Notice Saver

Dipping into your savings too often? With Notice Saver you can focus on saving towards a particular goal, with 32 days' notice required before you can make a withdrawal. As a reward, earn our highest savings return at 2.65% p.a.

How it works

Notice Saver is a cash investment offered under the Westpac Notice Saver PIE Fund. When you invest, you buy units in the Westpac Notice Saver PIE Fund, and a $1 investment represents 1 unit. Your money in Notice Saver is invested solely in a New Zealand dollar bank account with Westpac NZ.

A minimum notice period of 32 days applies for withdrawals. You can make multiple withdrawals of any amount.

Tax benefits

As a Portfolio Investment Entity ("PIE"), your Notice Saver could be a smart way for you to save. With potentially less tax to pay each month, your savings could grow a little faster in a PIE than in a regular savings account.

Find out how PIE works

Early withdrawals without notice

You have a seven business day cooling off period 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, if we agree you are suffering financial hardship, you can withdraw all or part of your investment without 32 days' notice. In deciding whether to agree, we will apply our Early Withdrawal Policy for Notice Saver, which may change from time to time.

Returns are reduced for early withdrawals without notice. For more information see our FAQ below.

Rates of return

You will receive a variable rate of return which can change at any time. Returns are calculated on the daily balance 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.

Rate of return

Effective return^

 

 2.65% p.a

If your Income Tax Rate is 30%¹ If your Income Tax Rate is 33%²
2.73% p.a. 2.85% p.a.

Term Sheet

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


How to apply

 For new and existing customers, please make an appointment at your local Westpac branch. 

More about Notice Saver

You can:

  • transfer funds in using online banking (including Business online banking) or phone banking 
  • set up automatic payments, direct credits and bill payments from any New Zealand bank account
  • use a branch deposit box to make cash or cheque deposits

You can:

  • make multiple withdrawals of any amount with different withdrawal dates, as long as you give at least 32 days’ notice
  • withdrawal notices given by calling 0800 400 600, in branch or, when available, through online banking and will be paid directly to your nominated New Zealand bank account
  • you can cancel your withdrawal notice, reduce the amount you wish to withdraw or change the destination account details prior to the withdrawal date.

For Early Withdrawals without notice, the return earned to date on your account is reduced.

The return is reduced by the amount that the 'Funds on Notice' earned for the prior 32 days.

The return reduction = withdrawn amount x (Funds 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 on your Notice Saver. The Funds on Notice Rate (see above 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) x 32 days
= $23.23
Less PIE tax refund of $6.51 ($23.23 x 28%)
Net return reduction = $16.73