Notice Saver

Keep dipping into your savings? Notice Saver can take temptation out of the equation. Earn a good rate of return on your savings, but instead of instant access, you have to give notice to make a withdrawal. This is reaching your savings goals faster.
  • No account management or transaction fees.

  • Add money whenever you like and leave it in your account for as long as you like.

  • Can be opened at any age with no minimum balance.

  • Make a withdrawal by giving either 32 or 90 days' notice.

  • Notice Saver is a PIE investment.

How it works

PIE Fund

Family running into house

Notice Saver is a fund within a Portfolio Investment Entity (PIE), which could have tax advantages for you. Usually you’d pay your regular income tax on interest earned on savings accounts, which could be up to 39%. With a PIE, the maximum tax you’ll pay on the returns you earn is 28% – meaning you could keep more of your return in your pocket.

Notice period and withdrawals

Giving notice

To give notice, you can log in to internet banking 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 a specified account that you set up at the time your Notice Saver is opened. This can be any New Zealand bank account. If you want to change your nominated account, please complete a Notice Saver account change advice.

Withdrawing 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 The amount of the charge varies depending on the amount being withdrawn, the current rate of return for your Notice Saver and the length of the required notice period.

Calculating 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Immediate withdrawal charge = funds to be withdrawn x (Notice Saver rate of return ÷ 365) x Notice Period days (32 or 90).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.

Apply for an immediate withdrawal

You can apply by sending us a secure message through internet banking or our mobile app, by calling us or by visiting us in branch. We may refuse your request at our sole discretion and if we approve your request, an immediate withdrawal charge will apply.

Is a Notice Saver account right for you?

Notice Saver enables you to regularly build your savings and pop them aside from day to day temptation. However you should consider if you’ll need your money before your notice period is applied as break penalties may apply. One of our savings accounts may be more suitable if you do.

Apply now

If you’re keen to build your nest egg with a Notice Saver account, you can apply or open online.

Once your application is complete, our team will get in touch with you so make sure you have your:

  • IRD number and the IRD number of any joint applicant(s)
  • Prescribed Investor Rate (PIR) if you're applying for a PIE investment
  • Passport and/or driver licence to verify your identity and your address.

If you're a business banking customer, please call 0800 601 601 or talk to our business banking managers.

New to Kiwibank?

Welcome! Complete our online application form to join Kiwibank. From there you can can open your new savings and investment account.

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Already a Kiwibank customer?

Log in to internet banking and go to Apply & Open to make it happen.

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Want to talk through options?

No problem, the easiest way to apply is to complete our form and an investment specialist will call you.

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