Transaction, saving, Cash PIE & Notice Saver & overdraft rates

Interest rates are current as at 21 November 2019 and are subject to change without notice.

Transaction accounts

 

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.
TierRate
Less than $4,999 0.00% p.a.
$5,000 < $19,999 0.05% p.a.
$20,000 < $49,999 0.05% p.a.
$50,000 < $99,999 0.05% p.a.
$100,000 and over 0.05% p.a.

 

Bearing Interest Account - Interest rates
 Interest is calculated daily, and the same rate applies whatever your balance.
TierRate
All balances 0.05% 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.

Savings, Cash PIE & Notice Saver accounts

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 available to open

 

Westpac Bonus Saver - Interest rates
You can earn bonus interest as long as on the last business day of the month your balance is $20 greater than the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. If you need to access your money payments can be made directly out of your Westpac Bonus Saver account.

Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Westpac Bonus Saver account on the last business day of each month.
TierBaseBonusPotential
All balances 0.05% p.a. 1.35% p.a. On the last business day of the month your account balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. 1.40% p.a. On the last business day of the month your account balance is $20 greater than on the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.

Payments can be made directly from your Westpac Bonus Saver account. ATM access is for balance enquiry, funds transfers and deposits only. Cash withdrawals can be made in branch.

 

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies whatever your balance.
TierRate
All balances 0.05% p.a.

 

Notice Saver - Rates of return

Rate of ReturnEffective Return *
 2.00% p.a.
If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
2.06% p.a. 2.15% p.a.

 

More about Notice Saver

* 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, 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.

 

Westpac Bonus Saver PIE - Rates of return
You can earn bonus return as long as on the last business day of the month your balance is $20 greater that the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account.Payments can be made directly from your Westpac Bonus Saver PIE account. ATM access is for balance enquiry, funds transfers and deposits only. Cash withdrawals can be made in branch (a $2.50 fee applies).
All balancesBase Rate of ReturnBonus Rate of ReturnPotential Rate of ReturnEffective Return *
  0.05% p.a. 1.35% p.a. You can earn bonus return as long as on the last business day of the month your balance is $20 greater that the last business day of the month prior. The $20 excludes interest earned on the account and/or Westpac fees charged to the account. 1.40% p.a.  If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
1.44% p.a. 1.50% 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 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 Westpac Bonus Saver PIE account, you must hold a Westpac transaction account. ATM access is for balance enquiries, 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.
Interest is calculated daily, and the same rate applies to all balances.

TierRate
All balances 0.05% p.a.


 More about Save & Win


 

Online Saver - Interest rates

The Online Saver Account is no longer available for new accounts.

TierRate
All balances 0.05% p.a.


 More about Online Saver


 

Online Saver PIE - Rates of return

The Online Saver PIE Account is no longer available for new accounts.

TierRate of ReturnEffective Return *
Balances $500 and above 0.05% 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.


More about Online Saver PIE


 

Bonus Saver - Interest rate

The Bonus Saver Account is no longer available for new accounts.

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 - Rates of return
The Cash Management Account is no longer available for new accounts.
TierRate
Balance less than $20,000 0.00%
Balance $20,000 and over 0.05%

Find out about savings, Cash PIE & Notice Saver 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.

Overdrafts

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.