What is a high interest savings account?
High interest savings accounts typically offer higher rates of interest than traditional savings accounts. However, they often require the saver to meet certain conditions to achieve the best rates. For example, they may require monthly deposits or place limits or restrictions on withdrawals.
Best savings accounts
If you’re currently considering a savings account, the table below displays some of the best savings 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
All the savings accounts listed below have a total interest rate of at least 4.20%.
ANZ
ANZ has one high interest savings account:
Serious Saver: up to 4.35% p.a. total interest rate
Serious Saver has a lower base interest rate, but offers premium interest if you make no withdrawals and deposit $20 or more (excluding interest) each month.
- 1.20% base interest rate
- 3.15% bonus interest rate
- Allows access to your savings if you need to and still earn base interest rate (one free withdrawal per month)
- $5 per month for two or more withdrawals
ASB
ASB has one high interest savings account:
Savings Plus: up to 5.00% p.a. total interest rate
Savings Plus has a lower base interest rate, but offers premium interest if you make limited withdrawals.
- 2.55% base interest rate on amounts up to $2 million
- 2.45% 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 (2.65% p.a.), 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
BNZ has one high interest savings account:
Rapid Save: 4.55% p.a. interest rate
- 4.55% interest rate
- One free withdrawal per bank month, $3 fee for each additional withdrawal
Heartland Bank
Heartland Bank has two high interest savings accounts:
- Digital Saver
- Direct Call
Digital Saver: 5.00% p.a. interest rate
- 5.00% interest rate
- Unlimited withdrawals to one nominated account
- No minimum monthly deposit or monthly fees
Direct Call: 4.60% p.a. interest rate
- 4.60% interest rate
- Fee-free payments to any NZ bank account
- No minimum monthly deposit or monthly fees
Kiwibank
Kiwibank has one high interest savings account:
Online Call: 4.50% p.a. interest rate
- 4.50% variable interest rate
- Add and withdraw funds at any time
- No minimum monthly deposit or monthly fees
Rabobank
Rabobank has two high interest savings accounts:
- PremiumSaver
- RaboSaver
PremiumSaver: up to 5.25% p.a. interest rate on balances up to $100,000
PremiumSaver has a lower base interest rate, but offers premium interest if you increase your balance by at least $50 each month (excluding interest).
- 2.50% base interest rate
- 2.75% bonus interest rate
- Unlimited free withdrawals
RaboSaver: up to 4.25% p.a. interest rate on balances up to $5 million
- 4.25% interest rate on balances up to $5 million
- Create up to five sub-accounts
- Unlimited free withdrawals
The Co-operative Bank
The Co-operative Bank has one high interest savings account:
Step Saver: up to 4.75% p.a. interest rate
Step Saver has a lower base interest rate, but offers premium interest if you increase your account balance and make no more than one withdrawal each month.
- 1.90% base interest rate
- 2.85% bonus interest rate
- $2.50 withdrawal fee
TSB
TSB has one high interest savings account:
Websaver Account: 4.20% p.a. interest rate
- Unlimited free withdrawals, $3 for each staff assisted withdrawal
- Must be opened alongside a TSB everyday account
Westpac
Westpac has one high interest savings account:
Westpac Bonus Saver: 4.50% p.a. interest rate
Bonus Saver has a lower base interest rate, but offers premium interest if you increase your account balance by at least $20 each month.
- 1.00% base interest rate
- 3.50% bonus interest rate
- Unlimited free withdrawals
Compare savings accounts for free with Canstar!
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.
Share this article