Compare Savings Accounts in New Zealand

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20 live offers compared from 13 providers, from 4.05% AER. Updated daily.

What are savings accounts in New Zealand?

A savings account holds money you don't need day to day and pays interest while keeping it accessible. Unlike a term deposit, you can usually withdraw at any time, though the best rates often come with conditions — such as making no withdrawals in a month or growing your balance. New Zealand savers use these accounts for emergency funds, house deposits and short-term goals. With interest rates having risen over recent years, choosing a competitive account can add up to a meaningful return on your cash.

How the New Zealand market works

Savings accounts are offered by the big banks — ANZ, ASB, BNZ, Westpac and Kiwibank — plus challengers and specialists like Heartland Bank, Rabobank and Squirrel that often lead on rate. Accounts fall into two broad types: on-call accounts with a modest base rate and full access, and bonus-saver accounts paying a higher rate only if you meet monthly conditions (regular deposits and no withdrawals). Rates track the Reserve Bank of New Zealand's Official Cash Rate. Interest is taxable and paid after resident withholding tax.

Benefits

Accessible returns — Earn interest while keeping your money available for emergencies or goals.

Bonus rates — Bonus-saver accounts reward regular saving with a materially higher rate.

No market risk — Your balance doesn't fall with markets, unlike investments.

Depositor protection — Eligible savings are covered by the Depositor Compensation Scheme up to NZ 00,000 per institution.

How to choose

Match the account to your habits. If you save regularly and rarely dip in, a bonus-saver's higher conditional rate rewards you. If you need frequent access, an on-call account with a solid base rate avoids losing the bonus. Compare the total rate and read the bonus conditions closely — some require a minimum monthly deposit and zero withdrawals. Challenger banks like Heartland, Rabobank and Squirrel often beat the big banks on headline rates. Remember returns are before resident withholding tax, so compare after-tax outcomes.

Leading providers in New Zealand

Heartland Bank and Rabobank frequently top the tables for on-call and notice-saver rates, and Squirrel (a licensed non-bank) also competes strongly on rate. Among the majors, Kiwibank, ANZ, ASB, BNZ and Westpac all offer bonus-saver and on-call accounts, competitive but often a step below the specialists. Rates across the market currently range from roughly 4.05% up to around 5.45%, with the highest rates usually attached to bonus-saver conditions or notice periods rather than fully flexible on-call access.

What it costs

Savings accounts don't charge account fees — the focus is the interest rate. Current New Zealand rates span about 4.05% to 5.45%, with the top figures usually requiring you to meet bonus conditions or accept a notice period before withdrawal. On-call accounts with unrestricted access tend to pay less. Interest is taxable: resident withholding tax is deducted at your nominated rate, so your net return is lower than the advertised rate. The main "cost" is missing the bonus rate by breaking the monthly conditions.

Protections and regulation

Registered banks are prudentially supervised by the Reserve Bank of New Zealand, and licensed non-bank deposit takers are regulated under their own RBNZ regime with disclosed credit ratings. Eligible savings are protected up to NZ 00,000 per depositor per institution under the Depositor Compensation Scheme, live since mid-2025. Providers must be registered financial service providers, comply with the Fair Trading Act, and belong to a dispute-resolution scheme such as the Banking Ombudsman. Check a non-bank's credit rating before chasing a higher rate.

Common questions

What's a bonus-saver account? — One paying a higher rate only if you meet monthly conditions, typically a minimum deposit and no withdrawals.

Are my savings protected? — Yes, eligible savings are covered up to NZ 00,000 per depositor per institution under the Depositor Compensation Scheme.

Is savings interest taxed? — Yes; resident withholding tax is deducted at your nominated rate, so compare after-tax returns.

Savings Accounts in New Zealand — FAQ