Best Savings Accounts for International Students in New Zealand
Best Savings Accounts for International Students in New Zealand
Opening one of the best savings accounts for international students in New Zealand can help students earn interest on emergency funds, scholarship payments and money reserved for rent or tuition.
Most New Zealand banks do not offer a savings account exclusively for international students. Instead, students can open the same on-call, bonus-interest or notice savings accounts available to other eligible customers.
The best option depends on whether the student needs immediate access to the money or can avoid withdrawals in exchange for a higher interest rate.
Best Savings Accounts for International Students in New Zealand
The strongest options in 2026 include:
- Heartland Digital Saver: Best overall flexible savings account
- Kiwibank Online Call: Best with no savings conditions
- ANZ Serious Saver: Best for regular monthly deposits
- Westpac Bonus Saver: Best for growing the balance each month
- ASB Savings Plus Monthly: Best for students who rarely withdraw
- BNZ Rapid Save: Best for one planned monthly withdrawal
Interest rates are variable and can change. The rates below reflect the published conditions available around July 30, 2026.
1. Heartland Digital Saver – Best Overall Flexible Account
The Heartland Digital Saver combines a competitive interest rate with flexible digital access.
It currently offers:
- 2.05% interest per year
- No minimum opening deposit
- No minimum monthly contribution
- Interest calculated daily and paid monthly
- Unlimited digital withdrawals to a nominated account
- No monthly account-maintenance fee
- Mobile and online account management
A NZ$10 charge applies when a customer asks a staff member to complete a withdrawal that could have been made digitally. Heartland also allows foreign residents to apply, although additional identity and tax-residency documents may be requested.
Students will normally need a nominated New Zealand bank account to receive withdrawals.
Best for: Students who want a competitive rate without locking away their emergency savings.
2. Kiwibank Online Call – Best Without Bonus Conditions
The Kiwibank Online Call account is suitable for students who want a straightforward savings account without having to meet monthly deposit or withdrawal rules.
Its features include:
- 1.75% interest per year
- No minimum balance
- Interest earned from the first dollar
- Interest calculated daily and paid monthly
- Deposits and withdrawals at any time
- No requirement to increase the balance each month
- Mobile and internet banking access
Kiwibank increased the Online Call rate from 1.50% to 1.75% on July 13, 2026. The bank can change the variable rate at any time.
New international students generally need to be in New Zealand and complete Kiwibank’s customer-verification process before opening accounts.
Best for: Students who may need frequent access to their savings.
3. ANZ Serious Saver – Best for Monthly Savings
The ANZ Serious Saver account rewards customers who deposit money regularly and avoid withdrawals.
To receive the premium rate, the customer must:
- Deposit at least NZ$20 during the month.
- Make the deposit by the last business day.
- Make no withdrawals during that month.
The account’s total potential interest rate will increase to 1.80% per year on August 1, 2026, consisting of:
- 0.05% standard interest
- 1.75% premium interest
The monthly account fee is NZ$0. The first withdrawal during a month is free, but making two or more withdrawals results in a NZ$5 fee and normally causes the customer to lose premium interest for that month.
Students who already have an ANZ Go everyday account can usually add a Serious Saver account through ANZ’s app or internet banking.
Best for: Students who can automate a monthly NZ$20 deposit and leave the money untouched.
4. Westpac Bonus Saver – Best for Increasing Your Balance
The Westpac Bonus Saver pays bonus interest when the closing balance is at least NZ$20 higher than it was at the end of the previous month.
Its current potential rate is 1.50% per year, divided into:
- 0.05% base interest
- 1.45% bonus interest
The NZ$20 increase must come from a new deposit and excludes interest credited by the bank. Students can still access their money, but withdrawing too much may prevent them from qualifying for the bonus that month.
The account can be particularly convenient for students who already use the Westpac International Student Account.
Best for: Students who can increase their savings balance by at least NZ$20 every month.
5. ASB Savings Plus Monthly – Best for Limited Withdrawals
The ASB Savings Plus Monthly account pays base interest and additional reward interest when the customer follows its withdrawal rules.
Its key features include:
- No fixed savings term
- Interest calculated daily
- Interest paid monthly
- Ability to add money at any time
- Base interest regardless of account activity
- Reward interest when withdrawal conditions are satisfied
- Mobile and internet banking
To qualify for the monthly reward, customers generally must make no withdrawals, except for one withdrawal permitted on the first day of the month. Rates can change, so students should check ASB’s current interest-rate page before opening the account.
Best for: Students saving for tuition or a future expense who rarely need to withdraw money.
6. BNZ Rapid Save – Best for One Monthly Withdrawal
BNZ Rapid Save is another flexible account that pays interest while allowing limited access to the balance.
The account provides:
- No monthly account fee
- Interest calculated using BNZ’s bank month
- Interest paid after the end of each bank month
- One free withdrawal per bank month
- Mobile and internet banking
- Automatic savings transfers
- Alerts when withdrawals are made
After the first free withdrawal, additional withdrawals generally cost NZ$3 each. Customers continue earning interest on the amount remaining in the account.
Best for: Students who want access to savings but expect no more than one withdrawal each month.
Can International Students Open Savings Accounts?
Yes. International students can normally open a savings account after satisfying the bank’s customer-verification requirements.
Students may be asked for:
- Valid passport
- New Zealand student visa
- Proof of a New Zealand residential address
- New Zealand mobile number
- Overseas tax identification number
- New Zealand IRD number
- University enrolment confirmation
- Evidence showing the source of large deposits
Some banks require the student to open an everyday transaction account first. Once the main account is active, a linked savings account can often be opened immediately through mobile or internet banking.
A New Zealand credit history is not normally required because a savings account does not involve borrowing money.
On-Call Savings Account or Notice Saver?
An on-call savings account allows withdrawals at any time and is normally better for:
- Emergency savings
- Rent reserves
- Upcoming tuition payments
- Students with unpredictable expenses
A notice saver can pay a higher rate but requires advance notice before withdrawals.
For example, Heartland currently offers:
- 2.70% per year with 32 days’ notice
- 2.95% per year with 90 days’ notice
Early access is not guaranteed and can result in a withdrawal fee.
Students should not place all their emergency money in an account that requires 32 or 90 days’ notice.
Tax on Savings Interest
Interest earned from a New Zealand bank account is taxable. New Zealand tax residents generally have resident withholding tax, or RWT, deducted before the interest is credited.
The student should provide an IRD number and select the correct tax rate. If no rate is selected, a default rate of 33% can apply. A 45% rate may apply when no IRD number is provided.
Students who remain non-resident for New Zealand tax purposes may instead be subject to non-resident withholding tax.
Are Savings Accounts Protected?
New Zealand’s Depositor Compensation Scheme protects eligible deposits up to NZ$100,000 per depositor, per deposit taker if the institution fails.
Covered products can include transaction accounts, savings accounts, notice accounts and term deposits. Protection is automatic only when the specific product is identified as DCS protected.
Which Savings Account Is Best?
Heartland Digital Saver is one of the strongest flexible options based on its current rate and lack of minimum deposit requirements.
Kiwibank Online Call is better for students who do not want bonus conditions. ANZ Serious Saver and Westpac Bonus Saver suit students who can save regularly, while ASB Savings Plus and BNZ Rapid Save are useful when withdrawals will be limited.
Students should compare the interest rate, withdrawal conditions, tax treatment and eligibility rules—not just the advertised headline rate.
