BNZ is increasing its Rapid Save interest rate to 2.00% p.a. from Friday 21 August, the highest rate offered by a major New Zealand bank.

Unlike savings accounts that combine a low base rate with bonus interest for meeting certain conditions, Rapid Save pays customers one straightforward interest rate on every dollar saved, no matter their balance.

Over the past 12 months, Rapid Save has paid more interest per dollar saved than any other major bank*.

More than half a million customers now have a Rapid Save account, an increase of over 45,000 over the past year.

BNZ Customer, Products & Services Executive Karna Luke says with household budgets under pressure, getting a good return on savings matters, but so does having money available when it’s needed.

“Term deposits can be a good option for money customers are comfortable locking away for a set period, and we’re seeing strong growth there as customers look to make the most of the rates available.

“But when the cost of living is putting pressure on household budgets, people also need savings they can access if they need to, whether that’s for an unexpected bill, a rainy-day fund or money they’re putting aside for a goal.

“With Rapid Save, there’s one straightforward interest rate, rather than a base rate and bonus rate with monthly conditions, and customers get one free withdrawal each bank month.

“That simple approach has delivered strongly for our customers, and from 21 August we’re making it even more competitive by increasing the rate to a market-leading 2%.”

The new Rapid Save rate of 2.00% p.a. takes effect from Friday 21 August 2026.

*Based on advertised rates for personal savings accounts, available to customers aged 18 years and over, with the other major New Zealand banks.

Rates subject to change. Eligibility criteria and terms and conditions apply.