• The potential for better after-tax returns.  
  • Put away as little as $5,000.
  • Returns paid monthly, quarterly or compounded for terms of 6 months or more. 
  • Fixed rate of return to maximise your savings.  

Term PIE Rates.

View other term investment rates


Rates of return are subject to change.

* The Effective Return is the rate you would need to receive from a regular savings account in order to achieve the same after tax return from your Term PIE account, based on a PIR of 28% and an income tax rate of either 30%, 33% or 39%.

*Individuals with taxable income of $48,001 to $70,000.

*** Individuals with taxable income of $70,001 to $180,000.

**** Individuals with taxable income of over $180,000.

What’s a PIE?

PIE stands for Portfolio Investment Entity. A PIE account can help you save more of your money because you could pay less tax if you are on the right Prescribed Investor Rate (PIR).

Find out more about how a PIE could benefit you and your savings.

How it works.

Potential tax advantages

  • Our Term PIE is a simple way to invest for a fixed term, with a capped tax rate of 28%. Money invested is fixed for between 30 days and 5 years
  • The 28% tax rate means a PIE fund can potentially provide a higher after-tax return for New Zealanders being taxed at 30%, 33% or 39%
  • By investing in a PIE and paying less tax, your investment can grow more quickly than it would in a regular term deposit. Our Term PIE Fund is available for investments from $5,000 to $5,000,000.

PIR stands for Prescribed Investor Rate. A PIR is used to calculate how much tax you'll pay on your PIE's taxable income. To make sure you pay the right tax, you can work out your PIR on the IRD website.

How your money is invested

  • Your money is invested solely in a New Zealand dollar bank account with Westpac, where a $1 investment represents one unit in the Westpac Term PIE Fund
  • The fund is available only to New Zealand residents, organisations or trusts.

Your earnings and income

  • For investments less than six months, your return is paid in full at the end of the term. You can also choose to have your return paid at maturity for longer terms
  • For investments of six months or longer, you can choose to have your return paid monthly or quarterly into your nominated bank account and have a regular income stream.

Compounded return

  • For investments of six months or longer, returns can be compounded quarterly. It will be automatically added to your original investment, so your investment grows quickly.

Additional access options

  • For Term PIE investments of 12 months or more, there is an additional access option, you can take out up to 20% of the amount you've invested (excluding any compounding returns), without loss of accrued returns.

20% withdrawal - conditions 

  • You provide 32 days' notice.
  • Your remaining balance does not drop below the minimum investment amount ($5000)
  • You use the early access option only once during the terms of your investment
  • The partial withdrawal is not linked to another early withdrawal.

See our Early Withdrawal Policy for more details.


Early withdrawals

  • You have seven working days as a cooling off period after you initially invest your money, in case you change your mind. After that, you can only withdraw all or part of your money from your Term PIE if we agree
  • A reduced rate of return is likely to apply to early withdrawals and we will apply our Early Withdrawal Policy.

Savings & Investment Chooser tool.

Find the right investment for you.

Our Savings & Investment Chooser tool is free and provides you recommendations on which of our savings and term investment options best suit you.

Opening a Westpac Term PIE Fund.

Call us

Speak to one of our friendly specialists who can help you navigate this investment option.

Call 0800 400 600

Visit a branch

Drop into one of our branches.

Find a branch

Quick help.

Things you should know.

For important information about Term PIE, please download the Term PIE term sheet (PDF). We recommend you read this before making an investment.

Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions.

Investments made in the Westpac Term PIE Fund ("the Fund") do not represent bank deposits or liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited ("Westpac NZ") or any other member 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 Fund's 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 here or the term sheet for any of the Funds from any Westpac branch.

copy of the Trust Deed for the Fund can be accessed here.

View the latest Westpac Term PIE, Cash PIE, Notice Saver PIE Annual Report for the year ended 31 March 2023 here.

This material is provided for information purposes only and is not a recommendation or opinion in relation to any PIE funds managed by BT Funds Management (NZ) Limited.