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

Interest rates are current as at 20 September 2017 and are subject to change without notice.

Transaction accounts

Note: The Electronic Account, Access Account, and Easy Access Account don't pay interest.

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 0.10% 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.

Savings, Cash PIE & Notice Saver PIE accounts

Check out our Online Bonus Saver account limited time interest rate offer here.

 

Notice Saver PIE - Rates of Return
TierRate of Return ^Effective Return *
Balances $500 to $10,000,000   If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
Funds on Hold: 2.80% p.a. 2.88% p.a. 3.01% p.a.
 Funds on Notice: 0.35% p.a. 0.36% p.a. 0.38% p.a.

 

Online Saver - Interest rates
Interest is calculated daily on the full credit balance, and the same rate applies to all balances. Interest is paid (less resident withholding tax) into your Online Saver account on the last business day each month.
Tier Rate
All balances 0.10% p.a.

To operate the Online Saver account, you must hold a Westpac transaction account. Any transfers from your Online 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.

 

Online Bonus Saver - Interest rates
The Online Bonus Saver (an on call savings account) 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.

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 each month.
TierBaseBonusPotential
All balances 0.10% p.a. 2.00% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.10% p.a. If you make at least one deposit and no withdrawals by the last business day of 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.

 

Online Saver PIE - Rates of return
Your returns are calculated on the daily balance of your account. Returns are paid into your account (less PIE tax) on the last business day of each month.
If your account balance is below the minimum investment of $500, you will not receive any returns.
If your account balance is below $500 for 30 days or more, we will notify you in writing. You can set up a txt and/or email alert to notify you when your account balance falls below $500.
TierRate of ReturnEffective 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 Cash 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.


To make withdrawals from your Online 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.

 

Online Bonus Saver PIE - Rates of return
Your returns are calculated on the daily balance of your account. Returns are paid into your account (less PIE tax) on the last business day of each month.
If your account balance is below the minimum investment of $500, you will not receive any returns.
If your account balance is below $500 for 30 days or more, we will notify you in writing. You can set up a txt and/or email alert to notify you when your account balance falls below $500.
If you make a withdrawal from your Online Bonus Saver PIE account to invest in a Westpac NZ term investment, you will still qualify for the bonus rate of return.
TierBase Rate of ReturnBonus Rate of ReturnPotential Rate of ReturnEffective Return *
Balances $500 and over 0.10% p.a. 2.00% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.10% p.a. If you make at least one deposit and no withdrawals by the last business day of the month  If your Income Tax Rate is 30% ** If your Income Tax Rate is 33% ***
2.16% p.a. 2.26% 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 Cash 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.


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.

 

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies to all balances.
Tier Rate
All balances 0.10% p.a.

 

Save & Win - Interest rates
Interest is calculated daily, and the same rate applies to all balances.
Tier Rate
All balances 0.05% p.a.

Each Save & Win prize draw is subject to the prize draw eligibility criteria and terms and conditions.

 

Bonus Saver - Interest rates
TierBaseBonus*Potential
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 to new personal account holders.
TierRate
Balance less than $20,000 0.00%
Balance between $20,000 and $49,999 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.

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.