Best Savings Accounts for New Zealanders in 2026: A Comparison
Compare the top savings accounts in New Zealand, including interest rates, fees, and features, to find the best one for your needs.
Finding the Best Savings Accounts for New Zealanders in 2026
As New Zealanders, we're fortunate to have a range of savings account options available to help us grow our wealth. With interest rates fluctuating and fees increasing, it's essential to choose the right savings account for your needs. In this article, we'll compare the top savings accounts in New Zealand, including interest rates, fees, and features, to help you make an informed decision.
High-Interest Savings Accounts
High-interest savings accounts are a popular choice for New Zealanders looking to earn a higher return on their savings. These accounts typically offer higher interest rates than standard savings accounts, but may come with some restrictions or requirements.
| Savings Account | Interest Rate (p.a.) | Minimum Deposit | Fees |
|---|---|---|---|
| ANZ Online Saver | 4.25% | $1 | $4/month (fee-free if $1,000+ balance) |
| ASB Live Easy Saver | 4.00% | $1 | $4/month (fee-free if $1,000+ balance) |
| Kiwibank KiwiSaver | 4.30% | $1 | $2/month (fee-free if $1,000+ balance) |
For example, if you deposit $10,000 into the ANZ Online Saver, you'll earn approximately $425 in interest per year, based on an interest rate of 4.25% p.a.
Low-Risk Savings Accounts
Low-risk savings accounts are a good option for those who want to minimize their risk and earn a steady return on their savings. These accounts typically offer lower interest rates than high-interest savings accounts, but are less likely to lose value.
| Savings Account | Interest Rate (p.a.) | Minimum Deposit | Fees |
|---|---|---|---|
| HSBC Flexi Saver | 2.50% | $1 | $3/month (fee-free if $1,000+ balance) |
| Westpac Life Saver | 2.30% | $1 | $4/month (fee-free if $1,000+ balance) |
| Bank of New Zealand (BNZ) Saver | 2.20% | $1 | $3/month (fee-free if $1,000+ balance) |
For instance, if you deposit $10,000 into the HSBC Flexi Saver, you'll earn approximately $250 in interest per year, based on an interest rate of 2.50% p.a.
Online Savings Accounts
Online savings accounts are a great option for those who want to save money with a low-risk, high-yield option. These accounts often offer higher interest rates than traditional savings accounts and are easily accessible online.
| Savings Account | Interest Rate (p.a.) | Minimum Deposit | Fees |
|---|---|---|---|
| Sharesies High-Yield Savings | 4.90% | $1 | $5/month (fee-free if $1,000+ balance) |
| Hatch Savings | 4.60% | $1 | $3/month (fee-free if $1,000+ balance) |
| InvestNow Savings | 4.40% | $1 | $2/month (fee-free if $1,000+ balance) |
For example, if you deposit $10,000 into the Sharesies High-Yield Savings account, you'll earn approximately $490 in interest per year, based on an interest rate of 4.90% p.a.
Savings Account Features
When choosing a savings account, consider the features that are important to you. Some common features include:
- Interest compounding: This allows interest to be added to your principal balance, earning interest on interest.
- Minimum balance requirements: Some savings accounts require a minimum balance to avoid fees or to earn interest.
- Fees and charges: Look out for fees associated with maintaining a low balance, making withdrawals, or accessing your account online.
Frequently Asked Questions
How much should I save each month in New Zealand?
To determine how much you should save each month, consider your income, expenses, and financial goals. Aim to save at least 10% to 20% of your net income. You can also use the 50/30/20 rule as a guideline: 50% for necessary expenses, 30% for discretionary spending, and 20% for saving and debt repayment.
What are the tax implications of saving in a New Zealand savings account?
Interest earned on savings accounts is taxable in New Zealand. You'll receive a statement at the end of each financial year showing the interest earned. You can choose to pay tax on this interest when you file your tax return or have it withheld by your bank.
Can I open a savings account for my child in New Zealand?
Yes, you can open a savings account for your child in New Zealand. Many banks and online savings providers offer youth savings accounts with low or no fees. These accounts often come with features such as interest-free overdrafts and education-related benefits.
Summary
Choosing the best savings account in New Zealand depends on your individual needs and financial goals. Consider factors such as interest rates, fees, and features when selecting a savings account. By understanding the features and benefits of different savings accounts, you can make an informed decision and start building your wealth.
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