns tab for more information) is 2.65% p.a. You have notified a PIR of 28%. 
The return reduction is calculated as follows:  
$10,000 x (2.65% ÷ 365 days) x 32
= $23.23
Less PIE tax refund of $6.851 ($23.23 x 28%)
Net return reduction = $16.73

Important information

For important information about Notice Saver, please download the Westpac Notice Saver PIE Fund Term Sheet. We recommend you read this before making an investment.

  • 32-Day Notice Saver is offered under the Westpac Notice Saver PIE Fund (Notice Saver PIE)
  • Notice Saver are 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). 
  • When you invest, you buy into units in the Westpac Notice Saver PIE Fund. A $1 investment represents 1 unit. A $500 investment means you hold 500 units
  • Your money in Notice Saver is invested solely in a New Zealand dollar bank account with Westpac NZ.

 

Tax Benefits

Companies and PIE Tax

For more information on PIE tax, please see How could PIE benefit you and your savings.

Rates of return and fees

Notice Saver

You will receive a variable rate of return which can change at any time. Returns are calculated on the daily balance of your account and paid (less any PIE tax) on the last business day of each month. You can choose to have your monthly returns either compounded back into your account or paid out to your nominated Westpac account.

If your account balance is above $10 million, you will not receive any returns. The Funds on Notice Rate is the current rate of return.

Notice Saver - Rates of Return
TierRate of Return
Balances up to $10,000,000  2.65% p.a.

Fees

Notice Saver - Fees
Note: Service fees are charged to your Westpac transaction account.
Fee typeFee amount
Account maintenance and transaction fees
Free 
Txt banking service fee
Txt alerts, txt banking balances and transfer confirmations
Free 
Phone banking service fee
Third party telephone fees may apply
First ten calls each month are free (then 50c per call)