Comparing the Best Business Account Interest Rates in NZ

A Kiwi entrepreneur has plenty to consider when comparing the best business bank accounts: fees, eligibility, credit cards, loans, overdrafts, and more.

One often-overlooked factor is interest rates. At the end of each month, a good business savings account interest rate will provide a handy cash injection to boost your bottom line–and the savings stack up over time.

But interest rates vary widely between banks, and many have strict conditions and eligibility requirements. To help you find an interest rate that aligns with your business needs, we’re comparing some of the top business savings accounts available in New Zealand today.

What is a business savings account?

Think of a business savings account as the commerce equivalent of a personal savings account. Customers can store savings in a different pot from their everyday transaction account and earn interest at the end of the month.

That extra cash won’t make your business a runaway success. But it does help fortify your bottom line, especially when you’ve got solid savings and a decent interest rate.

Just like personal banking customers, many Kiwi entrepreneurs use the business savings account to build a rainy-day fund. Money held here is instantly accessible, making it suitable for covering sudden, unexpected expenses. From equipment failures to employee injuries, a host of hurdles can arise without warning. An emergency fund helps you get through tough times.

Many savvy entrepreneurs use the business savings account to store money set aside for tax and GST. You need to keep these funds available anyway, so you might as well earn a little interest on them.

A common alternative for holding money is a term deposit account. However, this option has stricter conditions for moving money in and out of the account.

What to look for in a business savings account

Some of the top factors to consider when comparing business savings accounts include:

• Interest rates: The best business banking systems in New Zealand offer annual interest rates between 0.05% and 2.30%. At the beginning of each month, you get an interest payout calculated on your savings and the number of days in the previous month.
• Introductory interest rates: Also known as the honeymoon rate, this attractive offer applies for a set period (usually 1 to 3 months) before reverting to the standard rate. It’s often only available to new customers.
• Variable vs fixed rates: Variable interest rates fluctuate with market conditions, including the central bank's cash rate, while fixed rates remain in place for a specified period.
• Tiered interest rates: Some banks offer higher interest rates as your balance gets bigger. For example, 1% up to $10,000 and 2% from $10,000 to $50,000.
• Fees: Monthly and transaction fees can chew into your savings, potentially undoing any interest earned.
• Conditions: Some banks require you to meet certain conditions to receive the standard or bonus interest rate. Examples include holding a minimum balance, making monthly deposits, and growing your account by a specified amount.
• Bonus interest: Some accounts offer a standard interest rate, which applies to everyone, and a bonus interest rate, which only applies if you meet certain conditions.
• Eligibility: Most banks require you to hold a business transaction account before opening a business savings account. Some accounts may be limited to a particular company size (usually based on annual turnover) or structure (sole trader, partnership, company).
• Withdrawal limits: Some business savings accounts impose penalties on withdrawals over a set amount, making them less useful as a rainy-day fund. Others may permit a limited number of monthly withdrawals or charge for additional withdrawals.

Comparing business savings account interest rates in New Zealand

Ready to weigh up the options? We’ve created a table of the leading business savings accounts in New Zealand.

These figures are accurate as of October 2025. Interest rates are subject to change. We recommend verifying rates through the relevant bank’s website.

Westpac Business Online Saver Account

Westpac offers the Business Online Saver Account¹ to holders of its various business transaction accounts. The account is simple to set up and has low fees and minimal requirements, making it a handy value-add to its business banking services.

• All balances 0.05% p.a.
• No monthly account fees
• No minimum balance

ASB Business Saver Account

ASB customers keen to earn interest on their short-term cash reserves can open an ASB Business Saver Account.² This offer is calculated daily based on your balance and paid out monthly, with a modest interest rate of 0.10% p.a.

No monthly or transaction fees apply. ASB lets you link the business savings account to Xero or MYOB to streamline financial reconciliations.

• 0.10% p.a.
• No account or transaction fees

BNZ Business First OnCall

Suitable for managing cash flow, the ANZ Business First OnCall³ has no monthly base account fee and no deposit or withdrawal transaction fees. Combined with a solid 1.55% p.a interest rate, it’s a great way for ANZ customers to grow their savings while still maintaining rapid access to cash reserves.

• Interest 1.55% p.a.
• No transaction or account fees

Kiwibank Business Online Call

With Business Online Call,⁴ Kiwibank offers a high base interest rate of 1.50% p.a. on any balance, no matter how big or small. If you don’t make any withdrawals or transfers during that month, you’ll get a bonus 0.05% of interest, making for a total of 1.55% p.a.

Permitted withdrawals, such as moving money to or from another interest-yielding account, won’t affect the bonus rate.

• Base rate 1.50% p.a.
• Bonus rate 1.55% p.a
• No account management fees or electronic transfer fees

Heartland Business On Call

Awarded Canstar's “Savings Bank of the Year” for eight years running, Heartland offers a generous 1.80% p.a on its Business On Call⁵ account. Customers earn interest on every dollar, and no minimum monthly deposits or account fees apply.

Users can make as many withdrawals as they like to a nominated account.

BNZ Rapid Save

BNZ customers who don’t expect to make regular withdrawals can earn stacks of extra interest through the BNZ Rapid Save³ account. This account currently offers 2.00% p.a., which is almost double the BNZ Business First On Call rate. The catch is you get one free withdrawal per bank month, then pay a $3³ fee for each subsequent withdrawal.

• Interest 2.00% p.a.
• No account fees

Wise Business: Move money beyond borders

While a local savings account is excellent for earning interest on your domestic cash reserves, Wise Business can help protect your bottom line when you need to trade internationally.

High transaction fees and unfavourable exchange rates from traditional providers can sometimes eat into the gains you make from interest, but Wise Business helps solve this by offering the mid-market exchange rate and transparent fees for cross-border payments.

While Wise Business doesn’t currently pay interest in New Zealand, this versatile, multi-currency account does offer a range of other benefits for Kiwis trading abroad.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 40 NZD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

FAQs:

1. What is a good business savings account interest rate in New Zealand?
A good business savings account interest rate in New Zealand ranges from around 1.25% to 2.00% per annum. The rate is typically calculated daily and paid monthly.

2. Is the interest I earn on my business savings account taxable?
Yes. Any income earned from a business savings account is considered taxable income. Therefore, you must include it in your return.

3. Will the interest rate be different from my personal savings account?
Banks typically offer similar interest rates for business and personal account holders. However, rates can vary significantly between banks. Online banks and smaller credit unions often offer better rates but may lack other benefits provided by the major players.

Sources:

1. Westpac - Business Online Saver Account
2. ASB - Business Saver Account
3. BNZ - Business First On Call and RapidSaver
4. Kiwibank - Business Online Call
5. Heartland - Business On Call