Earning interest with Instant Access Savings
What is the interest rate?
The interest rate on your Instant Access Savings will depend on your plan and the combined balance across all your personal savings accounts. All interest rates are variable and are shown as per annum (p.a.) gross, before tax. We’ll deduct tax in accordance with New Zealand tax laws.
How is interest calculated and paid?
Interest is calculated and paid daily to your Savings account. This means you earn 1/365th (or 1/366th in leap years) of the per annum (p.a.) interest rate on your closing balance every day.
Any withholding tax on the accrued interest will be deducted before the interest is paid to you. The minimum threshold for interest payable is $0.01 in the corresponding savings currency. If net interest after taxes is below $0.01, it accrues until it reaches $0.01, then is paid.
Read this FAQ for information on tax applied to Instant Access Savings accounts.
Can the interest rate change?
Instant Access Savings interest rates are variable and are subject to change at our discretion in accordance with the Instant Access Savings T&Cs. Interest rates can be influenced by the official cash rate (OCR) set by the Reserve Bank of New Zealand.
If we change the interest rate, we will let you know no later than the day the change occurs. You can see the interest rate that applies to your savings anytime in-app.
What happens to the interest rate when I change my plan?
If you change your plan, your interest rate will change accordingly when the plan change comes into effect.