Westpac Savings & Investments. Savings and Term Investment Accounts

Transcription

1 Westpac Savings & Investments Savings and Term Investment Accounts

2 Everyone is a little bit different in the way they save. The good news is we ve got lots of different savings accounts available, so you can save the way you want. But before you decide which account best suits your needs, it s worth spending a minute or two thinking about what kind of saver you are: what are your savings goals how much and by when? 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? can you pay less tax on your savings and reach your goals faster? With this in mind, follow the flow chart on pages 4 & 5 to help see which savings option is likely to suit you best.

3 Contents 4 Which is the best account for you? 6 Online Saver 7 Online Bonus Saver 8 Online Saver PIE & Online Bonus Saver PIE 9 Simple Saver 11 Save & Win 13 Notice Saver PIE 14 Term Investments 3

4 Which savings account is best for you? Money accessible anytime Is INTEREST more important to you or the chance to WIN a share of $100,000 cash each month? INTEREST For your savings account, do you need to do your banking at a BRANCH, or can you do it ONLINE or over the phone? ONLINE BRANCH Are you saving for a LONG TERM goal and rarely make withdrawals or a SHORT TERM goal and regularly make withdrawals? LONG TERM SHORT TERM TAX BENEFIT Do you earn over $48k and have a 30% or 33% tax rate? TAX BENEFIT Do you earn over $48k and have a 30% or 33% tax rate? YES NO YES NO Online Bonus Saver PIE (P8) Online Bonus Saver (P7) Online Saver PIE (P8) Online Saver (P6) 4

5 Money locked away WIN Are you likely to require all or a portion of your funds before the fixed term ends? YES NO Simple Saver (P9-10) Save & Win (P11-12) Notice Saver PIE (P13) Term Investments (P14-15) 5

6 Online Saver Enjoy a competitive rate of interest while managing your savings online, no matter how many times you dip in and out of your account. Online Saver is a great option for your short term savings when you need regular access to your money. What you ll receive a competitive interest rate, calculated daily and paid monthly the ability to transfer funds to your Westpac transaction account 1 via Online Banking, Mobile Banking and ATMs the option to set up Salary Splitter which allows you to split your income into as many as six Westpac accounts the option to set up Sweep Over which automatically transfers money to or from a different account so you always have a certain amount in it a choice of branch deposit boxes and smart ATMs to make cash or cheque deposits no monthly account maintenance or transaction fees 2. Is an Online Saver account for you? An Online Saver account could be right for you if you: complete most of your day-to-day banking online frequently transfer money in and out of your savings account have or want to open a Westpac transaction account To operate the Online Saver account, you must hold a Westpac transaction account. Any transfers from your Online Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only no cash withdrawals can be made. 2. Service fees may still apply, for example overdrawn or line of credit charges, clearance fees, and/or use of other banks ATMs. Fees may apply to the transaction account to and from which you re transferring money. Interest is calculated daily on the full credit balance and the same rate applies to all balances. Interest is paid (less withholding tax as applicable) into your Online Saver account on the last business day each month. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. 6

7 Online Bonus Saver If you re looking to be rewarded for saving regularly, the Online Bonus Saver account could be right for you. What you ll receive a competitive base rate of interest, with a bonus interest rate each month for making at least one deposit and no withdrawals in that month 1 the ability to transfer funds to your Westpac transaction account 2 via Online Banking, Mobile Banking and ATMs the option to set up Salary Splitter which allows you to split your income into as many as six Westpac accounts the option to set up Sweep Over which automatically transfers money from a different account so you always have a certain amount in it a choice of branch deposit boxes and smart ATMs to make cash or cheque deposits no monthly account maintenance or transaction fees 3. Is Online Bonus Saver for you? An Online Bonus Saver account could be right for you if you: want to save regularly towards a longer term savings goal are a committed saver, making no withdrawals and at least one deposit each month like to manage your savings online have or want to open a Westpac transaction account The Online Bonus Saver account works by topping up the base interest rate if you make at least one deposit (of any amount) every month, and no withdrawals or transfers that month. Interest is calculated daily on the full credit balance and paid (less withholding tax as applicable) into your Online Bonus Saver account on the last business day of the month. 2. To operate the Online Bonus Saver account, you must hold a Westpac transaction account. Any transfers from your Online Bonus Saver account can only be made directly to your transaction account. ATM access is for balance enquiry, funds transfers and deposits only no cash withdrawals can be made. 3. Service fees may still apply, for example overdrawn or line of credit charges, clearance fees and for use of other banks ATMs. Fees may apply to the transaction account to and from which you re transferring money. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. 7

8 Online Saver PIE & Online Bonus Saver PIE Online Saver PIE & Online Bonus Saver PIE Want higher returns and less tax? The Online Saver PIE and Online Bonus Saver PIE accounts could give you just that. If you earn over $48,000 and have a 30% or 33% tax rate, you won t need to pay more than 28% tax with either an Online Saver PIE or an Online Bonus Saver PIE account. That s more savings for you. Online Saver, Online Saver PIE, Online Bonus Saver and Online Bonus Saver PIE Fees Account maintenance fee All electronic deposits; deposits through branch deposit boxes and ATMs with deposit facilities Online Banking transfers Westpac ATM balance enquiry/ transfer of funds Phone banking transfers Text you receive Text you send First five calls each month are free (then 50c per call) FREE May incur charges from your mobile service provider. Please contact your mobile service provider for details of their fees and charges. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. Service fees may still apply for example overdrawn or line of credit charges and clearance fees for using other banks ATMs already referred to in first sentence. For details refer to the Westpac Transaction and Service Fees brochure online, or ask in branch or call us on for a copy. The above fees relate to the Online Saver, Online Saver PIE, Online Bonus Saver and Online Bonus Saver PIE accounts only. If fees apply to the account to and from which money is being transferred, standard fees will apply. Online Saver PIE and Online Bonus Saver PIE are each offered under the Westpac Cash PIE Fund (the Fund ). Investments made in the Fund do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN , 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), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund s performance, returns or repayment of capital. Westpac NZ s General Terms and Conditions apply to investments in the Fund. Free copies of the Disclosure Statement for Westpac NZ, the term sheet for the Fund, and Westpac NZ s General Terms and Conditions are available from any Westpac branch in New Zealand. 8

9 Simple Saver The name says it all. If you want a no-fuss savings account with a range of access options, including in branch, then Simple Saver could be right for you. What you ll receive a competitive interest rate, calculated daily and paid monthly the ability to transact in branch, via Online Banking, Mobile Banking and ATMs the option to set up Salary Splitter which allows you to split your income into as many as six Westpac accounts the option to set up Sweep Over which automatically transfers money to or from a different account so you always have a certain amount in it no monthly account maintenance fees* one free manual or electronic withdrawal per month. Is a Simple Saver account for you? A Simple Saver account could be right for you if you: want the option to make deposits and withdrawals over the counter in branch need encouragement not to dip into your funds any more than one withdrawal per month will incur transaction fees generally make no more than one withdrawal per month. If you need to make more withdrawals, it s cheaper to use Westpac ATMs, Online Banking or Mobile Banking than make manual transactions if you make any additional electronic withdrawals, you ll pay $1 per withdrawal. * Service fees may still apply, for example overdrawn or line of credit charges, clearance fees, online bill payments and/or use of other banks ATMs. Interest is calculated on your daily balance and is paid (less withholding tax as applicable) into your Simple Saver account on the last business day of the month. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. 9

10 Simple Saver Fees Account maintenance fee All electronic, ATM and branch deposits Westpac ATM balance enquiry First manual or electronic withdrawal each month Additional electronic withdrawals $1.00 Additional manual withdrawals (cheque and cash withdrawals over the counter in branch) Phone banking transfers Text you receive Text you send $3.00 First five calls each month are free (then 50c per call) FREE May incur charges from your mobile service provider. Please contact your mobile service provider for details of their fees and charges. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. Service fees may still apply for example overdrawn or line of credit charges and clearance fees for using other banks ATMs already referred to in first sentence. For details refer to the Westpac Transaction and Service Fees brochure online, or ask in branch or call us on for a copy. The above fees relate to Simple Saver accounts only. Fee exemptions There are no transaction fees if you re under 19 or have a Junior Account. Junior Accounts are for children aged 0-12 years of age. 10

11 Save & Win Fancy a savings account with some fun on the side? The Save & Win account gives you the chance to grab a share of $100,000 cash each month. The more you save, the more chances you have to win. What you ll receive each month you get a chance to win one of five major prizes of $10,000 each, plus 500 prizes of $100 each 1 entry into the monthly draw if you make a minimum deposit of $10 or more each month an entry into the prize draw for every $1 of your average monthly balance (e.g. $300 average monthly balance = 300 chances to win that month, as long as you make a minimum deposit of $10 that month) interest on your savings each month no monthly account maintenance fee and free deposits 2 cheaper electronic withdrawals than manual withdrawals. Is a Save & Win account for you? A Save & Win account could be for you if you: want a chance to win cash while you save can save at least $10 a month need encouragement not to dip into your funds any withdrawals will incur transaction fees. 1. Each Save & Win prize draw is subject to the prize draw eligibility criteria and Terms and Conditions. For full details, please refer to westpac.co.nz/save-and-win, ask for a copy of the Terms and Conditions in branch or call us on Service fees may still apply, for example, overdrawn or line of credit charges, clearance fees, online bill payments and/or use of other banks ATMs. Manual and electronic withdrawals will incur fees. Interest is calculated on your daily balance and is paid (less withholding tax as applicable) into your Save & Win account on the last business day of the month. Save & Win is a registered trade mark of Westpac Banking Corporation. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. 11

12 Save & Win Fees Account maintenance fee All electronic, ATM and branch deposits Westpac ATM balance enquiry Electronic withdrawals $1.00 Manual withdrawals (cheque and cash withdrawals over the counter in branch) Phone banking transfers Text you receive Text you send $3.00 First five calls each month are free (then 50c per call) FREE May incur charges from your mobile service provider. Please contact your mobile service provider for details of their fees and charges. * There are additional charges if you choose to use other banks ATMs or use your account for foreign currency transactions. Service fees may still apply for example overdrawn or line of credit charges and clearance fees for using other banks ATMs already referred to in first sentence. For details refer to the Westpac Transaction and Service Fees brochure online, or ask in branch or call us on for a copy. The above fees relate to Save & Win accounts only. 12

13 Notice Saver PIE The Wespac Notice Saver PIE Fund ( Notice Saver PIE ) allows you to combine higher, term deposit sized returns with the flexibility of an online savings account. You can add money anytime and to make a withdrawal, all you need to do is give the minimum notice period. For example, a 32 Day Notice Saver PIE account means you have to give at least 32 days notice before making any withdrawal from your account. This delayed access makes you think twice about dipping into your savings. What you ll receive higher returns than a traditional savings account the ability to add money at any time potential tax advantages that aren t available through regular savings accounts or term deposits the option to make deposits through Online Banking, phone banking, using our deposit boxes in branch or by using Impulse Saver, Salary Splitter, a Sweep Over facility, automatic payments, direct credits or bill payments no account maintenance or transaction fees. Is a Notice Saver PIE account you? Notice Saver PIE is ideal if you want to maximise your returns but need the flexibility to add to your savings and/or make periodic withdrawals for known payments. It s for you if: you re seeking higher returns than a traditional savings account you re saving for a medium or longer-term goal like a car or holiday or you want a dedicated Christmas savings account you want to plan ahead for upcoming expenses, such as home renovations, GST or supplier payments you don t want the hassle of reinvesting multiple term deposits you want the potential to pay less tax on your savings you have $500 to open your account. Investments made in the Westpac Notice Saver PIE Fund ( the Fund ) do not represent bank deposits or liabilities of Westpac New Zealand Limited ( Westpac NZ ) or any other member of the Westpac group of companies, and are subject to investment and other risks. None of BT Funds Management (NZ) Limited (as manager), Trustees Executors Limited (as trustee), any Westpac group company or any person guarantees the Fund s performance, returns or repayment of capital. Any rates of return are subject to change. Westpac NZ s General Terms and Conditions (including online banking terms) apply to investments in the Fund and Westpac NZ transaction accounts. You can get more information and free copies of the Disclosure Statement for Westpac NZ, the term sheet for the Fund and Westpac NZ s General Terms and Conditions from any Westpac branch. 13

14 Term Investments If you re looking to invest, but want something simple and hassle free, a Westpac Term Investment could be the answer. All you have to do is put away a lump sum for a fixed term and you ll earn a competitive fixed interest rate or rate of return. Term Deposits What you ll receive: a competitive fixed interest rate to maximise your savings the ability to easily set up, reinvest or view your investment with Online Banking depending on your term, the option to earn regular income or have returns compounded for faster growth an opportunity to split your investment over a range of different maturity periods to improve your return. Find out how you can benefit by trying our online Split Term Calculator at westpac.co.nz/splitinvestment. Is a Term Deposit for you? A Term Deposit is for you if you: have $5,000 or more to invest want a choice of how long you want to invest want the certainty of a fixed return want the option of getting a regular income from your deposit or have it compounded for faster growth, depending on your term can be sure you don t need the money before the end of the fixed term*. * Term deposits are investments for a fixed term. Outside of the 7 business day cooling off period, you can only withdraw all of part of your term deposit early if we agree and if you have given us 32 days prior notice or you are suffering from hardship. In deciding whether to agree, we apply our Early Withdrawal Policy, which may change from time to time. A reduced rate of interest will apply unless determined otherwise under our Early Withdrawal Policy. For full details, refer to our Early Withdrawal Policy available at westpac.co.nz/term-investments, ask in branch or call us on for a copy. You can get a copy of the current disclosure statement for Westpac New Zealand Limited and a copy of the term sheet for Westpac Term Deposits from any Westpac branch in New Zealand free of charge. 14

15 Term Investments Westpac Term PIE Fund Are you looking to earn a little more bang for your buck? The Westpac Term PIE Fund has special tax rules that could result in less tax on your returns, which means more money in your back pocket. To find out more about Westpac s Term Investments For more information, including interest rates and investment options, visit westpac.co.nz/term-investments Investments made in the Westpac Term PIE Fund (the Fund ) do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN , 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), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund s performance, returns or repayment of capital. Westpac NZ s General Terms and Conditions apply to investments in the Fund. Free copies of the Disclosure Statement for Westpac NZ, Westpac NZ s General Terms and Conditions and the term sheet for the Fund are available from any Westpac branch in New Zealand. 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 westpac.co.nz to find out about other ways we can help. 15

16 Information in this brochure and the terms, conditions, fees and charges for each product are current as at 28 February 2015 and may vary from time to time. The information in this brochure is provided for general purposes only and does not take into account your particular financial situation or goals. You can get a copy of the current disclosure statement for Westpac New Zealand Limited and the applicable term sheet for your investment, from any Westpac branch free of charge. Online Saver PIE and Online Bonus Saver PIE are offered under the Westpac Cash PIE Fund. Investments made in the Westpac Cash PIE Fund, Westpac Term PIE Fund and the Westpac Notice Saver PIE Fund (together the Funds ) 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. The Funds 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 Funds, 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 Funds performance, returns or repayment of capital. Rates of return are subject to change. Westpac New Zealand Limited WT