Compare On-Call Deposit Rates in New Zealand

Last updated: 07 November 2026 · Written by the ValueHub team · Reviewed by Steve Baron

Money kept accessible in an on-call savings account

An on-call account is for money you might need in a hurry — the emergency fund, a house deposit you are still adding to, the cash sitting between one payday and the next. You can take it out without asking anyone's permission, and it earns interest while it waits. That is the whole appeal, and it is also why it pays less than a term deposit.

The difficulty is that the rate in the advertisement is often not the rate most people earn. On this page, we have set out what each account actually pays, what you have to do to get the advertised figure, and whether the government guarantee reaches your money. We read the rates from the providers themselves and refresh them every day, so what you see here is today's, not last quarter's.

What Counts as On Call Here

This page is for money you can reach this week, and that is a stricter test than it sounds. A notice saver asking for 30, 60 or 90 days' warning is not an on-call account — it is a term deposit with a friendlier name, and listing it here would invite you to compare two different things. We have left those out.

What is in is everything reachable in a few days: ordinary savings and transaction accounts, where the money moves when you ask, and three cash funds — Booster Savvy, Wedge and Kernel Cash Plus — where a withdrawal is back in your bank account within one or two business days. A couple of days is a fair price for a better rate. A quarter of a year is not on call, whatever the product is called.

The other difference is what sits behind the money. A bank account is a deposit, so the government guarantee can reach it. A cash fund is an investment: you own units, the manager sets the return rather than publishing an interest rate, and the scheme does not apply. Both are worth having. They are not the same thing.

Three Numbers, and Only One of Them Is Yours

Base is what the account pays for doing nothing at all. It is the rate that quietly applies to anyone who does not qualify for the extra.

Bonus is the extra, and it comes with conditions — deposit a set amount each month, make no withdrawals, keep a minimum balance, buy something on the card attached to the account. Meet them, and you earn the full rate. Miss one, even once, and that month drops back to the base rate.

Total is base plus bonus. It is the number the table sorts on, and the number to compare between accounts — but only after you have read what the bonus needs. Where the bonus column shows a dash, there are no conditions, and the total is simply the rate.

A high total you cannot qualify for is worth less than a plain rate you always get. Read the condition first, then decide whether the total is actually yours.

Two other versions are worth knowing because both make a rate look better than it will be for you.

The first is the introductory rate. A promotional rate runs for a few months, usually on a capped balance and usually for new customers only, then the account drops to its standard rate. The standard rate is the one to compare against, because it is what you are left with for the other nine months of the year.

The second is the plan-based rate, where a bank pays more if you subscribe to one of its paid tiers. The higher rate is genuine, but it comes with a monthly fee. Before you upgrade for it, work out whether the extra interest on the balance you actually hold clears that fee — often it does not, and the cheaper plan is the better deal even at the lower rate.

PIEs, and Why They Are Worth Knowing About

Some accounts here are PIE's. A PIE — a Portfolio Investment Entity — is not a kind of bank account. It is a tax wrapper, a container for your savings, and the tax on what it earns is capped at 28%.

That cap is the point. If your own tax rate is higher than 28%, a PIE paying the same headline rate as an ordinary savings account pays you more after tax, because the tax stops at the cap. The higher your rate, the more the wrapper is worth to you.

The catch sits on the other side. A PIE is usually a fund, and units in a fund are not a deposit — so the government guarantee does not automatically reach it. Some institutions hold the money inside the PIE as a bank deposit and say so plainly. Others do not, and cannot. That is why the DCS column is filled in account by account: the answer depends on what is actually inside the wrapper, not on which bank's name is on the door.

What the Government Guarantee Covers

Since 1 July 2025, the Depositor Compensation Scheme has protected up to $100,000 per depositor, per licensed deposit taker, if that institution fails. You do not apply for it, and you do not pay for it.

It covers most transaction, savings and term deposit products offered by licensed deposit takers. It does not cover KiwiSaver, shares, bonds or other managed funds, foreign currency accounts, or money lost to a scam. Because the limit applies per institution rather than per account, $100,000 in each of two banks is fully covered while $200,000 in one bank is covered to $100,000.

Two structures need care. A platform holding your money on trust at a bank is covered through that bank rather than by the platform itself, and the note on the row names the bank. A provider that buys units in a fund is not covered at all, because there is no deposit for the scheme to pay out — even when the money is available on demand and the return looks like interest. Those rows carry a red cross, and the table lists the reason for each marked account.

Where the Money Should Sit

Most people do not have to choose one account. A sensible split is a month or two of expenses on call — where it is reachable this week — and anything you will not need for a year in a term deposit, which pays more for the wait. That combination usually beats putting everything into whichever on-call account tops the table.

Term deposits pay the most and lock the money away, so they carry a different trade-off again. We compare those on our term deposit rates page.

Who Is on the Table

Twenty-six institutions: major banks, smaller registered banks, building societies, credit unions, finance companies, three cash funds, and newer platforms that hold savers' cash and pay a return. Each row is one account in one balance band, because several institutions pay different rates depending on how much you hold.

The three funds are here for a reason worth stating. Booster Savvy, Wedge and Kernel Cash Plus are managed funds, not banks, so no Reserve Bank register lists any of them — and a sweep of those registers misses all three. They belong on an on-call page because the money really is reachable: same-day transfers at Booster, two business days at the other two, and returns competitive with the banks'. They are marked not covered because they are not.

Not being covered is not a reason to leave a provider out. An account that pays well and sits outside the guarantee belongs in front of you with that fact attached, not quietly dropped. You may want the rate anyway, or you may not — either way you are better deciding it knowing.

This is also why one bank can appear twice with two different answers. Cover depends on what the product actually is, not on whose name is on the door. Wise pays a return on money held in a fund of short-term government instruments, and says itself that it is not a deposit — so there is nothing for the scheme to pay out on. Revolut became a registered New Zealand bank in November 2026, and its Instant Access Savings is an eligible deposit with that bank — so it is covered the same way any other bank's is.

How to Read the Table

Sort on total, then read the condition on the top row before you believe it. Check the balance band too, because a rate that only starts above a threshold is not the rate you earn on a smaller balance.

A dash is not a zero. It means the provider does not publish that figure, or the account has no bonus and no upper band. And check the rate once more before you open anything — call rates follow the official cash rate, and the figures below are the ones published today, not a promise about next month.

Important: Call account and savings rates change frequently and can be withdrawn or varied at any time. Bonus rates depend on meeting the account's conditions. Always confirm the current rate and terms with the institution before depositing. Terms apply.

Institution ↕ Access Base ↕ Bonus ↕ Total ↕ Balance ↕ DCS ↕ Rating
ANZ On call 0.50% — 0.50% Any Covered A+ (Fitch)
ANZ PIE On call 0.40% — 0.40% Any Not covered A+ (Fitch)
ANZ On call 0.05% +2.00% 2.05% Any Covered A+ (Fitch)
ASB On call 0.25% — 0.25% Any Covered AA- (Fitch)
ASB On call 0.05% +2.00% 2.05% Any Covered AA- (Fitch)
BNZ On call 2.20% — 2.20% Any Covered A+ (Fitch)
Booster Savvy PIE On call 2.65% — 2.65% Any Not covered —
Christian Savings On call 1.40% — 1.40% $0–$20,000 Covered BB+ (Fitch)
Christian Savings On call 1.60% — 1.60% $20,000–$50,000 Covered BB+ (Fitch)
Christian Savings On call 1.80% — 1.80% $50,000+ Covered BB+ (Fitch)
Co-operative Bank On call 1.10% — 1.10% Any Covered BBB+ (Fitch)
Co-operative Bank On call 0.00% — 0.00% $0–$4,000 Covered BBB+ (Fitch)
Co-operative Bank On call 0.10% — 0.10% $4,000+ Covered BBB+ (Fitch)
Co-operative Bank On call 0.60% +1.80% 2.40% Any Covered BBB+ (Fitch)
Dosh On call 2.80% — 2.80% Any Covered —
First Credit Union On call 2.25% — 2.25% $0–$4,999 Covered BB (Fitch)
First Credit Union On call 2.50% — 2.50% $5,000–$100,000 Covered BB (Fitch)
First Credit Union On call 2.75% — 2.75% $100,000–$250,000 Covered BB (Fitch)
First Credit Union On call 3.00% — 3.00% $250,000+ Covered BB (Fitch)
First Credit Union On call 1.50% — 1.50% Any Covered BB (Fitch)
Heartland Bank PIE On call 2.40% — 2.40% Any Covered BBB (Fitch)
Heartland Bank On call 2.40% — 2.40% Any Covered BBB (Fitch)
Heartland Bank On call 1.90% — 1.90% Any Covered BBB (Fitch)
Heretaunga Building Society On call 0.70% — 0.70% $0–$49,999 Covered —
Heretaunga Building Society On call 0.80% — 0.80% $50,000–$99,999 Covered —
Heretaunga Building Society On call 0.90% — 0.90% $100,000+ Covered —
Kernel PIE On call 3.27% — 3.27% Any Not covered —
Kernel On call 2.75% — 2.75% Any Covered —
Kiwibank On call 1.90% — 1.90% Any Covered AA (Fitch)
Kiwibank PIE On call 1.90% — 1.90% Any Covered AA (Fitch)
NBS On call 0.40% — 0.40% Any Covered BB+ (Fitch)
Police Credit Union On call 0.50% — 0.50% $1+ Covered BB (Equifax)
Police Credit Union On call 0.15% +1.85% 2.00% $1+ Covered BB (Equifax)
Rabobank On call 1.00% +1.65% 2.65% $0–$100,000 Covered A (S&P)
Rabobank On call 1.75% — 1.75% $0–$5,000,000 Covered A (S&P)
Rabobank On call 1.40% — 1.40% $5,000,000+ Covered A (S&P)
Revolut On call 2.75% — 2.75% $0–$1,000,000 Covered BBB+ (S&P)
Revolut On call 2.25% — 2.25% $0–$1,000,000 Covered BBB+ (S&P)
Revolut On call 2.00% — 2.00% $0–$1,000,000 Covered BBB+ (S&P)
Revolut On call 3.00% — 3.00% $0–$250,000 Covered BBB+ (S&P)
Revolut On call 2.75% — 2.75% $250,000–$1,000,000 Covered BBB+ (S&P)
SBS Bank On call 0.60% — 0.60% Any Covered BBB+ (Fitch)
Sharesies On call 2.80% — 2.80% Any Covered —
Squirrel On call 2.50% — 2.50% Any Covered —
TSB On call 1.40% — 1.40% Any Covered BBB+ (Fitch)
Unity On call 0.05% — 0.05% $0–$4,999 Covered B- (Equifax)
Unity On call 0.10% — 0.10% $5,000–$19,999 Covered B- (Equifax)
Unity On call 0.15% — 0.15% $20,000–$99,999 Covered B- (Equifax)
Unity On call 0.60% — 0.60% $100,000+ Covered B- (Equifax)
Unity On call 0.00% — 0.00% $0–$999 Covered B- (Equifax)
Unity On call 0.20% — 0.20% $1,000–$19,999 Covered B- (Equifax)
Unity On call 0.70% — 0.70% $20,000+ Covered B- (Equifax)
Wairarapa Building Society On call 1.75% — 1.75% $500+ Covered BB+ (Fitch)
Wedge PIE On call 3.25% — 3.25% Any Not covered —
Westpac On call 0.05% +1.70% 1.75% Any Covered A+ (Fitch)
Westpac On call 0.35% — 0.35% Any Covered A+ (Fitch)
Wise On call 1.93% — 1.93% Any Not covered —
Xceda Finance On call 2.50% — 2.50% Any Covered B+ (Equifax)

What is not covered by the Depositor Compensation Scheme

The ✕ Not covered rows are not deposits, so the $100,000 government guarantee does not apply to them. If that provider failed, there would be no scheme payout — the money is at risk on ordinary investment terms.

  • ANZ — PIE Fund - Call Option: PIE fund units rather than a bank deposit, so not covered by the Depositor Compensation Scheme
  • Booster Savvy — Savvy: Units in the Booster Savvy Fund — a managed fund, not a bank deposit, so the Depositor Compensation Scheme does not apply
  • Kernel — Cash Plus: Units in a managed fund, not a bank deposit, so the Depositor Compensation Scheme does not apply
  • Wedge — Savings Fund: Units in the Wedge Savings Fund — a managed fund, not a bank deposit, so the Depositor Compensation Scheme does not apply
  • Wise — Interest (NZD): Units in a fund holding government bonds and cash deposits — not a deposit, so the Depositor Compensation Scheme does not apply

 

Questions We Get Asked

Which on-call account pays the most?

Sort by the total, and the top row is the highest on offer. It moves, so we date the figures rather than give a standing answer. Read the condition beside it first — a bonus you will not qualify for is not a rate you can earn.

Why aren't the 30, 60, and 90-day notice accounts in this table?

Because they are not on call. A notice saver pays more because you agree to wait, and waiting a month or three for your own money makes it a different product with a different purpose. Side by side, the comparison invites you to treat a 90-day lock-up as if it were instant cash. The table stops at a week — long enough for a cash fund to settle, short enough that the money is still yours when you need it.

Is a cash fund as safe as a savings account?

No, and the DCS column shows it. A savings account at a licensed bank is a deposit, insured up to $100,000 per depositor. A cash fund is an investment: you own units in a portfolio of short-term deposits and bonds; there is no guarantee, and the value can move. These funds hold conservative assets and are supervised like any managed fund — supervision is not guaranteed, and the two are worth keeping apart.

Is a PIE better than an ordinary savings account?

For tax, often. For safety, not automatically — a PIE is a fund, and fund units are not a bank deposit, so the scheme may not reach it. Check the column before choosing on rate alone.

What happens if my bank fails?

The scheme automatically pays up to $100,000 per depositor per licensed deposit taker. Anything above that ranks as an ordinary claim against what is left of the institution.

Should I keep it all in one account?

Rarely. Top rates are conditional or capped by balance band, and the $100,000 limit is per institution. Spreading large balances across two institutions can double your cover.

About This Data

  • We read every figure from the provider's published rate information and check it daily.
  • Base, Bonus and Total are separate, so we never show a conditional rate as an unconditional one.
  • Each balance band is its own row; a rate that only applies above a threshold is not shown as the rate for every dollar.
  • DCS says whether the deposit is covered, and the note names the institution or fund behind it.
  • Ratings are long-term issuer credit ratings, with the agency named in brackets.

Before You Move Your Money

  • Read the conditions, not just the rate. A bonus usually requires a monthly deposit, no withdrawals, or a minimum balance.
  • Check the offer period. An introductory rate that runs for a few months is not the rate you earn for the year.
  • Keep the $100,000 limit in mind. It applies per deposit taker, so spreading money across two institutions can double your cover.
  • Check how fast the money comes back. A savings account pays on the day, a cash fund takes one or two business days, and a notice account takes as long as its notice period says.
  • Anything needing more than a week's notice is not on this page — it is a term deposit decision, not an on-call one.

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