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.
Can I see if I have switched?
For existing customers that have switched, you will have four entries on your Activity to show the movement of your money from Smart Saver to Wallet, and back into the new Smart Saver account:
Deposit - Smart Saver - with a positive dollar amount
Transfer to Save - Wallet - with a matching negative dollar amount
Transfer from Save - Wallet - with a matching positive dollar amount
Withdrawal - Smart Saver - with a matching negative dollar amount
For example:
