Savings and Term Investment Accounts. Savings made easy, however you choose to do it.

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1 Savings and Term Investment Accounts Savings made easy, however you choose to do it.

2 If you re looking for a savings account we have different types you can choose from, each slightly different to fit the way you like to save... To find the account, or accounts that are best for you, it s worth spending a minute or two to think about what sort of saver you are what are your savings goals? are you able to save regularly or just from time to time? how often do you think you might need to dip into your savings? Superannuitants and customers under 19 are eligible for certain fee exemptions. Please refer to our Transaction and Service Fees brochure for further details. Would you like to apply? If you d like to know more, call between 7am and 11pm, 7 days a week or visit your nearest Westpac branch. You can also visit us at to find out about other ways we can help.

3 How do you like to save? Making saving easier To help make saving easier you can make regular deposits with automatic payments or payline split. Ask one of our staff to help you decide which option may suit you. Accessing your savings Our savings accounts give you a range of ways to access your money. These include visiting any Westpac branch, use of Phone or Online banking or use of your Westpac card at Westpac ATMs or EFTPOS. Refer to the various account pages for specific access options. Which account suits you best? If you want... An online savings account You want an account that allows you to dip into it when you need to. You only want to transact via Online banking, Phone banking or ATM. You want an on-call account with no account maintenance or transaction fees. This account may suit you... Online Saver See page 3 An online account with bonus interest to help you reach your goals sooner You want a high interest account that rewards you for saving regularly. You re serious about saving and won t be tempted to dip into your account regularly. You only want to transact via Online banking, Phone banking or ATM. You want an on-call account with no account maintenance or transaction fees. Online Bonus Saver See page 4 1

4 If you want... This account may suit you... Saving to be simple You save what you can, when you can. You want an easy way to put money away and access it if you need it through a wide variety of account access options. You want to know you ll get a healthy return no matter how much you save. Simple Saver See page 6 To reach your goals sooner You can save regularly and are prepared to leave your savings alone until you need them. Or maybe you need a bit of help to get into the saving habit. Either way you d like an incentive to make it worth the effort. Bonus Saver See page 7 Somewhere to park your money for free and the chance to win You want it to be easy to put money away or take it out through a wide variety of account access options. Interest helps, but you d like the chance for prizes. Save & Win See page 9 Invest for a fixed term at a fixed rate Want a simple way to invest your savings where everything s fixed at the start. Want to lock in the certainty of a fixed return that tends to be higher than a savings account. Want the possibility of receiving a regular income. Term Deposit See page 11 Tax effective alternative to a Term Deposit Want an investment that works in a similar way to a Term Deposit with a fixed rate of return for a fixed period of time. You re on a 33% or 30% income tax rate and you want to cap tax on your returns at 28%. Term PIE Fund See page 12 2

5 Is Online Saver for you? Westpac Online Saver is an on-call savings account that provides you with the flexibility to manage your funds online via Online banking, Phone banking or ATM anytime/anywhere. Online Saver offers high rates of interest, no monthly account maintenance fees or transaction fees and because it s an oncall account you have the convenience of instant online access 24 hours a day, 7 days a week. Online Saver is ideal for those looking to maximise the return on funds invested. Key differences An on-call account that offers high rates of interest with no monthly account maintenance fees or transaction fees. To operate an Online Saver you must hold a Westpac transaction account. Funds can only be accessed through Online banking, Phone banking and ATM transfers. No minimum opening balance. No transaction fees for deposits or withdrawals. Your interest is paid every month Interest is calculated daily on the full credit balance and is paid (less resident withholding tax) into your Online Saver account on the last business day of each month. Interest rates are variable and are reviewed regularly to ensure you continue to earn a competitive on-call rate. Ask us for the latest rates. Access to your money To operate the Online Saver, you must hold a Westpac transaction account. Transfers from your Online Saver can only be made directly into your Westpac transaction account. You have 24 hour electronic transfer access to your funds via Online banking, Phone banking and ATM transfer. Managing your account online will provide you with a clear picture of how your savings are tracking. We will send you an account statement every six months, or if you d prefer to get all your account information online, you can arrange to stop your statement via Online banking. 3

6 What does it cost? Monthly account maintenance fee All electronic deposits Internet transfers ATM balance enquiry/transfer of funds* Phone banking transfers** Other fees may apply refer to the Westpac Transaction and Service Fees brochure. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. ** Standard phone banking access fees apply. The above fees relate to Online Saver only. If fees apply to the account which money is being transferred to or from, standard fees will apply. Is Online Bonus Saver for you? Westpac Online Bonus Saver is an online, on-call savings account designed for people who are serious about saving. Online Bonus Saver gives you the chance to earn bonus interest every month. If you make at least one deposit and no withdrawals each month, you ll receive bonus interest. This is a great incentive to stop you from dipping into your savings, and to also ensure you make regular deposits to help your savings grow even faster. And when you leave the interest in your account, you earn interest on your interest. Like the Online Saver account, Online Bonus Saver provides you with the flexibility to manage your funds online, via Online banking, Phone banking or ATM. It also offers a high rate of interest with savings incentives to help your money grow. Online Bonus Saver is ideal for those who want to take control of their savings, and reach their goals quicker. And because it s an online account, you have the convenience of instant online access 24 hours a day, 7 days a week. 4

7 Key differences An on-call account that offers a competitive base rate of interest, with added bonus interest when you make at least one deposit and no withdrawals each month. There is no minimum deposit amount required to earn bonus interest. No monthly account or transaction fees. To operate an Online Bonus Saver, you must hold a Westpac transaction account. Funds can only be accessed through Online banking, Phone banking and ATM transfers, and then transferred to your Westpac transaction account. No minimum balance required for opening an account or to start earning interest. Your interest is paid every month Interest is calculated daily on the full credit balance and is paid (less resident withholding tax) into your Online Bonus Saver account on the last business day of each month. Interest rates are variable and are reviewed regularly to ensure you continue to earn a competitive on-call rate. Ask us for the latest rates. Bonus interest to help you save You ll earn interest on your savings no matter what your balance is. To help you grow your savings even more, Online Bonus Saver offers bonus interest for those who are serious about saving. If you make no withdrawals and deposit at least once into the account each month, you ll receive bonus interest - helping you reach your goals more quickly. Access to your money To operate an Online Bonus Saver, you must hold a Westpac transaction account. Transfers from your Online Bonus Saver can only be made directly into your Westpac account. You have 24 hour electronic transfer access to your funds via Online banking, Phone banking and ATM transfer. Managing your account online will provide you with a clear picture of how your savings are tracking. We will send you an account statement every six months, or if you d prefer to get all your account information online you can arrange to stop your statement via Online banking. 5

8 What does it cost? Monthly account maintenance fee All electronic deposits Internet transfers ATM balance enquiry / transfer of funds* Phone banking transfers** Other fees may apply refer to the Westpac Transaction and Service Fees brochure. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. ** Standard phone banking access fees apply. The above fees relate to Online Bonus Saver only. If fees apply to the account which money is being transferred to or from, standard fees will apply. Is Simple Saver for you? Simple Saver is just that really simple. You earn the same rate of interest on every dollar you save, with no rules around how much, or how often you deposit or withdraw each month. You just put away what you can, when you can, and earn a set rate of interest every month. The account is flexible you can deposit or withdraw your money at any time, and access your funds with Phone or Online banking, at any branch, ATM or EFTPOS machine. Every month you earn the same rate of interest regardless of how many transactions you have made, or your total account balance. You get a healthy interest rate no matter how you choose to use your account. Key differences Wide range of account access options. Earn a set rate of interest every month. One rate of interest regardless of your account balance. Your interest is not affected by the number of transactions you make. 6

9 Your interest is paid every month Interest is calculated on your daily balance and is paid (less resident withholding tax) into your Simple Saver account on the last business day of each month. What does it cost? Transactions All deposits Your first withdrawal each month is free. After that you pay for any other withdrawal* Electronic withdrawals* $1.00 Manual withdrawals $3.00 Account maintenance charge On all accounts Other fees may apply refer to the Westpac Transaction and Service Fees brochure. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. These charges, and prices for other services you may use, are detailed in the Transaction and Service Fees brochure, available from any Westpac branch. Is Bonus Saver for you? Bonus Saver helps you get results. You have the chance to earn bonus interest every month, which helps to drive your savings balance higher. The bonus interest is an incentive not to dip into your savings, so your balance grows faster. If you save regularly each month we ll reward you with bonus interest to help you reach your goals sooner. And if you leave the bonus interest in your account, you earn interest on your interest. You can earn even more, and save on account charges once you ve built up your account balance. Bonus Saver helps you make saving a habit. The bonus interest encourages you to stick to your savings goals. And to help you stay in control and resist temptation, there are transaction costs for withdrawals beyond the first transaction in any one month. 7

10 Key differences You can earn bonus interest every month. Tiered base interest rates mean the higher your balance, the more you can earn. If you need to access your funds, you can do so through a wide range of account access options. Your interest is paid every month Interest is calculated on your daily balance and is paid (less resident withholding tax) into your Bonus Saver account on the last business day of each month. Save more and receive more interest Every month you earn a base rate of interest depending on your account balance. The higher your balance the more you earn. Plus any month you add to your savings and don t take anything out we ll pay you bonus interest for that month. What does it cost? Transactions All deposits Your first withdrawal each month is free. After that you pay for any other withdrawal* $3.00 Account maintenance charge If your average monthly balance is $1,000 or over If your average monthly balance is below $1,000 $2.50 per month Other fees may apply refer to the Westpac Transaction and Service Fees brochure. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. These charges, and prices for other services you may use, are detailed in the Transaction and Service Fees brochure, available from any Westpac branch. 8

11 Is Save & Win for you? Save & Win provides a fun place to keep your money, and it doesn t need to cost you a thing. You have the opportunity to take part in monthly prize draws, and the more you save, the more chances you have to win. You can save any amount you like with no account maintenance or deposit fees. With Save & Win your money is accessible any time you need it. You have a range of options including Online and Phone banking. Key differences No monthly account maintenance charge. A wide range of account access options. You have the chance to take part in monthly prize draws. Save more and get more chances to win Every month, Save & Win offers prize draws. There are 5 prizes of $10,000, plus 500 prizes of $100 up for grabs each month. Every $1 of your average monthly Save & Win balance gives you a chance to win in that month s draw. So if your average balance for March is $300, you get 300 chances to win that month. To qualify for the draw, you also need to deposit a minimum of $10 during the prize draw month. Your interest is paid monthly Interest is calculated on your daily balance and is paid (less resident withholding tax) into your Save & Win account on the last business day of each month. What does it cost? Transactions All deposits Electronic withdrawals* $1.00 Manual withdrawals $3.00 Account maintenance charge On all accounts Other fees may apply refer to the Westpac Transaction and Service Fees brochure. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. These charges, and prices for other services you may use, are detailed in the Transaction and Service Fees brochure, available from any Westpac branch. 9

12 Save & Win Prize Draw Eligibility Criteria 10 To qualify for the prize draw you need to make a single deposit of at least $10 into your Save & Win account during the month of the prize draw. The number of chances you have to win a prize in any one draw is based on your average monthly balance. Your average monthly balance is calculated on your daily balance rounded to the nearest whole dollar. If a single deposit of at least $10 has been made during the prize draw month, for every $1 of your average monthly balance you get one entry into the prize draw. Prize draws are open to residents of New Zealand only. Westpac staff, contractors and agents, their spouse (whether named or not) or their dependents are not eligible for the prize draws. Customers can choose not to participate in the prize draw by notifying their local Westpac branch in writing. The exclusion will apply from the date notification is received until such time as you instruct us otherwise. Customers who close their account during the month of the draw are not able to participate in the draw. Prize Draw Terms Prize draws will occur monthly ( Monthly Draw ). Additional special draws may also occur from time to time as notified to customers by Westpac. The promotion period for each Monthly Draw begins on the first day of the month and ends on the last day of the month. Prizes will be drawn on the first business day of the following month. Current cash prizes each month are: 5 major prizes of $10, minor prizes of $100 (Prizes are current as at 1 March 2011 and subject to change on 14 days notice by direct communication with customers or display in all branches, and by changes to our website) You agree to Westpac using any personal information it holds about you to contact you if you are a winner. Westpac will take all reasonable steps to contact a prize winner within 30 calendar days of the draw. All major prize winners names will be made available at Westpac branches and online at 30 calendar days after the draw. Winners will be verified by Westpac. Once successfully verified, cash prize winners will have their cash prize deposited into their Save & Win account within 30 days of the prize draw. Prizes are non-transferable. Major prize winners may have their name and area of residence published online at Winners may be asked to take part in any other publicity arranged by Westpac. All decisions made by Westpac are final and binding on all Save & Win account holders, and no correspondence will be entered into. Use of the Save & Win account, and participation in all associated prize draws, is subject to Westpac s General Terms and Conditions. A failure or delay by Westpac in exercising any power or right shall not operate as a waiver of that power or right. If an entrant is under the age of 18 years they acknowledge that they have their parent s permission to enter the promotion and agree that their parent or guardian may be required to sign acceptance of the terms and conditions of entry on their behalf prior to claiming any prize. Westpac accepts no responsibility for any tax liability incurred as a result of any person participating in a prize draw.

13 Are Term Investments right for you? A Term Deposit or the Westpac Term PIE Fund is a simple way to invest your money for a fixed return and fixed term. Interest rates tend to be higher than savings accounts and there are no fees unless you break the term. A term investment could be right for you if you: have savings you don t need access to right now have at least $5,000 to invest want a choice of fixed terms and payment options to suit your financial needs want a competitive fixed interest rate to maximise your savings. A term to match your needs A term investment is a great way to make provisions for major expenses such as a holiday, home renovations, wedding or to fund expenditure in retirement. You can set up as many investments as you need (in minimum amounts of at least $5,000) and have them mature at different times to suit your plans. A choice of payment options Depending on your term, you can choose when returns are paid into your bank account monthly, quarterly, six monthly, annually or at maturity. For terms 12 months or over, returns can also be compounded on a regular basis to grow your savings faster. Easy to manage online If you re a Westpac Online banking customer, you can view your term investment details online. Online banking also allows you to set up and reinvest Term Deposits online. Early withdrawals Choosing a term investment means you re willing to keep your money invested for a set time. Money can only be taken out in special circumstances, so if you find yourself in this position, you ll need to talk to us about your options, as approved early withdrawals are charged a break fee. To find out more For more information, including interest rates and investment options, visit and click on Investments. 11

14 Is the Westpac Term PIE Fund for you? The Westpac Term PIE Fund ( Fund ) works in a similar way to a Term Deposit where investments are for a fixed term and fixed return. Like a Term Deposit, the fund is a low risk investment which invests solely in a New Zealand dollar, interest bearing account with Westpac. For a number of investors, the Fund is likely to be a tax efficient alternative to a Term Deposit. Tax Benefits If you are on the top income tax rates of 30% or 33% (i.e. individual investors earning over $48,000 p.a. taxable income) you could benefit from an investment in the Fund. The Fund is a unit trust and registered as a Portfolio Investment Entity ( PIE ) for tax purposes. This means your investment returns are taxed at your Prescribed Investor Rate ( PIR ) up to 28%. By comparison, if you invest in a Term Deposit, you ll be taxed up to 33% on interest payments. To illustrate this tax advantage, the example below shows the Term Deposit rate required to get the same after tax return as an investment in the Fund. Example based on a 6 month term Pre tax Effective Return based on your income tax rate Term PIE Fund Rate of Return 30% income tax rate ($48,001 to $70,000 taxable income) 33% income tax rate ($70,001 and over taxable income) 5.00% p.a. 5.14% p.a.* 5.37% p.a.* * Term Deposit rate required to get the same after tax return as an investment in the Term PIE Fund. How do I establish my Prescribed Investor Rate (PIR)? Before investing in any Term Investment, we recommend you compare your PIR with your income tax rate to decide if you will be better off in the Fund. In addition, because both your taxable income and PIE income can fluctuate from year to year, it s important to also review your PIR each year. 12

15 To determine your PIR, visit and refer to the Westpac Term PIE Fund Investment Statement. Alternatively, you can visit to work out both your income tax rate and PIR. If you re a personal customer, your PIR will be 10.5%, 17.5% or 28%. For joint investments, the highest PIR of the individuals will be used. Companies will have a PIR of 0% (and need to include their PIE income in their tax return). For other non personal customers you may have a choice of PIR. To find out more For more information on the Westpac Term PIE Fund and whether you could benefit, visit termpie or see us in branch. Glossary Portfolio Investment Entity (PIE) are investment funds with special tax rules that came into existence on 1 October 2007 to ensure KiwiSaver and other investment funds were not disadvantaged from a tax perspective. Prescribed Investor Rate (PIR) is the tax rate that applies to returns from a PIE investment. For personal investors, the rate is 10.5%, 17.5% or 28%. Unit Trust is an investment vehicle that uses pooled money from investors. Investors in the Westpac Term PIE Fund hold units, each equivalent to $1.00. Taxable income examples of taxable income include salary, wages, commission, NZ Super, rent, interest and dividends, student allowances, parental leave, tips and gratuities. Taxable income does not include income from PIE compliant KiwiSaver schemes and managed funds, including the Westpac Term PIE Fund. 13

16 Information in this brochure and the terms, conditions, fees and charges for each product are current and may vary from time to time. You can get a copy of the current disclosure statement for Westpac New Zealand Limited and the investment statement for any securities, for which an investment statement is required, from any Westpac branch free of charge. Disclosure statements for Westpac advisers are available on request and free of charge from any Westpac adviser. Investments made in the Westpac Term PIE Fund do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN (Westpac), Westpac New Zealand Limited (Westpac NZ) or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited, as manager of the Westpac Term PIE Fund, Westpac NZ, Westpac, any member of the Westpac group of companies (or any of their nominees), Trustees Executors Limited, any director of any of those entities, guarantees the Westpac Term PIE Fund performance, returns or repayment of capital. The Westpac Term PIE Fund is not offered, and this document does not constitute an offer, in any jurisdiction other than in New Zealand. Rates of return are subject to change. Westpac New Zealand Limited 72132WT