This was posted 1 year 15 days ago, and might be an out-dated deal.

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On-Call Savings Account, 5% P.A Interest Rate (Was 4%) @ Squirrel

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On-Call Savings Account, 5% P.A Interest Rate (Was 4%) @ Squirrel
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genesis133 on 12/04/2023 - 14:35 squirrel.co.nz (261 clicks)
Last edited 12/04/2023 - 15:16 by 2 other users

Just got an email from Squirrel saying that their On-call Savings Account has changed from 4.00% p.a. to 5.00% p.a

Not bad considering it's an on-call account.

I just happened to email BNZ this morning as well to ask them match Heartland Bank's 6 month rate at 5.50%. But might just end up putting it in Squirrel for the time being.

Sign up as an investor with Squirrel
Deposit whatever amount you want into your On-Call account
You'll automatically start earning interest

What is the On-Call account?
Your On-Call account is basically your Squirrel transaction account that's automatically created when you register as a Squirrel investor. It's where you deposit money into when you want to make an investment, and where your returns are paid into from your investment.

It's directly linked to your verified bank account, and you can deposit and withdraw money when you like without fees or penalties.

What is the going interest rate for the On-Call account?

The rate of return is currently 5.00%p.a.
It's a floating rate which means it rises and falls in line with movements in short-term interest rates.

Financial Savings Account

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closed Comments

  • Aerol on 12/04/2023 - 14:39
    +1

    https://www.interest.co.nz/saving/call-account for comparing accounts

    • OmgItsHeaven on 14/04/2023 - 00:39

      It seems that the interest rate for Heartland Bank is different to that shown on the bank's website.

      • nzmax on 14/04/2023 - 00:47
        +1

        They are often slow at updating it.

  • nzmax on 12/04/2023 - 15:24
    +1

    Remember that they are not a bank.

    • mattk1 on 12/04/2023 - 17:22
      +1

      Not a bank, but from their website: "Your money is held on Trust in a bank account with one of the main banks", so more protection than giving it to a non-bank to invest

  • ksp2020 on 12/04/2023 - 15:25

    There is a targeted deal with Squirrel, worth checking your email if you have an account with them already. They'll add $50 for free when you load your on-call account with $50. Can confirm it works for me. Got free $50 a day after topping up my account.

    Email I received:

    Last year you created a new Squirrel saving and investing account, which means you are almost ready to start earning returns on your savings. There’s just one final step to complete.

    Before you can make your first investment we’ll need to make sure we’ve verified your residential address and bank account. This is for us to be in compliance with New Zealand AML law. We understand it’s a bit of effort on your part, but there’s no way around it.

    Once you’re up and running, pop your first $50 into your On-Call Account before 16 April 2023 and we’ll match it by adding another $50. Then you're all set to make your first investment!

    • genesis133 on 12/04/2023 - 15:29
      +1

      Oh nice, sadly i didn't get it :(

  • gooddeals on 12/04/2023 - 21:43
    +1

    Heartland bank is offering its customer term deposit rate at 5.7% for 7 months or 6.1% for 11 months and PIE option available. do try to ask BNZ if you wish, but I doubt you will be successful this time though. Do let us know the best rate BNZ can offer.

    thank you.

    • Slogan on 13/04/2023 - 11:42
      +1

      My recent experience with Heartland Bank is that their processing time is glacial and their phone service is often unavailable.

      • nzmax on 13/04/2023 - 14:43

        Yes, their processing times take a lot longer than other banks. Most banks have also just now moved to 7 days processing. Yes their support is also not good, and neither is their online banking, and I often get errors. They don't seem to allow you to make trasnactions aftyer 12am without errors.

      • gooddeals on 13/04/2023 - 18:52

        Heartland bank is an overnight bank. So transaction show up the next day but still earn interest from the day before. I got prompt reply with term pie deposit via email request. The key is that your instructions have to be precise and have all the needed details.

      • gooddeals on 13/04/2023 - 23:19

        I think their processing time is overnight, and phone service, I have not tried recently but perhaps as good as other banks!
        but their investment email for term desposit do reply reasonably promptly, if you tell them the exact instructions.

      • Huntakillaz on 14/04/2023 - 15:55

        Most banks will be processing daily 7 days a week from end of next month
        https://www.stuff.co.nz/business/300850648/no-more-waiting-f…

        Payments will still be settled between banks every 30 to 60 minutes, 16 hours a day

    • genesis133 on 13/04/2023 - 14:33

      Just got a reply from BNZ now, it was a no go from them, guess im taking my money out of BNZ.

      'Unfortunately, we are only able to match main banks interest rates. For example, ASB, ANZ, Kiwibank, Westpac. If you open up a Term Deposit online you are able to utilize our online rates. Currently as of today our online rate for 1 year is 5.70%'

      • nzmax on 13/04/2023 - 14:44

        That seems to be a shared policy with the main banks for some reason. Most banks haven't yet passed ion the .5% OCR increase form last week.

      • jackvdbuk on 13/04/2023 - 18:55

        Also got declined 6 percent term pie match at bnz
        Bnz offered 5.8 and declined

      • gooddeals on 13/04/2023 - 18:55
        +1

        Thank you for letting us know. Bnz actually matched heartland bank a month or 2 ago at 5.7% before the 2 lots of official rate rise I think. So I think it just up to them to offer what ever rate they want.. Not about small or big banks per se.

      • enfield on 14/04/2023 - 15:33

        Are BNZ advertised TD rates PIE? Or they have different rates for PIE term deposits

        • gooddeals on 27/05/2023 - 20:57

          the actual rates are generally the same but the tax treatment different with a PIE account. mostly terminology only to meet govt PIE requirements for a (lower) tax rate.

    • doggos2 on 13/04/2023 - 21:20

      What is the PIE option? Heartland have never mentioned it.

  • Senior Mouse on 13/04/2023 - 14:10
    +2

    Just got an email from Rabobank:

    Premiumsaver (on call) 4.25% p.a. > 4.75% p.a
    Noticesaver (30 days notice) 4.50% p.a. to 5.00% p.a

    • nzmax on 13/04/2023 - 14:12

      Their notice saver is 60 days. But still not a bad rate compared to others.Banks are so slow to increase their savings rates, maximsing their massive profits.

    • gooddeals on 13/04/2023 - 23:20

      looks like from interest.co.nz suggests heartland may be beating these rates.. but not yet confirmed on their heartland bank website yet.

      https://www.interest.co.nz/saving/e-saver-online

      I do note that interest.co.nz can "predict" the future.. for Kiwibank and perhaps heartland bank rates!

    • gooddeals on 15/04/2023 - 22:17

      Heartland now offering 5.25% 30 day notice saver, and 5.5% at 90 day notice saver.

  • NovaAlpha on 25/04/2023 - 21:54

    A bit off topic, but for terms deposit this is pretty high at 7.20% for 12 months:
    https://www.xceda.co.nz/term-deposits/?utm_source=interestco…

    But they seem to be rated B. Has anyone used them before? Are they reliable / safe?

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