Give notice
Give notice
To withdraw money from your Notice Saver you need to give notice. Your funds will be released after the notice period.
To give notice:
- Log in to the mobile app or internet banking.
- Set up a transfer from your Notice Saver account to another account.
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.
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 Notice Saver is opened. This can be any New Zealand bank account.
If you want to change your nominated account you can send us a secure message through our mobile app or internet banking, or complete a Notice Saver account change advice.
Immediate withdrawal
Withdraw money early
When you request an immediate withdrawal of part or all of your money from 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 The amount of the charge varies depending on the amount being withdrawn, the current rate of return for your Notice Saver and the length of the required notice period.
Apply for an immediate withdrawal
To apply for an immediate withdrawal, send us a secure message with:
- Details of the Notice Saver you'd like to make the immediate withdrawal from.
- Withdrawal details such as the withdrawal date and amount.
You can also call us or visit your nearest Kiwibank.
We may refuse your request at our sole discretion and if we approve your request, an immediate withdrawal charge will apply.
Calculate the immediate withdrawal charge
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Immediate withdrawal charge = funds to be withdrawn x (Notice Saver rate of return ÷ 365) x Notice Period days (32 or 90).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
Kiwibank PIE Online Call Fund, Kiwibank PIE Term Deposit Fund and Kiwibank Notice Saver are funds within a Portfolio Investment Entity (PIE). Units in Kiwibank PIE Online Call Fund, Kiwibank PIE Term Deposit Fund and Kiwibank Notice Saver are distributed by Kiwibank Limited and are issued by Kiwibank Investment Management Limited.
Interest rates are subject to change.
Download all investment terms and conditions or pick up copies from your nearest Kiwibank.