Best Savings Accounts in NZ (2026 Comparison)

Where you keep your savings matters. The difference between a 0.5% and a 5% savings account on $10,000 is $450/year — for doing nothing differently. Whether you're building an emergency fund or saving for a house, picking the right account matters.

Here's how NZ savings accounts compare in 2026.

What to look for

Interest rate

The obvious one. But watch for:

• Base rate vs bonus rate — many accounts advertise a high rate that requires conditions (no withdrawals, minimum deposits)
• Introductory rates — some banks offer high rates for 3-6 months then drop
• Notice periods — some accounts require 32 or 90 days notice for withdrawals

Access

How quickly can you get your money?

• On-call: Instant access, lower rates
• Notice saver: 32-90 day notice, higher rates
• [Term deposit](/glossary/term-deposit): Locked for 3-12 months, highest rates

For an emergency fund, you want on-call. For house deposit savings, a notice saver is fine. Also consider whether KiwiSaver or a savings account is the right place for your money.

The comparison

Big banks

• ANZ Serious Saver: Competitive base rate + bonus if you deposit $20/month and make no withdrawals
• ASB Savings On Call: Basic rate, easy access
• BNZ Rapid Save: Bonus rate for months with no withdrawals
• Westpac Online Bonus Saver: Bonus rate with $50/month minimum deposit
• Kiwibank Notice Saver: 32-day notice, higher rate than on-call

Challenger banks & platforms

• Squirrel: Often the highest on-call rate in NZ
• Heartland Bank: Competitive term deposit rates
• Rabobank: Good savings rates, NZ deposit guarantee applies

Where to check current rates

Rates change frequently. Check:

• interest.co.nz — NZ's most comprehensive rate comparison
• sorted.org.nz — Government's financial literacy site with comparisons

Which account for what?

Emergency fund ($1,000-10,000)

Use an on-call savings account at a different bank from your spending account. The friction of transferring between banks prevents impulsive dipping.

House deposit ($10,000+)

Use a notice saver (32-day notice). You won't need instant access, and the higher rate compounds nicely over 1-2 years.

Short-term goal (holiday, car)

Use an [on-call account](/glossary/on-call-account) with a dedicated name. Most banks let you rename savings accounts — call it "Fiji 2027" or "New Car."

The bottom line

Don't leave savings in your everyday spending account earning 0.1%. Move it to a dedicated savings account — even the difference between 2% and 4% adds up fast. Check interest.co.nz for current rates and switch if you're getting a bad deal. See our NZ bank accounts comparison for the full picture, and track all your accounts in one place.

Frequently Asked Questions

Which NZ bank has the highest savings interest rate in 2026?

Rates change weekly, but as of 2026 challenger banks like Heartland, Squirrel, and Booster typically offer 0.5-1% higher rates than the big four (ANZ, ASB, BNZ, Kiwibank) on equivalent products. Always check the bank's site directly before opening.

Are NZ savings account interest payments taxed?

Yes. Interest is taxable as ordinary income, and your bank automatically deducts Resident Withholding Tax (RWT) at your nominated rate before paying you. Make sure your RWT rate matches your income band — incorrect rates lead to either over-paying or surprise tax bills.

Should I keep my savings at the same bank as my chequing account?

Not necessarily. Keeping your savings at a DIFFERENT bank adds friction that helps you save — you can't impulsively transfer money from a savings account you don't see in your daily app. Many high-rate accounts come from challenger banks anyway.

What's the difference between an on-call account and a notice saver?

An on-call account lets you withdraw any time at a lower interest rate. A notice saver requires you to give notice (typically 32 days) before withdrawing, in exchange for a higher rate. Notice savers suit money you know you won't need soon.

Are challenger banks like Heartland and Squirrel safe?

Yes — they're regulated by the Reserve Bank of New Zealand the same as the big banks. They're typically smaller and more focused on a single product, which lets them offer better rates by saving on overhead costs.