Canstar's savings accounts awards

Best bank high-interest savings accounts

Below we've listed the interest rates offered by the instant-access and notice savings accounts from major deposit takers in NZ.

All the banks below are covered by the DCS, and we've highlighted the non-bank deposit takers that are part of the scheme, plus those that hold funds with NZ banks covered by the scheme.

All rates correct as of 15/07/2026.

ANZ

ANZ has one high interest savings account:

Serious Saver: up to 1.55% p.a.

Serious Saver has a lower base interest rate, but offers premium interest if you make no withdrawals and deposit $20 or more (excluding interest) each month.

• 0.05% base interest rate
• 1.50% bonus interest rate
• Allows access to your savings if you need to and still earn base interest rate (one free withdrawal per month)
• $5 per month for two or more withdrawals

ASB

ASB has one high interest savings account:

Savings Plus: up to 1.60% p.a.

Savings Plus has a lower base interest rate, but offers premium interest if you make limited withdrawals.

• 0.05% base interest rate
• 1.55% bonus interest rate
• To earn base interest plus full reward interest, you can only make one withdrawal on the first day of the month

BNZ

BNZ has one high interest savings account:

Rapid Save: 1.70% p.a.

• One free withdrawal per bank month; $3 fee for each additional withdrawal

Heartland Bank

Heartland Bank has two high interest savings accounts:

Digital Saver: 2.05% p.a.

• Unlimited withdrawals to any nominated NZ bank account
• No fees on digital transactions or minimum monthly deposit requirements
• $10 fee for staff-assisted withdrawals

Direct Call: 1.65% p.a.

• Free payments to any nominated NZ bank account
• No fees or minimum monthly deposit

Plus two fee-free notice savings accounts:

• 32 Day Notice Saver: 2.70% p.a.
• 90 Day Notice Saver: 2.95% p.a.

Canstar's annual research reveals the best savings products in New Zealand, and for the past nine years Heartland Bank has taken home our Bank of the Year Savings Award. You can read more about Heartland Bank's award win here.

Kiwibank

Kiwibank has one high interest savings account:

Online Call: 1.75% p.a.

• Add and withdraw funds at any time via internet banking
• No minimum monthly deposit or monthly fees

Plus two fee-free notice savings accounts:

• 32 Day Notice Saver: 2.05% p.a.
• 90 Day Notice Saver: 2.60% p.a.

Rabobank

Rabobank has two high interest savings accounts:

• PremiumSaver
• RaboSaver

PremiumSaver: up to 2.25% p.a. on balances up to $100,000

PremiumSaver has a lower base interest rate than RaboSaver, but offers premium interest if you increase your balance by at least $50 each month (excluding interest).

• 0.70% base interest rate
• 1.55% bonus interest rate
• Unlimited free withdrawals

RaboSaver: up to 1.30% p.a. on balances up to $5 million

• Unlimited free withdrawals

Plus one fee-free notice saver account, on balances up to $5 million:

• 60 Day Notice Saver: 2.55% p.a.

The Co-operative Bank

The Co-operative Bank has one high interest savings account:

Step Saver: up to 2.00% p.a.

Step Saver has a lower base interest rate, but offers premium interest if you increase your account balance and make no more than one withdrawal each month.

• 0.55% base interest rate
• 1.45% bonus interest rate
• No monthly charges or transaction fees to other Co-operative accounts
• $2.50 manual withdrawal fee

TSB

TSB has one high interest savings account:

Websaver Account: 1.00% p.a.

• No account fees
• Unlimited free withdrawals
• Requires a TSB everyday account
• $3 fee for staff-assisted withdrawals

Westpac

Westpac has one high interest savings account:

Westpac Bonus Saver: 1.50% p.a.

Bonus Saver has a lower base interest rate, but offers premium interest if you increase your account balance by at least $20 each month.

• 0.05% base interest rate
• 1.45% bonus interest rate
• No account fees
• Unlimited free withdrawals
• $2.50 fee for staff-assisted withdrawals

Plus one fee-free notice saver account:

• 32 Day Notice Saver: 3% p.a.

Best non-bank high-interest savings accounts

Booster Savvy

Booster Savvy isn't a normal bank account. Instead it's a digital investment account, that offers many of the features of a typical bank account, such as physical and digital debit cards.

Booster Savvy: 2.50% p.a.

• Innovative features to boost your savings
• No account or transaction fees

It's important to note that Booster Savvy is a managed investment scheme. Always read a scheme's Product Disclosure Statement before investing.

Christian Savings

Christian Savings has a three-tiered savings account that offer instant access to funds:

Call deposit: up to 1.60% p.a.

• Balances $50,000 and over: 1.60% p.a.
• Balances $20,000-$49,999: 1.40% p.a.
• Balances up to $20,000: 1.25% p.a.
• Christian Savings is covered by the RBNZ's Depositor Compensation Scheme

Dosh

Dosh is a digital wallet that offers many of the features of a typical bank, such as savings accounts, physical and digital debit and rewards cards and home and personal loans.

Strive: 2.35% p.a.

• Set savings goals to boost your savings
• No account or transaction fees
• Funds held in trust with an NZ bank

Kernel Wealth

Kernel offers its investors one savings account, which is accessed through the Kernel digital wallet.

Kernel Save: 2.50% p.a.

• No account or transaction fees
• Funds held by an NZ bank

Sharesies

Sharesies offers one standard savings account through its app:

Sharesies Save: 2.55% p.a.

• No account or transaction fees
• Instant access to your savings
• Sharesies platform fees apply
• Funds held in trust with an NZ bank

Sharesies also offers a Pie savings account with no fixed term that offers higher effective rates, depending on your income:

*Applies to investors with taxable income of $53,501 to $78,100.
**Applies to investors with taxable income of $78,101 to $180,000.
***Applies to investors with taxable income of $180,001+

Squirrel

Squirrel's On-Call savings account offers easy access to funds, plus a competitive interest rate:

On-Call: 2.25% p.a.

• No account or transaction fees
• Quick access to funds, 9am-11pm seven days per week via the Squirrel app
• Funds held in trust with an NZ bank

Xceda

Xceda has one super saver account, which offers a competitive interest rate:

On Call Super Saver: 2.25% p.a.

• No account or transaction fees
• Minimum $100 deposit
• Easy online access
• Withdraw money in one business day
• Funds covered by the RBNZ's Depositor Compensation Scheme

Xceda also has one fee-free notice saver account:

• 32 Day Notice Saver: 3.25% p.a.

What is a savings account?

A savings account is an account into which you deposit money in order to earn interest and build savings.

Savings accounts simplify the process of saving money by creating a separation between the money you’re saving and everyday spending – which is usually kept in a transaction account.

Savings are important for many reasons – a rainy day, unexpected expenses, and of course, retirement.

The key to growing your savings is to set realistic goals and understand what to look for when choosing a savings account.

Savings accounts – common features and fees:

Here are a few things to consider when comparing savings accounts:

• Interest rates – the higher the better!
• Account fees, if any
• Suitable minimum or maximum deposit amounts
• Free transactions and ATM withdrawals
• Accessibility of branches and ATMs, if necessary

Common fees to look out for include:

• Withdrawal/early withdrawal fees
• Branch deposit fees
• Over-the-counter transaction fees
• EFTPOS, electronic transaction and ATM fees

What is a high interest savings account?

High interest savings accounts typically offer higher rates of interest than traditional savings accounts, and break down into three main types:

Instant access savings accounts

These accounts offer instant access to your funds. Many offer a low base rate of interest, and bonus interest only if you make limited withdrawals and/or increase your account balance each month.

Notice savings accounts and term deposits

A notice savings account requires a saver to give prior notice of any cash withdrawal, for example 30 or 90 days’ notice. Money in term deposits are tied up for a fixed term, from a few months up to five years. While you can still usually access your money early if it's in a term savings account, it can be a complicated procedure and you could face penalty charges.

Term deposits and notice savings accounts tend to offer higher rates of interest than instant access savings accounts.

PIE funds

PIE funds are low-risk investment products that function like term deposits. However, because they invest your savings (usually in very low risk assets like cash and bonds), any interest you earn is taxed at your your prescribed investor rate (PIR), which is lower than your personal income tax rate – meaning you get better returns on your savings.

Because of the tax breaks involved, PIE funds offer the best returns across savings accounts. 

What is the Depositor Compensation Scheme?

The Depositor Compensation Scheme (DCS) is a government initiative that guarantees savers' money in the event that the financial institution holding their funds goes under. It protects up to $100,000 of savings per depositor, per deposit taker, in the event that the deposit taker gets into financial difficulty.

What does the DCS cover?

The DCS covers cash deposits in regular savings accounts, including:

• Current and savings accounts
• Notice accounts
• Term deposits

The DCS covers up to $100,000 of savings per depositor, per deposit taker. This means if you have savings of $200,000 spread equally across two financial institutions, your full $200,000 will be covered.

However, if you have $200,000 saved with one deposit taker, only $100,000 will be covered.

Although if you are a couple with a joint savings account with one provider, you each receive $100,000 of cover.

What doesn't the DCS cover?

The DCS doesn't cover investments such as stocks and shares, bonds and other managed investment products, including KiwiSaver.

One grey area is PIE Funds. The regulations state that certain PIE funds are covered, but only if they invest in the "protected deposits issued by a single licensed deposit taker”. For example, an NZ bank's PIE fund that invests only in the bank's own dollar deposits.

If you have any concerns about whether your choice of savings account or PIE fund product is covered by the DCS, just ask your provider.

To make things clearer for consumers, documentation for all PIE funds and other financial products covered by the DCS will be clearly marked with the DCS logo.

Which deposit takers are covered under the DCS?

The DCS covers all New Zealand banks, building societies, credit unions and finance companies that are either registered or licensed by the Reserve Bank of New Zealand to take deposits from customers.

This covers the major banks and financial institutions such as Xceda Finance and General Finance, two providers that offer the highest term deposit rates on Canstar's database.

For the full list of registered NZ banks click here.

For the full list of licensed non-bank deposit takers click here. 

What are the benefits of the DCS?

For savers, the DCS offers peace of mind that their savings are secure. And because the DCS covers up to $100,000 per depositor, per deposit taker, savers can protect larger sums by splitting their money between different financial institutions.

The DCS also offers the opportunity to chase higher returns via non-bank deposit takers that have lower credit ratings than the major banks.

While most of the big banks enjoy AA- ratings, smaller deposit takers usually have credit ratings of around BB. While this is still good, it can deter savers looking to deposit large sums. The introduction of the DCS affords savers an extra level of protection.

If you're considering investing in a term deposit, you can access the up-to-date term deposit rates on Canstar's database by clicking on the button below.

How to save money

Being pro-active can help you maximise your savings. Three simple steps to take, include:

1. Create a budget

Writing a budget is an essential first step to begin managing your finances effectively. A budget helps you understand where your money is coming from and where it's going. It provides a clear overview of your income, expenses, and spending habits, enabling you to make informed financial decisions.

To write a budget, list all your sources of income and track your expenses meticulously to identify areas where you can cut back.

2. Track and cut expenses

Review your expenses regularly and identify items you can live without. This could include eating out less, reducing subscription services, or finding cheaper alternatives for certain products or services.

Before making a purchase, especially for expensive items, take some time to think it over. Avoid impulse buying and ask yourself if you really need the item.

Be mindful of your power, phone and internet usage. Many providers offer discounts when you bundle utilities. Generally, the more utilities you add, the more you save.

3. Set savings goals

Determine your short-term and long-term financial goals. These could include building an emergency fund, paying off debts, saving for a vacation, or investing for retirement. Here's how to set and achieve your savings goals:

1. Define clear objectives, whether it's for emergencies, travel, or retirement
2. Make goals specific, detailing the amount needed and the timeframe for achieving them
3. Prioritise goals based on importance and urgency
4. Break down total costs into manageable milestones
5. Adjust savings strategies based on time horizon and risk tolerance
6. Align your savings goals and budget
7. Automate savings to ensure consistency
8. Monitor progress regularly and make adjustments as needed
9. Celebrate milestones to stay motivated
10. Remain flexible in adapting goals and strategies to changing circumstances

What is an emergency fund?

An emergency fund is a financial reserve set aside for unexpected or urgent expenses that may arise. Emergency funds serve as a safety net, to protect you and your family from financial hardship should the worst happen. Having an emergency fund can give you peace of mind and ensure you don't need to resort to high-interest loans, credit cards or borrowing from friends and family.

Why is it important to have emergency funds?

Having an emergency fund is important for several reasons:

1. Financial security. Life is unpredictable, and unexpected emergencies can happen at any time. An emergency fund can provide financial security and stability during a crisis.
2. Avoiding debt. Without an emergency fund, people often resort to borrowing money through credit cards or loans when faced with unexpected expenses. These debts can carry high-interest rates, making it harder to pay off and leading to a cycle of debt.
3. Peace of mind. Knowing that you have a financial buffer in the form of an emergency fund can ease stress and anxiety.
4. Flexibility. With an emergency fund, you have more flexibility and independence in making decisions. For example, it provides you with the option to leave a job that is causing stress or to take time off to handle personal matters without worrying about immediate financial consequences.
5. Opportunity for investments. Having an emergency fund allows you to invest with confidence. When you have cash reserves for emergencies, you can allocate other funds for long-term investments that may offer higher returns without the fear of needing to sell investments during a downturn to cover urgent expenses.
6. Buffer during income fluctuations. If your income varies or you are self-employed, an emergency fund can help you navigate through lean periods and ensures you can meet you financial obligations.

Emergency funds are an important part of preparing for the unknown, for example:

• Car repairs
• Emergency relocation
• Home repairs
• Job loss
• Legal fees
• Major appliance replacement
• Medical emergencies
• Urgent travel
• Vet bills

How much should I have in my emergency fund?

The goal of an emergency fund is to have enough funds to handle unforeseen events without significantly impacting your financial stability. That said, the general rule of thumb is to have three to six months' worth of cover for essential living expenses.

However, this isn't a realistic goal for many. The specific coverage you need depends on your income, expenses, lifestyle and financial goals.

If you're just starting, setting a smaller initial goal, like one month's worth of expenses and gradually building it up to the recommended amount can be a practical approach.

How do I build an emergency fund?

Building an emergency fund takes discipline and consistent effort. Here are some steps you can take to build an emergency fund:

1. Set a target amount. Decide how much money you want to put aside for emergencies. As mentioned earlier, three to six months' worth of expenses is recommended, but isn't doable for some. Set a realistic target based on your individual circumstances.
2. Create a budget. Create a detailed budget to track your income and expenses. This will help you identify areas where you can cut back on non-essential spending and redirect that money towards your emergency funds.
3. Automate savings. Set up an automatic transfer from your everyday account to a separate savings account dedicated to the emergency fund. Automating savings makes it easier to stay consistent and prevents you from spending the money accidently.
4. Save windfalls and bonuses. Whenever you receive unexpected money, such as a tax refund, work bonus or gift, consider putting some of it into your emergency fund.
5. Be patient. Building an emergency fund takes time, especially if you are starting from scratch. Consistent contributions, no matter how small, add up over time.

Where should I keep my emergency funds?

Keeping your emergency funds in a savings account might sound like the obvious option - they're safe, easy to access and usually don't have restrictions on withdrawals. However, they typically have lower interest rates than other options. Here are some alternative account options that can help make your saving work harder for you. And it's worth noting that whatever interest you do earn, be it from a savings account or a term deposit, will be liable for tax:

PIE fund

PIE funds work exactly like term deposits, except the interest you earn can be taxed at a lower rate.

Term deposit

Term deposits are a type of low-risk savings investment offered by banks or financial institutions. They allows individuals to deposit a set amount of money for a fixed period, during which time the money accrues interest. The amount invested, plus the interest are paid back to the account holder when the fixed term expires. The term length can range anywhere from 30 days to five years.

Mortgage offset account

A mortgage offset account is an account linked to your mortgage. The money you keep in the offset account is deducted from balance of your home loan, reducing the loan amount that you're charged interest on.

As mortgage rates are always higher than the interest rates offered on savings and term deposit accounts, this will save you money as you save! Plus, you retain the flexibility to withdraw the funds without penalty in case of an emergency.