Please see information on Savings Accounts below.


What is a Savings Account?

What is your way to save? Perhaps you are not a natural saver and find it hard to manage to retain any of your hard-earned cash which is why a savings account is an ideal way to put money aside for later.

Savings accounts offer one of the most straightforward and easy ways of growing your personal fortune over time. They are the most low-risk way of doing this, especially when compared to certain investment tools which can grow money but at an equally high risk of loss.

Money is put into a savings account where it earns interest over a period of time. Some savings accounts 'lock' the money away so that you are only able to access with a set amount of prior notice or when the account 'matures' (comes to an end). You can usually donate money into the account at any time. Other savings accounts allow you to access (withdraw) the money with no prior notice required.

Who Offers Savings Accounts?

Most banks offer not just one but several savings accounts and the majority of people in New Zealand have at least one. You can open a savings account for yourself or for someone else (typically for a child).

There are also independent savings accounts providers available, usually advertised online. It is wise to shop around carefully and compare offers from as many banks and providers as possible, to ensure you get the best deal.

How is my Money Saved?

There are various types of savings accounts available and broadly they fall into a few categories, though many banks have their own brand names for each account type.

The main savings accounts types are:

  • Term Deposits

A term deposit is a savings account that receives a fixed rate of interest for a fixed term. The interest rate remains the same regardless of changes to central bank interest rates. Terms vary in length, from a month to several years. Term deposits are advantageous if there is a chance that interest rates are to go down in future.

  • Regular Savings Account

A normal savings account will carry a variable interest rate (it will move in accordance with the central bank rates) and in many cases you can withdraw money instantly. You may be offered an attractive introductory rate so make sure you compare as many savings accounts as possible to get the best offer.

The amount of money you must deposit into a savings account varies according to the provider. Some have a high minimum deposit amount while others will allow you to open the account with as little as a few dollars.

Am I Eligible?

To open a savings account, you may need to fill out some forms either online or in person at a bank branch. It is a straightforward process whether you are opening the account for yourself or a child.

Generally you will need:

  • To be at least 18 or 21 years of age (though you can open an account on someone else's behalf including a minor)
  • You may need to have an existing transaction account at the same bank (though this is not always the case)
  • You may need to prove full New Zealand or regional residency
  • You may need to provide a minimum opening deposit /balance (varies between banks)

How Much does it Cost?

Some banks or providers may charge a regular fee for their savings account while others are entirely free. Check this when you are comparing offers take your time and read all the small print!


Please note that Which Way To Pay New Zealand ( is not authorized to give personal financial advice under New Zealand's financial services regulations, including the Financial Advisers Act (Securities Commission New Zealand).

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