Online Saver offers a competitive rate of interest by saving online, regardless of the number of transfers made from the account. With no monthly account or transaction fees(1), interest is calculated daily on the full credit balance and paid monthly into the account – and Members will receive an interest rate premium(2) on Westpac’s standard interest rate.
Online Saver PIE
In addition to the Online Saver benefits, Members on a higher income may pay less tax on returns from an Online Saver PIE account than on a regular savings account. Again, Members will receive a premium(2) on Westpac’s standard rate of return for this product.
Online Bonus Saver
Earn a bonus interest rate and achieve long-term savings goals by minimising withdrawals and making regular deposits. There are no monthly account or transaction fees, and if at least one deposit and no withdrawals are made on or before the last business day of a month, bonus interest will be earned for that month. In addition, Members will receive an interest rate premium(2) on Westpac’s standard interest rate.
Online Bonus Saver PIE
With all the benefits of Online Bonus Saver, Members on a higher income may pay less tax on returns from an Online Saver PIE account than on an Online Saver account. Again, Members will receive a premium(2) on Westpac’s standard rate of return for this product.
Notice Saver PIE
Notice Saver PIE helps protect savings from impulse purchases and can enable financial goals to be reached sooner. Notice Saver PIE is designed to provide a competitive rate of return. Funds can be added to a Notice Saver PIE at any time and some or all of the funds can be withdrawn after the required notice is given. During the notice period a lower rate of return applies. Members will receive a premium(2) on Westpac's standard rate of return for this product.
A simple, straightforward way to invest for a fixed time frame – with terms agreed upfront. And, with a wide range of terms to suit any investment horizon, there’s something for everyone. Simply put away a lump sum for a fixed term and earn a competitive fixed interest rate. Depending on the term, Members may have the option to have interest paid out as regular income, or leave it to grow – even better, Members will receive an interest rate premium(2) on Westpac’s standard interest rate.
An investment in Term PIE works in a similar way to a term deposit however it could result in Members paying less tax on their returns. There’s a choice of investment terms from 30 days to 5 years to suit individual financial plans and, depending on the term, Members have the option to be paid regular income from their investment or have the income compounded for faster growth. Members will receive a premium(2) on Westpac’s standard rate of return for Term PIE.
Contact Westpac at Charteredaccountants@westpac.co.nz or 0800 694 229 to find out the interest rate premium for Members.
See our Westpac saving accounts or term investments for more information.
Terms and conditions
(1) Service fees still apply, for example clearance fees, online bill payments and use of other banks' ATMs.
(2) A premium interest rate of an additional 0.20% on top of the carded rate for one online savings account per member.
For Term Deposits and investments in Term PIE, the rate premiums will only apply to investments which are made by the Member after their Benefits have commenced. The rate premiums are subject to change. The premium does not apply to a product if a special rate already applies to that product.
To operate the Online Saver, Online Saver PIE, Online Bonus Saver, Online Bonus Saver PIE or Notice Saver PIE accounts, you must hold a Westpac transaction account. Any transfers from any of these five accounts can only be made directly to your transaction account. Online Saver PIE and Online Bonus Saver PIE are each offered under the Westpac Cash PIE Fund. Investments made in the Westpac Cash PIE Fund, the Westpac Notice Saver PIE Fund or Term PIE (each a "Fund") do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited 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 any Fund’s performance, returns or repayment of capital. You can get a copy of the current disclosure statement for Westpac New Zealand Limited and a term sheet for any of the Funds from any Westpac branch in New Zealand free of charge. Westpac New Zealand Limited.