A Business Notice Saver account is a flexible business savings account that earns a good rate of return. You can add money whenever you like, to make a withdraw give either 32 or 90 days' notice. This is reaching your savings goals faster.
Key features & benefits
No account management or transaction fees
Add money whenever you like and leave it in your account for as long as you like
Make a withdrawal by giving either 32 or 90 days’ notice
A minimum investment of $2,000 is needed to to earn returns
Notice Saver is a PIE investment.
Rates of return are subject to change.
Notice periods & withdrawals
To give notice, you can log in to internet banking for business or our mobile app, and set up a transfer. You can choose any available amount to transfer and you can have multiple transfers on the go. You'll also earn the Notice Saver rate of return right until your money leaves the account. Alternatively, you can also give us a call.
Once you’ve given notice, you’ll need to wait either 32 or 90 days, depending on which option you chose when you opened your account.
Your nominated account
When you make a withdrawal you can take out all of your money, or just some of it. When your funds are transferred, they go into an account that you nominate at the time your Business Notice Saver is opened. This can be any New Zealand bank account. If you want to change your nominated account and to help protect your funds, please complete a Notice Saver account change advice (PDF 31.3 KB).
Withdrawing money early
When you request an immediate withdrawal of part or all of your money from Business Notice Saver without giving the required notice, you'll be charged an immediate withdrawal charge. The amount of the charge varies depending on the amount being withdrawn, the current rate of return for your Business Notice Saver and the length of the required notice period.
If your application is approved the Immediate Withdrawal Charge applies (which is a reduction against the return earned).
This is based on the following calculations:
Immediate withdrawal charge = funds to be withdrawn x (Notice Saver rate of return ÷ 365) x Notice Period days (32 or 90).
Example 1: You’ve invested $50,000 in a Notice Saver with a 32-day notice period at 2.25% p.a. If you have had the money in the account for 50 days, your Immediate Withdrawal Charge would be: return earned on $50,000 over the last 32 days x 2.25% p.a. = $98.63 (before tax).
Example 2: You’ve invested $50,000 in a Notice Saver with a 32-day notice period at 2.25% per annum, but your money has only been in the account for seven days. Your Immediate Withdrawal Charge would be: return earned on $50,000 over the last 7 days @ 2.25% p.a. = $21.58 (before tax).
The charges are capped, so your initial contributions won’t be reduced.
Standard terms and conditions
Interest rates are subject to change. The rate of return for Notice Saver can change at any time and without notice. This means the rate might go up or down during your investment.
Units in Kiwibank Notice Saver are issued by Kiwibank Investment Management Limited and are distributed by Kiwibank Limited. See all investments terms and conditions (PDF 488.6 KB) or pick up copies from your nearest Kiwibank. Notice Saver is a fund within a Portfolio Investment Entity (PIE).
This communication contains general information only and not investment or tax advice, and as such you shouldn't rely on it as the sole basis for any financial decision. Potential investors should seek professional advice as to whether an investment is right for them, including the taxation implications of such an investment.