Best High Interest Savings Accounts in New Zealand

If you’ve money tucked away for a rainy day, why not maximise its potential? Canstar explores the best high interest savings accounts in New Zealand, so you can get more bang for your buck.

What is a high interest savings account?

A high interest savings account is a type of savings account offered by banks or financial institutions that typically offers a higher interest rate compared to traditional savings accounts. These accounts are designed to help individuals grow their savings more quickly by earning a higher rate of return on their deposited funds.

What are the benefits of high interest savings accounts?

  • Higher interest rates: high interest savings accounts offer higher interest rates than standard savings accounts. This means that the money deposited in the account earns more interest over time, helping savings grow faster.
  • Lower risk: high interest savings accounts are typically considered low-risk investment options. Unlike investment vehicles such as stocks or shares, the funds deposited in these accounts are not subject to market fluctuations, making them a safer option for saving money.
  • Liquidity: like regular savings accounts, high interest savings accounts offer easy access to funds. Account holders can typically withdraw money from the account whenever needed, often without penalties or restrictions.

Best savings accounts

If you’re currently considering a savings account, the table below displays some of the best saver accounts on our database (some may have links to lenders’ websites).

This table is sorted by total interest (including bonus) (highest to lowest), followed by company name (alphabetical). Products shown are for savings of $10,000. Before committing to a particular savings account product, check upfront with your financial institution and read the applicable documentation to confirm whether the terms of the account meet your needs. Use Canstar’s savings account selector to view a wider range of savings account products. Canstar may earn a fee for referrals.

Compare savings accounts for free with Canstar!

Best high interest savings accounts

The savings accounts covered below have a minimum total interest rate of 4.20% (at time of writing).


ANZ’s Serious Saver account is currently its only high interest savings account.

Serious Saver

Serious Saver has a low base interest rate, but offers premium interest if you make no withdrawals and deposit $20 or more (not including credit interest) on or before the last business day of the month.

  • 1.25% base interest rate
  • 3.25% bonus interest rate
  • Allows access to your savings if you need to and still earn Standard interest (one free withdrawal per month)
  • No monthly account or deposit fees
  • $5 per month for two or more withdrawals


ASB has just one high interest savings account: Savings Plus.

Savings Plus

Savings Plus rewards you for not making withdrawals, which is ideal for those with long-term savings goals.

  • 2.55% base interest rate on amounts up to $2 million
  • 2.45% conditional bonus interest rate on amounts up to $2 million
  • To earn base interest plus full reward interest, you can only make one withdrawal during the first five days of the calendar quarter
  • To earn base interest plus partial reward interest, you can only make one withdrawal, but if that withdrawal is during the first five days of the calendar quarter then you can make a second withdrawal at any time during that calendar quarter


BNZ also offers just one high interest savings account: Rapid Save.

Rapid Save

Rapid Save is designed for personal savings. You’ll earn interest on every dollar in your account, no matter what your balance is.

  • 4.55% interest rate
  • No monthly base fees
  • One free withdrawal per bank month
  • Unarranged overdraft interest rate: 12.15% p.a. + margin

Heartland Bank

Heartland Bank offers four high interest savings accounts:

  • Notice Saver 90 Day
  • Notice Saver 32 Day
  • Digital Saver
  • Direct Call

Notice Saver

Heartland’s Notice Saver accounts work like term deposits, with one that requires a 32-day notice period to withdraw your funds, and one with a 90-day notice period.

The Notice Saver 90 Day account has an interest rate of 5.75%, while the Notice Saver 32 Day account has a slightly lower interest rate, at 5.50%.

Both accounts can be added to at any time and do not have any set up or ongoing fees.

Digital Saver

Digital Saver is an online savings account that offers convenient access to manage your funds while enhancing your savings, regardless of your account balance.

  • 5% interest rate
  • One free self-service withdrawal per month
  • No minimum monthly deposit or monthly fees

Direct Call

Direct Call Account offers a competitive rate for a ‘no strings attached’ call account.

  • 4.60% interest rate
  • No minimum monthly deposit or monthly fees


Kiwibank has one high interest savings account: Online Call.

Online Call

Online Call gives the flexibility of earning good returns, while granting you immediate access to your money.

  • 4.5% variable interest rate
  • No minimum balance required
  • Add funds at any time
  • Interest is calculated daily and paid monthly
  • No account management or transaction fees


Rabobank has two high interest savings accounts on offer: PremiumSaver and RaboSaver.


PremiumSaver rewards you with premium interest when you are actively saving every month. PremiumSaver has a low base level of interest, but allows you to earn a bonus level of interest by increasing your month-end balance by at least $50.

  • 2.5% base interest rate
  • 2.75% conditional bonus interest rate
  • $1 minimum opening deposit
  • Interest paid monthly


RaboSaver has a base level of interest that allows unlimited withdrawals with no interest penalties or fees. Once you have a RaboSaver, you can easily deposit in any other Rabobank Online Savings accounts.

  • 4.25% interest rate on balances up to $5 million
  • No account fees or minimum balance
  • Interest is calculated daily and paid monthly

The Co-operative Bank

The Cooperative Bank has one high interest savings account: Step Saver.

Step Saver

The Step Saver account rewards you with bonus interest when your monthly balance increases, and you make no more than one withdrawal, helping you reach your savings goals quicker.

  • 1.9% base interest rate
  • 2.85% bonus interest rate
  • Interest calculated daily and paid monthly
  • $2.50 withdrawal fee


TSB has two high interest savings accounts on offer:

  • Horizon Account
  • Websaver Account

Horizon Account

Horizon is TSB’s savings account that allows you full access to your money.

  • 4.20% interest rate
  • Interest earned on balances over $0, calculated each day, paid monthly
  • Minimum deposit of $350
  • Free transfers between your own TSB accounts with online banking or the TSB app. $1 fee on all other withdrawals
  • Access your savings using EFTPOS, ATMs, online banking, the TSB app or at a TSB branch
  • No account fees

Websaver Account

A WebSaver account lets you save without being locked into a fixed term investment.

  • 4.20% interest rate
  • Interest earned on balances over $0, calculated each day, paid monthly
  • Round the clock access to your savings with online banking and the TSB app
  • Chance to win $25,000 each month in the TSB Monthly Cash Draw
  • No account fees
  • Minimum deposit of $350
  • Must be opened alongside a TSB everyday account


Westpac has just one high interest savings account: Westpac Bonus Saver.

Westpac Bonus Saver

Westpac Bonus Saver is a savings account that could reward you with bonus interest if you grow your balance each month.

  • 1% base interest rate
  • Potential rate of return of up to 4.50% p.a. if your balance is $20 greater than on the last day of the prior month
  • Interest is compounded monthly or paid monthly to another account.
  • Immediate access to your money with unlimited withdrawals.
  • No monthly fees

Compare savings accounts for free with Canstar!

About the author of this page

This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.

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