Save for your goals with Rapid Save

You’ll earn interest^ on every dollar in your Rapid Save account, no matter what your balance.^

  • Earn -% interest p.a.
  • No monthly base fees
  • One free withdrawal per bank month^^
Open a Rapid Save account View rates and fees

Keep your savings goals on track

Stick to your savings goals

You’ll earn interest^ on every dollar in your account, no matter what your balance.^ The more you can add to your savings, the  closer you’ll get to your savings goals. Learn how to set a savings goal in the BNZ app or in Internet Banking.

Help to resist temptation

You’ll get one free withdrawal every bank month.^ After that you’ll be charged $3 for each withdrawal which includes automatic payments, and transfers between your accounts.^

    No linked card

    A Rapid Save account doesn’t come with a card, so you’re less likely to use it for everyday spending or withdrawals. 

    Rates and fees

    Benefits and rates

    No monthly account fee.

    Earn -% interest p.a.^

    One free withdrawal each bank month,^ after that each withdrawal costs $3.^

    Free account alerts.

    Overdraft fees

    Unarranged: $4 per month.^
    A grace period applies.^

    Unarranged overdraft interest rate: 13.70% p.a. + margin.^

    Arranged overdraft not available.

    More about overdrafts

    Special features

    Earn bonus interest if you maintain or increase your balance each bank month (on top of interest earned) and use no more than your one free withdrawal.

    BNZ customers can open a Rapid Save account straightaway

    If you’re already a BNZ customer and registered for Internet Banking, it’s easy to open a new Rapid Save account in Internet Banking or the BNZ app. Just log in, and click [+] Add an account, which appears alongside or below your existing accounts.

    Tips for reaching your savings goals using Rapid Save

    Set up a savings goal

    Add a savings goal, load a personalised picture, and nickname your account to match what you’re saving for. No matter what your goal is, it’s much easier to stay on track with daily visual reminders. 

    Automate your savings

    Set up automatic payments in Internet Banking or the BNZ app so you can grow your savings and get closer to your savings goals.

    Get alerts for withdrawals

    Set up a push notification if you make a withdrawal from your Rapid Save account. Keep it top of mind that you can’t make another withdrawal within that same bank month^ without being charged a fee.

    Rapid Save for small businesses

    Put money aside in a Rapid Save account to help with tax payments, equipment purchases, or other future business expenses. Businesses with less than $5 million of total deposits are eligible for a Rapid Save account.

    Access special offers and deals with BNZ Rewards

    From dining and shopping to travel and entertainment. If you’re an eligible BNZ customer, you can enjoy the latest offers and discounts from BNZ partners, like New Balance, Event Cinemas, Bookme, and Huski.^

    Explore BNZ Perks

    You could grow your money faster with a term deposit

    If you won’t be using your savings for a while, you could consider a term deposit. This locks the money in an account for a set amount of time where it earns interest at a fixed interest rate. Depending on how long you set your term deposit for, this interest rate is usually better than the Rapid Save rate, so you get greater returns.

    • Fixed interest rate for the investment term.
    • No establishment or management fees.
    • Option to open and manage online.
    • Early withdrawals available for changes in circumstance.^
    • Minimum investment of $2,000.^
    • Terms from seven days to five years.

    Depositor Compensation Scheme

    Rapid Save is covered under the Government’s Depositor Compensation Scheme. The scheme covers up to $100,000 of your money in the unlikely event of a failure.

    Helpful guides to saving

    Supercharge your savings

    It’s good to put money aside for when you might need it later down the track. But to really supercharge your savings, it pays to have your money working as hard as it can for you.

    Building an emergency fund

    There’s nothing like the feeling of knowing you have enough savings set aside to cover your expenses, no matter what life throws at you. Find out how to build a financial safety net.