Transaction, saving, Cash PIE & Notice Saver PIE & overdraft rates
Interest rates are current as at 19 July 2018 and are subject to change without notice.
Transaction accounts
Savings, Cash PIE & Notice Saver PIE accounts
To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.
To make withdrawals from your Online Bonus Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquires, fund transfers and for deposits (if deposit facilities exist). No cash withdrawals from ATMs can be made.
Overdrafts
| Earner Account - Interest rates | |
| A transaction account that actually pays you interest once you have an average monthly balance of $5,000. You will see the interest paid into your account at the end of each calendar month. | |
| Tier | Rate |
|---|---|
| Less than $4,999 | 0.00% p.a. |
| $5,000 < $19,999 | 0.10% p.a. |
| $20,000 < $49,999 | 0.10% p.a. |
| $50,000 < $99,999 | 0.10% p.a. |
| $100,000 and over | 0.10% p.a. |
Find out about transaction accounts here
You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.
As we simplify and improve things to make your banking easier, we are no longer offering Online Saver, Online Saver PIE and Save & Win as of 24 November 2017. But if you already have one of these accounts, don't worry - you can continue using your account as usual.
Savings and PIE accounts
Accounts no longer for new accounts
| Online Bonus Saver - Interest rates | |||
| The Online Bonus Saver works by topping up the base interest rate with bonus interest if you make one deposit (of any amount) every month, and no withdrawals or transfers that month. It's easily accessed anytime, through your Westpac One online banking. Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Online Bonus Saver account on the last business day of each month. |
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| Tier | Base | Bonus | Potential |
|---|---|---|---|
| All balances | 0.10% p.a. | 2.00% p.a. If you make at least one deposit and no withdrawals during the month | 2.10% p.a. If you make at least one deposit and no withdrawals during the month |
To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only – no cash withdrawals can be made.
| Simple Saver - Interest rates | |
| Interest is calculated daily, and the same rate applies to all balances. |
|
| Tier | Rate |
|---|---|
| All balances | 0.10% p.a. |
Notice Saver Pie - Rates of return
| Rate of Return ^ | Effective Return * | |
|---|---|---|
| If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** | |
| Funds on Hold: 2.65% p.a. | 2.73% p.a. | 2.85% p.a. |
| Funds on Notice: 2.65% p.a. | 2.73% p.a. | 2.85% p.a. |
* 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 Notice Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.
Investments made in the Westpac Notice Saver PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.
| Online Bonus Saver PIE - Rates of return | |||||
| Tier | Base Rate of Return | Bonus Rate of Return | Potential Rate of Return | Effective Return * | |
|---|---|---|---|---|---|
| All balances | 0.10% p.a. | 2.00% p.a. If you make at least one deposit and no withdrawals during the month | 2.10% p.a. If you make at least one deposit and no withdrawals during the month | If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** |
| 2.16% p.a. | 2.26% p.a. | ||||
More about Online Bonus Saver PIE
* 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 Notice Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.
Investments made in the Westpac Online Bonus Saver PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.
To make withdrawals from your Online Bonus Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquires, fund transfers and for deposits (if deposit facilities exist). No cash withdrawals from ATMs can be made.
Savings accounts no longer for sale
| Save & Win - Interest rates | |
|
The Save & Win Account is no longer available for new accounts. |
|
| Tier | Rate |
|---|---|
| All balances | 0.05% p.a. |
| Online Saver - Interest rates | |
|
The Online Saver Account is no longer available for new accounts. |
|
| Tier | Rate |
|---|---|
| All balances | 0.10% p.a. |
| Online Saver PIE - Rates of return | |||
|
The Online Saver PIE Account is no longer available for new accounts. |
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| Tier | Rate of Return | Effective Return * | |
|---|---|---|---|
| Balances $500 and above | 0.10% p.a. | If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** |
| 0.10% p.a. | 0.11% p.a. | ||
* 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 Online Saver PIE account, based on a PIR of 28% and an income tax rate of either 30% or 33%.
** Individuals with taxable income of $48,001 to $70,000.
*** Individuals with taxable income of $70,001 and over.
Investments made in the Westpac Online Saver PIE Fund is offered under the Westpac Cash PIE Fund (“the Fund”) do not represent bank deposits or liabilities of Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies, and are subject to investment and other risk. No Westpac company or any person guarantees the Fund's performance, returns or payment of capital. You can get a copy of the current Disclosure Statement for Westpac NZ, and a copy of the term sheet for the Fund from any Westpac branch in New Zealand free of charge. Rates of return quoted are subject to change.
| Bonus Saver - Interest rates | |||
|
The Bonus Saver Account is no longer available for new accounts. |
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| Less than $10,000 | 0.05% p.a. | 0.05% p.a. | 0.10% p.a. |
| $10,000 and over | 0.05% p.a. | 0.05% p.a. | 0.10% p.a. |
| *Note: When you make at least one deposit and no withdrawals in a month. | |||
| Cash Management - Interest rates | |
| The Cash Management Account is no longer available for new accounts. | |
| Tier | Rate |
|---|---|
| Balance less than $20,000 | 0.00% |
| Balance $20,000 and over | 0.10% |
| Balance between $50,000 and $99,999 | 0.10% |
| Balance between $100,000 and over | 0.10% |
Find out about savings, Cash PIE & Notice Saver PIE accounts here
You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.
Overdraft interest rates
Westpac overdrafts have a base rate of interest, currently 13.95% p.a., plus a customer margin. The customer margin depends on your individual circumstances, and the amount of your overdraft limit. We can confirm your overdraft interest rate at the time you apply. Note a special interest rate concession applies to student and graduates.
Should you become overdrawn without an arranged limit, the interest rate charged is currently 26.95% p.a.
Find out about overdraft fees here
All overdrafts are subject to application and usual Westpac lending criteria.