The 6 fintechs offering NZ’s best savings account alternatives

In a nutshell:

• A wave of new non-bank players have emerged in New Zealand in recent years, out to challenge the banking status quo with products that give Kiwi customers better, smarter, more flexible ways of managing their money.
• Traditional savings accounts are the latest bank product to get a non-bank makeover—with several fintech providers having launched their own high-interest savings accounts alternatives.
• These products generally offer better returns and lower fees than what’s on offer with many of the banks, while also giving you access to other great investment opportunities to grow your money.
• If you’re thinking about going down the non-bank savings account route, then there are some key differences between these platforms that you need to know about.
• Here, we’ll take a look at six of the fintech savings accounts on offer in New Zealand—and how they compare both to traditional bank savings account options, and each other. 

New Zealand’s fintech sector has exploded with new players in the last decade or so. 

Many of these businesses—born out of frustration at the way the traditional banking system works—are out to change the way Kiwi manage their money, providing cheaper, faster, more flexible solutions that do a better job of delivering on what customers want. 

Most recently, savings accounts have become the latest bank product to get a non-bank makeover. 

Since 2023, several fintechs have launched their own savings account options for Kiwi consumers—offering better rates, lower fees, no penalties, and giving you access to other investment opportunities to grow your returns faster.                  

Over the course of this article, we’ll be looking at six of the major fintech savings account options on offer in New Zealand, and how they compare: 

1. Squirrel On-Call Account
2. Debut Cash Account
3. Booster Savvy
4. Dosh Strive Account
5. Kernel Smart Saver
6. Sharesies Save Account

NB: This is not an exhaustive list. For the purposes of this article, we’ve focused solely on fintech providers, with the exclusion of any products which require a minimum deposit or investment amount to secure the best rate interest rate.

Before we get into the nitty gritty, here's a quick snapshot of the savings account landscape in New Zealand: 

The table below looks at how the non-bank savings accounts on this list compare to the best of the main banks on a few key things, including rate of return, access to funds and risk ratings.

And here’s a summary of the savings accounts on offer across the 10 main retail banks registered in New Zealand:

If you want to read up in more detail about the different bank options available in New Zealand, check out our list of the best and worst traditional bank savings accounts here.

Note that the interest rates quoted in these tables are accurate as at 16/12/2024. Savings accounts interest rates can typically move at any time, and will move with short term interest rate changes in the market.

Now, let’s get into the detail.

1. Squirrel On-Call Account

The Squirrel On-Call Account has (technically) been around since the launch of our peer-to-peer lending and investment platform in 2016, as the place where you deposit funds before going on to invest them with us—or not, as the case may be. 

In January 2023—keen to offer Kiwi a fairer return on their savings—we gave it an upgrade, introducing interest payments on Squirrel On-Call account balances, and becoming the first fintech in New Zealand to offer a high-interest on call savings account. 

Here’s what you need to know about the Squirrel On-Call Account: 

Other things to note:

• For even better returns, you have the option of investing your money in Squirrel Term Investments or the Squirrel Monthly Income Fund, available via our app. You don’t need to invest with us to be a Squirrel On-Call Account holder. 
• Funds held on trust with AA- rated New Zealand registered banks—so it’s like a regular savings account, just with a better interest rate.

To get started, register for a Squirrel On-Call Account here. 

2. Debut Cash Account– www.makingdebutbank.co.nz 

Debut is one of the newer players on New Zealand’s non-bank scene, having launched to everyday Kiwi in May 2024. At this stage, it offers a raft of innovative transaction and savings account solutions, designed with input and feedback from its customers in order to help better serve their banking needs. 

Debut is not a registered NZ bank—yet—but it’s on a mission to change that. 

Here’s what you need to know about the Debut Cash Account:

Your Debut Cash Account is linked to a Mastercard debit card, giving you access to funds for ATM withdrawals, online and in-store payments—including via Apple and Google Pay. 

Other things to note:                

• Debut Cash Account funds are held on trust with a registered New Zealand bank, they don’t mention the credit rating.
• Debut gives you the ability to set up different ‘Savings Sheds’ for different goals.
• You can choose to ‘Power Up’ one or more of your Savings Sheds to earn a potentially higher interest rate. Funds are invested via Debut’s fund management partner in cash, bonds, and fixed-interest investments.

3. Booster Savvy Account – www.boostersavvy.co.nz

Booster came onto the scene in 1998 as an investment and fund manager. In the years since, it’s expanded its offerings to include KiwiSaver funds (it’s a default provider), UK superannuation transfer and life insurance services. 

Savvy was introduced in 2021 as a product for wholesale investors, before being released to everyday Kiwi in November 2023. 

Here’s what you need to know about Booster Savvy:

The big difference between Savvy and the other options on this list is that, instead of being held on trust with a NZ retail bank, your money is invested in the Booster Savvy cash-based PIE fund. 

The balance of your account is guaranteed (i.e. you won’t lose money) but returns may vary. Booster reviews the interest rate on a monthly basis. 

Your Savvy account is also linked to a NZ bank account number and Mastercard debit card, meaning funds can be accessed for EFTPOS, online purchases, bank transfers and ATM withdrawals—including via Apple and Google Pay. Direct debits and international transfers are not currently available.

Other things to note: 

• The Booster Cash Fund invests in Bank Deposits, and Government and Bank Securities, and carries a risk rating of 2 out of 7.
• Savvy gives you the ability to set up different ‘Stacks’ to allocate funds towards different expenses and savings goals.
• You cannot invest in Booster’s other managed fund options direct from your Savvy account.

4. Dosh Strive Account – www.dosh.nz 

Dosh is another relatively new non-bank player in New Zealand. Billing itself as a “digital wallet”, Dosh provides a suite of unique payment, savings and borrowing solutions designed to make traditional bank services more efficient and cost-effective—including the high-interest Dosh Strive Account, launched in late-2023. 

Dosh submitted its application to become a New Zealand registered bank in July 2024. Watch this space. 

Here’s what you need to know about the Dosh Strive Account:

Other things to note:

• Dosh Strive Account funds are held on trust with an AA- registered New Zealand bank.

5. Kernel Smart Saver – www.kernelwealth.co.nz 

Kernel is, first and foremost, an index fund manager. Since launching in 2019, it’s grown its offering to include more than 20 different fund options with portfolios spanning NZ- and globally-listed companies, emerging markets, clean energy, property, cash and bonds. 

It launched its high-interest savings account, Kernel Smart Saver, in April 2024. 

Here’s what you need to know about Kernel Smart Saver:

 Other things to note:

• Funds in Kernel Smart Saver are held on trust with a New Zealand registered bank with a BBB or above rating.
• For a potentially higher rate of return, you can choose to invest in Kernel’s Cash Plus fund instead, with access to funds within 2-3 business days.
• You can also choose to invest in any of Kernel’s other index funds direct from your Cash Plus account.

6. Sharesies Save Account– www.sharesies.nz 

Sharesies launched in 2017 as an online investment platform, with the goal of making the share market and ETFs more accessible for everyday investors—removing minimum investment amounts and allowing people to buy parts of shares. 

That’s still the core of what Sharesies does, but in April 2023, it expanded its product suite to include its new high-interest savings account, Sharesies Save. 

Here’s what you need to know about the Sharesies Save Account:

Other things to note:        

• Funds in Sharesies Save Account are held on trust with an AA-rated New Zealand registered bank.
• Sharesies gives you the ability to open multiple Save Accounts for different purposes
• You can invest with Sharesies direct from your Save Account.

Choosing the option that’s right for you 

As always, the question of which option is going to suit you best will depend on your personal situation, and your financial goals. 

If you don’t want to be tempted to dip into your savings, having them stashed away somewhere you don’t have immediate access to them could be a good option. 

If you want something that functions a bit more like a transaction account—except that the balance earns you interest—then opting for something with a debit card attached could be for you.