Transaction, saving, Cash PIE & Notice Saver & overdraft rates
Interest rates are current as at 22 July 2019 and are subject to change without notice.
Transaction accounts
Savings, Cash PIE & Notice Saver accounts
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.
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.
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 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 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. 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. |
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| Tier | Base | Bonus | Potential |
|---|---|---|---|
| All balances | 0.10% p.a. | 1.75% 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. | 1.85% 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. | |
| Tier | Rate |
|---|---|
| All balances | 0.10% p.a. |
Notice Saver - Rates of return
| Rate of Return | Effective Return * | |
|---|---|---|
2.40% p.a. |
If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** |
| 2.47% p.a. | 2.58% 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, 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 balances | Base Rate of Return | Bonus Rate of Return | Potential Rate of Return | Effective Return * | |
|---|---|---|---|---|---|
| 0.10% p.a. | 1.75% 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 acccunt and/or Westpac fees charged to the account. | 1.85% p.a. | If your Income Tax Rate is 30% ** | If your Income Tax Rate is 33% *** | |
| 1.90% p.a. | 1.99% 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. |
|
| 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 rate | |||
|
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 - Rates of return | |
| 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% |
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.
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.