Kernel Smart Saver is designed to give you a highly competitive return on your "on-call" cash. We have recently partnered with a major NZ-registered bank to offer an increased rate of 2.25% p.a.
How you access this rate depends on whether you are already using Smart Saver or are just getting started.
For new customers
If you are opening a Smart Saver account for the first time, there is nothing extra you need to do.
Automatic Entry: All new Smart Saver accounts opened from 14 January 2026 automatically receive the new 2.25% p.a. rate.
Getting Started: Simply log in, navigate to 'Save', and follow the prompts to open your account.
For existing customers (action required)
If you held a Smart Saver balance prior to 14 January 2026, your funds are currently earning 1.80% p.a. To move to the higher rate, you must manually "opt-in" via your dashboard.
How to upgrade:
Log in to your Kernel dashboard
You'll see a message about the new Smart Saver rate
Review the details and accept the new rate
Your balance will automatically move to the new rate within 2 business days
Note: We require you to accept the new rate because the funds are moving to a new underlying bank partner. If you choose not to opt-in, your funds will remain at the previous rate.
Key features of the new rate
Regardless of whether you are a new or existing customer, the core benefits of Smart Saver remain the same:
Higher returns – Earn more on your balance with a rate which matches the OCR
DCS supported – Eligible deposits are covered by New Zealand’s Depositor Compensation Scheme (DCS) up to the scheme limit
Same Smart Saver you know – No fees, full flexibility, and easy access to your money
About the bank
The new Smart Saver rate is provided through a major AA- rated NZ-registered bank. The interest rate as at 14/01/2026 is 2.25% p.a., before tax and is subject to change. Your funds are held on trust with a NZ-registered bank.