Compare the Best Call Accounts in New Zealand
Have full access to your money at any time while earning interest. MoneyHub publishes the top call account deals available right now from trusted banks, as well as pros, cons and FAQs.
Updated 1 September 2024
Call account interest rates are rising. This guide highlights the best deals currently available, must-know tips and helpful FAQs to make the most of your savings while maintaining the flexibility of a call account.
Our guide covers:
Related resources:
Disclaimer:
Related resources:
- Want to see the pre-tax returns of call account interest? Visit our Savings Calculator
- Keep in mind that banks possess varying credit ratings, which serve as indicators of the safety of your call account investment. For more information, refer to our comprehensive Bank Credit Ratings guide.
Disclaimer:
- Please note that banks frequently adjust call account rates, and the rates presented in our guide are updated on a weekly basis. However, rates may change in between updates.
- We suggest double-checking directly with your preferred bank(s) to confirm their latest offers.
What is a call account, and how does it differ to a savings account?
There are two key differences, with call accounts and savings accounts offering unique advantages. We explain these below:
Warning - Investment Scams
- Interest rates: A call account offers a floating interest rate for the life of your investment. For example, “2.50% p.a." or “2.99% p.a.". Interest rates for savings accounts are usually fixed (when referring to products such as Notice Savers) and will be higher than call accounts.
- Withdrawals: Call accounts are, as their name states, able to be accessed 'on call' meaning you can access your money the same day. By comparison, a savings account (e.g. a Notice Saver) allows you to withdraw money at any time, but you'll need to wait for the notice period to end (e.g. 30 days or even up to 90 days).
Warning - Investment Scams
- We are aware New Zealanders are being targeted by scammers hoping to get their hands on money otherwise destined for legitimate call accounts, savings accounts or term deposits.
- We believe the scams start as adverts on third-party websites (e.g. not MoneyHub) and entice people to enter their contact details when looking for a call account or other savings product. Then, phone calls are made to lure the money to fake New Zealand and/or overseas-based companies promising returns above those you'll receive from any New Zealand term deposit or similar product.
- MoneyHub Founder Christopher Walsh explains this problem in a video that lists what you can do to avoid scams altogether.
- Remember, if it sounds too good to be true, or you have a funny feeling or anything else, do not proceed. There are too many scams out there to risk it, as you'll see in the video:
Top Call Accounts Available Right Now (No Minimum Contributions)
The offers below don't have any requirements - no minimum monthly contributions, no withdrawal caps, no bonus interest thresholds etc. You simply put the money in and earn the interest rate offered.
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BNZ - 4.55% p.a.Our view: A call account with flexibility; one free withdrawal every month ($3 per withdrawal after that), no minimum contribution requirements and no minimum balance required.
Account Name: Rapid Save Interest Rate: 4.55% p.a. Minimum balance: None Balance Limit: None Minimum deposit per month to achieve the top interest rate: None How to open: Apply via BNZ's website |
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Kiwibank- 4.25% p.a.Our view: A call account with flexibility; no penalties and no fees for withdrawing funds, no minimum contribution requirements and no minimum balance required.
Account Name: Online Call Interest Rate: 4.25% p.a. Minimum balance: None Balance Limit: None Minimum deposit per month to achieve the top interest rate: None How to open: Apply via Kiwibank's website Know This: Kiwibank also offers a PIE Online Call account which benefits anyone earning at the 33% or 39% tax rate with a capped 28% tax rate on interest earned. |
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Heartland Bank - 4.50% p.a.Our view: A high-interest call account with flexibility; no penalties and no fees for withdrawing funds, no minimum contribution requirements and no minimum deposit required to open a Direct Call Account.
Account Name: Direct Call Account Interest Rate: 4.50% p.a. Minimum balance: None Balance Limit: None Minimum deposit per month to achieve the top interest rate: None How to open: Apply via Heartland's website |
Our Top-Rated Savings Account With Day-to-Day FlexibilityBest Account for Wealth Creation and Flexibility:
What sets Savvy apart?
Savvy arguably redefines how we think about money management, merging the convenience of a debit card with the benefits of an investment fund, all while offering impressive returns. It's a forward-thinking solution for those who want their money to work harder for them without sacrificing accessibility or ease of use. More details: Our Savvy Review explains the product in detail, as does the Savvy website. |
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Top Call Accounts Available Right Now (Minimum Contributions or Balance Increase Required)
The offers below have a base interest rate and a bonus interest rate if you avoid making withdrawals, top up your balance or both. If you choose one of these, you'll need to meet the terms and conditions to maximise the interest rate. Otherwise you could be stuck earning a low 0.75% p.a. or similar by missing out on bonus interest.
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Rabobank - Up to 5.00% p.a.Our view: A high interest rate if you have less than $100,000 and will add at least $50 every month and won't make withdrawals.
Account Name: PremiumSaver Interest Rate: Between 2.50% and 5.00% p.a. Minimum balance: None Balance Limit: The 5.00% p.a. rate payable on balances up to $100,000. Any balances above this up to $5 million will earn the standard RaboSaver rate. Minimum deposit per month to achieve the top interest rate: $50 How to open: Apply via Rabobank's website |
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TSB - 4.20% p.a.Our view: A call account with flexibility; no penalties and no fees for withdrawing funds, no minimum contribution requirements and a minimum balance requirement of above $1,000.
Account Name: WebSaver Interest Rate: 4.20% p.a. (but no interest is paid on the first $1,000) Minimum balance: On the days your balance is under $1,000, no interest will be calculated. Balance Limit: None. Minimum deposit per month to achieve the top interest rate: None How to open: Apply via TSB's website Know This: TSB also offers the Horizon Savings Account which allows for withdrawals and pays interest on every dollar, not just the first $1,000. However, there's a $1 fee for withdrawals outside of your TSB accounts. |
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Westpac - Up to 4.25% p.a.Our view: A call account with flexibility; no penalties and no fees for withdrawing funds, but you'll need to ensure your balance goes up $20+ every month (excluding interest payments) to earn the bonus interest and reach the headline rate.
Account Name: Westpac Bonus Saver Interest Rate: 4.25% p.a. Minimum balance: None Balance Limit: None Minimum deposit/balance increase per month to achieve the top interest rate: $20 How to open: Apply via Westpac's website Know This: Westpac also offers a PIE Online Call account which benefits anyone earning at the 33% or 39% tax rate with a capped 28% tax rate on interest earned. |
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ANZ - Up to 4.25% p.a.Our view: A call account with limitations; you'll only earn up to the headline interest rate if you make no withdrawals and deposit $20 or more (not including credit interest) on or before the last business day of the month.
Account Name: ANZ Serious Saver Interest Rate: 4.25% p.a. Minimum balance: None Balance Limit: None Minimum deposit/balance increase per month to achieve the top interest rate: $20 How to open: Apply via ANZ's website Know This: ANZ also offers a PIE Online Call account which benefits anyone earning at the 33% or 39% tax rate with a capped 28% tax rate on interest earned. |
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Co-operative Bank - Up to 4.55% p.a.Our view: A high interest rate if you pay into to account and avoid making more than one withdrawal per month.
Fine print: Extra 2.75% p.a. bonus interest is paid in every month if the account balance, is higher at the month end than the balance at the start of the month and no more than one withdrawal is made in the month. If you make more than one withdrawal in a month you'll earn the standard interest rate. Account Name: Step Saver Interest Rate: Between 1.80% and 4.55% p.a. Minimum balance: None Balance Limit: None Minimum deposit per month to achieve the top interest rate: None How to open: Apply via the Co-operative Bank's website |
Low-Interest Call Accounts Available Right Now (No Minimum Contributions)
While most banks deliver competitive rates, it's not always the case. The offerings below represent the best Call Accounts from the respective banks and, consequently, are lower than those listed above.
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SBS - 1.60% p.a.Our view: A lower-interest-than-average call account with flexibility; no penalties and no fees for withdrawing funds, no minimum contribution requirements and no minimum deposit required to open an i-save account offset only some of the lower-than-average interest rate.
Account Name: SBS i-save Interest Rate: 1.60% p.a. Minimum balance: None Balance Limit: None. Minimum deposit per month to achieve the top interest rate: None How to open: Apply via SBS's website Know This: The SBS also offers the Incentive Saver account to those who won't make withdrawals and keep adding to the balance over a three-month period. |
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ASB - 2.65% p.a.Our view: A low-interest call account with flexibility; free withdrawals, no minimum contribution requirements and no minimum balance required.
Account Name: Savings on Call Interest Rate: 2.65% p.a. Minimum balance: None Balance Limit: None Minimum deposit per month to achieve the top interest rate: None How to open: Apply via ASB's website |
Disclosure:
- We have excluded credit unions, finance companies, mortgage trusts and other non-bank deposit takers.
- Rates are subject to change without notice - please confirm the latest interest rate and interest payment schedule before signing up for any call account.
Call Account Frequently Asked Questions
While call accounts are fairly simple, there are a few important facts to be aware of. We answer the most common questions below:
How do I pick the best call account?
The best call account is likely going to have the highest interest rate and the most flexible terms. If you're likely to make withdrawals and may not add to your balance, you're likely going to be better rewarded with a standard call account that doesn't pay bonus interest.
However, if you're likely to keep adding to the balance every month and won't make withdrawals, a call account with the highest interest rate, which is likely to include a bonus interest component (but not always), will be more profitable.
However, if you're likely to keep adding to the balance every month and won't make withdrawals, a call account with the highest interest rate, which is likely to include a bonus interest component (but not always), will be more profitable.
How can I check the balance?
Call accounts can be viewed online or via an app to help manage your money. All call accounts listed above offer this.
Who offers call accounts?
All New Zealand banks offer call accounts.
Can I open a joint call account?
It depends on the bank. However, high-interest savings accounts offer joint control.
Is a call account safe? Can I lose money?
While no investment is 100% safe, call accounts fall into the category of ‘low risk’. They also offer a guaranteed return – the interest rate is floating but it's above 0% and banks don't move their rates around too often. This means over one year you'll likely see a few interest rate changes (up and down) but your capital (e..g investment) will remain stable.
What are the tax implications of interest earned on call accounts?
Per the NZ government, when you open a call account, you need to tell your provider (i.e. the bank):
If you're a top-rate taxpayer (e.g. 33% or 39%), many banks offer PIE call accounts, which means your interest will be taxed at 28%, meaning you'll earn more net interest.
- Your IRD number
- The tax rate you should pay, based on your income.
If you're a top-rate taxpayer (e.g. 33% or 39%), many banks offer PIE call accounts, which means your interest will be taxed at 28%, meaning you'll earn more net interest.
How do I open a call account?
The best way to open a call account is online via bank's website, or by visiting the bank’s branch. You’ll need to provide a few documents (like an ID and proof of address) to validate your ownership and source of funds. Once approved, you're free to move money into your call account, and move money between your call account and any other account. A call account gives you 24/7 access to your money.
Call Accounts - Pros and Cons
Call accounts offer security, but they may not be for everyone. We discuss the pros and cons below:
Pros:
Cons:
Pros:
- Low risk – you’ll earn the interest rate advertised, and there’s next to no chance of losing your money if you invest with a New Zealand bank.
- No fees – you don’t pay anything to open and run a call account
- Encourages good savings habits – many call accounts pay bonus interest if you don't make withdrawals and/or pay in money every month. This encourages savers to keep saving and resist making withdrawals.
- You can access your money at any time – this means there's no risk of using your money should you suddenly need it.
- You can keep adding to the balance – call accounts and savings accounts both allow and encourage you to keep saving, with interest earned as soon as money is added to your call account.
Cons:
- Lower interest rates than savings accounts and term deposits - The trade-off with flexibility is the interest rate; because you don't have to give notice or lock-in for a fixed term, the interest rate received is lower.
