Set up your accounts for success

Open accounts that make sense

Once you've created your budget, consider using a combination of our account types to give you flexibility as well as interest on your savings.

You can have multiple of the same account type, and rename them under the 'Detail' tab to match your budget.

Here's a basic structure you could follow.

An everyday spending account

This is your main transactional account to use when you're out and about or shopping online.

• Our best account type: Free Up.
• Name: Label it something like 'Spending' or 'Everyday'.
• Cards: Order a Visa Debit card to use payWave, shop online or overseas, or an EFTPOS card to make instore purchases in New Zealand only.
• Tip: Get paid into this account with recurring transfers to your other accounts on the same day or the day after.

An expenses account

You could open another transactional account for your expenses and use this to pay your regular bills, such as power, internet, gas, water and health insurance.

• Our best account type: Free Up.
• Name: Label it something like 'Bills' or 'Expenses'.
• Cards: You might not need a card for this account, but you have the option to order a Visa Debit card and/or an EFTPOS card.
• Transfers: Set up a recurring transfer so every time you get paid, this account automatically tops up with your total bills amount for that period, e.g. two weeks.
• Tip: If you're paying some bills manually, see which ones you can set up as a direct debit to come straight out of this account.

An emergency fund

This money can help you cover unexpected expenses in stressful circumstances. It should be accessible at any time, but you can also earn interest on it too.

To build it up, include it in your budget and use Goal Tracker to help you save your desired amount, for example three month's of living expenses.

• Our best account type: Online Call.
• Name: Label it something like 'Emergencies only'.
• Cards: None — transfer money any time to a transactional (Free Up) account to spend it.
• Transfers: Set up a transfer so this balance automatically increases every time you get paid. Once you've reached your goal, you can keep going or change your automatic transfer to other accounts.
• Tip: If you're in a tax bracket paying more than 28% income tax, open a PIE Online Call instead and pay a maximum of 28% tax on the interest you earn (instead of your usual tax rate).

See more about building an emergency fund.

A general savings account with no hurdles

Think of this one as your 'number two' to your everyday spending account. You can put money in here and earn interest on it without locking it away — you can access it at any time.

• Our best account type: Online Call.
• Name: Label it something like 'General savings'.
• Cards: None — transfer money to a transactional (Free Up) account to spend it.
• Transfers: Up to you — you could keep this one flexible and manually transfer money in and out of it when it suits you.
• Tip: Keep just enough money in your everyday spending account to cover your day-to-day, and stash the rest in here to earn interest until you need it.

Savings accounts with goals

To help you reserve money properly and resist temptation, you can open a savings account that will stop you dipping into it randomly.

• Our best account type: Notice Saver — you need to let us know in advance that you want to access the money inside.
• Name: Label it with your goal, like 'Travel', 'New car' or 'Study'.
• Cards: None — give notice to transfer your money after 32 or 90 days to one of your transactional accounts where you can then spend the money.
• Transfers: Any transfers to this account are one-way as you have to give notice before you can access the money. You can set up a recurring transfer that matches your budget, and adjust this amount at any time.
• Tip: Use Goal Tracker on our mobile app to help you see the progress of your savings.

Check in after a few months

Make sure each account has enough to cover your spending. After a while, you might decide to split your savings into more categories, or reassess your budget and adjust your recurring transfers.

Once your structure is humming, you can build on it. If you’ve built up $1,000 or more and want to put it aside long‑term, you could explore a Term Deposit.

If you need a hand setting up or opening accounts, see our Help hub. If you're new here, join us at Kiwibank — we’re here to help you get ahead.