Need a hand?

We’re required to deduct resident withholding tax (RWT) on the interest you earn on your Instant Access Savings account and pay it to the Inland Revenue Department (IRD). We’ll deduct RWT from the interest you’ve earned before paying it into your savings account.

• If you do not provide your IRD number, we must deduct the non-declaration rate of 45%
• If you provide your IRD number but don’t select a RWT rate, we will deduct RWT at 33%
• If you declare that you’re tax-exempt, we’ll verify your details before applying the exempt rate to your interest earnings

To see the tax withheld on your interest payments, you can generate a statement in the app to include all your Savings accounts.

You can update your RWT rate in the app at any time. In the app:

• Go to 'Home' on the bottom menu
• Below your balance, tap Accounts
• Select 'Instant Access Savings'
• Select 'Info' and click 'RWT Rate'
• Choose your new RWT rate and click 'Continue'

Once updated, your new rate will apply to all future interest payments. Note: Changes to your RWT rate apply on a go-forward basis. You can recover any extra RWT deducted at the end of the year from the IRD in your end of the year income tax assessment.

You are not legally required to provide an IRD number to open a savings account; however, without it, we must deduct withholding tax at the non-declaration rate of 45%.

Your IRD number can be found in your myIR account on the Inland Revenue website at ird.govt.nz. It can also be found on correspondence from Inland Revenue, payslips, or KiwiSaver annual statements.