Effective rate
0.40%
On $20,000
$80.00/yr
KEY FACTS
ANZ on-call at 0.40%. One of the lowest savings rates in NZ — your money earns almost nothing here.
Source: www.anz.co.nz · Last verified 2026-03-31
SAVINGS RATE FINDER
Find a better home for your savings.
Daily-refreshed deposit rates from across NZ banks and PIE funds. 13 providers, sorted alphabetically by default — no “best” framing, no kickbacks. Sort by rate when you're ready to move money.
TOP ON-CALL RATE
2.25%
Kernel Wealth · Smart Saver
Big-4 banks average 0.56% on-call. At the top rate above, your money earns 1.69 percentage points more, with no notice required.
WHAT THAT'S WORTH ON YOUR BALANCE
+$337extra per year
vs the big-4 on-call average. Same money, doing more.
22 products
Savings products
Effective rate
1.50%
On $20,000
$300.00/yr
KEY FACTS
ANZ's best savings product at 1.50%. Requires monthly deposits and no withdrawals for the bonus. Base rate is 0.40% — the gap vs challengers is the largest in the market.
Conditions: Deposit required each month, no withdrawals
Source: www.anz.co.nz · Last verified 2026-03-31
Effective rate
0.10%
On $20,000
$20.00/yr
KEY FACTS
ASB on-call at 0.10%. Effectively zero. This is the rate most ASB customers earn on their savings without actively choosing a better option.
Source: www.asb.co.nz · Last verified 2026-03-31
Effective rate
1.60%
On $20,000
$320.00/yr
KEY FACTS
Big 4 bank bonus saver at 1.60% effective. Base rate is 0.05% — almost nothing if you miss the bonus. The gap between this and challenger accounts (3.00%) is $210/year on $15,000.
Conditions: Bonus conditions apply — check ASB website
Source: www.asb.co.nz · Last verified 2026-03-31
Effective rate
1.70%
On $20,000
$340.00/yr
KEY FACTS
Best on-call rate among the Big 4 at 1.70%. Still well below challenger banks and fintechs — the gap represents the convenience premium of staying with a major bank.
Source: www.bnz.co.nz · Last verified 2026-03-31
Booster
Savvy
fundPIENot DCS-coveredOnline only
Effective rate
2.25%
On $20,000
$450.00/yr
KEY FACTS
PIE cash fund (not a bank deposit) at 2.25%. Tax capped at 28% for PIE investors. Booster is an established NZ fund manager. Not covered by the Deposit Compensation Scheme.
Source: www.booster.co.nz · Last verified 2026-03-31
Effective rate
2.00%
On $20,000
$400.00/yr
KEY FACTS
NZ-owned co-operative bank, 2.00% with no-withdrawal condition. One slip drops you to the base rate of 0.55%. Best for disciplined savers with a separate everyday account.
Conditions: No withdrawals in calendar month required for bonus rate
Source: www.co-operativebank.co.nz · Last verified 2026-03-31
Effective rate
2.05%
On $20,000
$410.00/yr
KEY FACTS
Registered bank, instant access, 2.05%. Lower than Heartland's notice saver options but no lock-in. Good middle ground if you want bank security without notice periods.
Source: www.heartland.co.nz · Last verified 2026-03-31
Effective rate
2.70%
On $20,000
$540.00/yr
KEY FACTS
Registered bank, 2.70% with shorter 32-day notice. More accessible than the 90-day variant but lower rate.
Source: www.heartland.co.nz · Last verified 2026-03-31
Effective rate
2.95%
On $20,000
$590.00/yr
KEY FACTS
Registered bank, 2.95% with 90-day notice. Higher barrier to access but stronger rate. Suits money you know you won't need for 3+ months.
Source: www.heartland.co.nz · Last verified 2026-03-31
Effective rate
2.00%
On $20,000
$400.00/yr
KEY FACTS
Chinese state-owned bank, registered in NZ. 2.00% on-call with no conditions. Less well-known in NZ but backed by one of the world's largest banks.
Source: www.icbc.co.nz · Last verified 2026-03-31
Kernel Wealth
Cash Plus Fund
fundPIENot DCS-coveredOnline only
Effective rate
2.97%
On $20,000
$594.00/yr
KEY FACTS
PIE cash fund investing in AA-rated deposits and NZ fixed income. 2.97% gross yield with PIE tax capped at 28% — after-tax return is higher than most bank deposits for earners above $48K. 0.25% management fee. Not DCS protected — this is a managed fund, not a bank deposit. Risk indicator 1/7 (lowest). $166M fund size.
Source: www.kernelwealth.co.nz · Last verified 2026-03-31
Effective rate
2.25%
On $20,000
$450.00/yr
KEY FACTS
Actual bank deposit held by custodian with a NZ-registered, AA-rated bank. Covered by the Deposit Compensation Scheme (up to $100K). Taxed at RWT (not PIE) — standard tax rates apply. Kernel also offers a separate Cash Plus Fund at 2.97% with PIE tax benefits.
Source: www.kernelwealth.co.nz · Last verified 2026-03-31
Effective rate
2.35%
On $20,000
$470.00/yr
KEY FACTS
NZ-owned bank, 90-day notice for 2.35%. Lower rate than competitors but appeals to those who prefer banking with a New Zealand-owned institution.
Source: www.kiwibank.co.nz · Last verified 2026-03-31
Effective rate
1.50%
On $20,000
$300.00/yr
KEY FACTS
NZ-owned bank at 1.50% on-call. Lower than BNZ but appeals to those who prefer New Zealand-owned banking. Notice saver options offer better rates.
Source: www.kiwibank.co.nz · Last verified 2026-03-31
Effective rate
2.55%
On $20,000
$510.00/yr
KEY FACTS
Dutch-owned bank with strong global credit rating. 60-day notice for 2.55%. Good option if you value institutional stability.
Source: www.rabobank.co.nz · Last verified 2026-03-31
Effective rate
2.25%
On $20,000
$450.00/yr
KEY FACTS
Up to 2.25% if bonus conditions are met. Base rate of 0.70% if you miss the conditions — a steep drop. Check the conditions carefully before committing.
Conditions: Bonus rate conditions apply — check Rabobank website for current terms
Source: www.rabobank.co.nz · Last verified 2026-03-31
Squirrel Money
On Call
fundNot DCS-coveredOnline only
Effective rate
2.00%
On $20,000
$400.00/yr
KEY FACTS
Peer-to-peer lending platform turned savings provider. 2.00% with zero minimum. Not a registered bank — funds are lent to borrowers, not held on deposit.
Source: www.squirrel.co.nz · Last verified 2026-03-31
Wedge Money
Savings Fund
fundPIENot DCS-coveredOnline only
Effective rate
3.00%
On $20,000
$600.00/yr
KEY FACTS
This is a cash/bond PIE fund marketed as an on-call savings account — not a bank deposit. Not covered by the Deposit Compensation Scheme. Rate has dropped from 3.75% to 3.00% since launch in May 2025. Fund can suspend withdrawals in extreme circumstances. Disclose Register SCH13930.
Source: www.wedgemoney.co.nz · Last verified 2026-03-31
Effective rate
1.25%
On $20,000
$250.00/yr
KEY FACTS
Lowest effective rate among the Big 4 bonus savers at 1.25%. Base rate is 0.05%. The difference between this and the best on-call account is $262/year on $15,000.
Conditions: Bonus conditions apply — check Westpac website
Source: www.westpac.co.nz · Last verified 2026-03-31
Effective rate
3.00%
On $20,000
$600.00/yr
KEY FACTS
Big 4 bank offering 3.00% but with a 32-day notice requirement. Your money is not instantly accessible — you must give 32 days notice before withdrawing.
Source: www.westpac.co.nz · Last verified 2026-03-31
Effective rate
0.05%
On $20,000
$10.00/yr
KEY FACTS
Westpac on-call at 0.05%. Essentially zero return on your savings.
Source: www.westpac.co.nz · Last verified 2026-03-31
Rates change. Always check the source link before opening or switching. Bonus-saver and term-deposit conditions can affect whether the headline rate actually applies to your situation. For advice tailored to your circumstances, see a licensed financial adviser.