What is a high interest savings account?
High interest savings accounts typically offer higher rates of interest than traditional savings accounts. However, currently, such rates are not particularly high.
The average rate of interest offered across high interest savings accounts on Canstar’s database is 3.20% p.a., which is down from 4.56% a year ago.
Plus, savers often have to meet certain conditions to achieve the higher rates of interest. For example, they may be required to make monthly deposits, or face 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
ANZ
ANZ has one high interest savings account:
Serious Saver: up to 2.75% p.a.
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.
- 0.85% base interest rate
- 1.90% 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 3.15% p.a.
Savings Plus has a lower base interest rate, but offers premium interest if you make limited withdrawals.
- 0.70% 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 (0.80% 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: 3.20% p.a.
- 3.20% 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: 3.50% p.a.
- 3.50% interest rate
- Unlimited withdrawals to a nominated account
- No fees or minimum monthly deposit
Direct Call: 3.10% p.a.
- 3.10% interest rate
- Free payments to NZ bank accounts
- No fees or minimum monthly deposit
Kiwibank
Kiwibank has one high interest savings account:
Online Call: 2.75% p.a.
- 2.75% 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 3.50% p.a. 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).
- 1.50% base interest rate
- 2.00% bonus interest rate
- Unlimited free withdrawals
RaboSaver: up to 2.50% p.a. on balances up to $5 million
- 2.50% interest rate on balances up to $5 million
- 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 3.35% p.a.
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.
- 1.20% base interest rate
- 2.15% bonus interest rate
- $2.50 withdrawal fee
TSB
TSB has one high interest savings account:
Websaver Account: 2.40% p.a.
- Unlimited free withdrawals; $3 for staff withdrawal
- Requires a TSB everyday account
Westpac
Westpac has one high interest savings account:
Westpac Bonus Saver: 2.75% p.a.
Bonus Saver has a lower base interest rate, but offers premium interest if you increase your account balance by at least $20 each month.
- 0.50% base interest rate
- 2.25% bonus interest rate
- Unlimited free withdrawals
Compare savings accounts for free with Canstar!
About the author of this page
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery puzzle book 5 Minute Murder.
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