As Kernel’s product offering evolves, we have made the decision to discontinue our Notice Saver savings product and convert all existing accounts into Smart Saver accounts. Below provides additional information as to the account transition process.
What is Kernel’s Smart Saver account?
The Smart Saver account is an on-call savings account. The account offers the following benefits:
Increased flexibility: no more 34-day withdrawal notice period! You will be able to withdraw your money from the account to your bank within just 2 business days.
Security: your money will be held with a NZ registered bank with an investment grade credit rating.
No transaction or account fees: Transfer money to and from your account with no associated costs. This account will be accessible from your Kernel account, in the same way your existing Notice Saver account is.
Will my balance be automatically transferred to the Smart Saver account?
All Notice Saver accounts will automatically transition to the Smart Saver account on 16 May 2024. We will manage the transition, so there are no actions required from your end.
What happens to the interest rate with this new account?
The Smart Saver account interest rate is as advertised. We understand the importance of competitive rates for savings, and we're committed to offering a rate that reflects the market conditions while providing value to our customers.
Can I withdraw my funds during the transition?
Any withdrawals made on your Notice Saver account from 16 April 2024, will be included in your transitioned balance to Smart Saver on 16 May 2024. From here, you can withdraw the money to your wallet within 1 business day.
Any existing withdrawals in progress (those placed before Friday 12 April) will have their original 34-day notice period applied.
Are there any fees associated with the Smart Saver account?
Smart Saver accounts will be free with any Kernel account; that's right, there are no transaction or account fees. Kernel earns a small commission from our banking partners.
There are also no minimum deposit amounts or frequencies, so you can deposit as much or as little as you like, whenever you like.
How will I know when my account has transitioned?
We will notify you via email once your account has successfully transitioned to the Smart Saver account. This email will confirm the completion of the transition.
Can I continue to deposit or Auto-Save during the transition?
Yes, you can continue to deposit funds or utilise the auto-save feature without interruption until Friday 10th May. All funds will be transitioned to the Smart Saver account with the rest of your balance in your Notice Saver account on Thursday 16 May. This ensures your savings routine remains unaffected as we transition your account.
Will there be any interruption to my online account?
No, there will be no interruptions to your account. You can continue to manage your savings online, just as you always have, throughout the transition period. Once the transition is complete you will see your money in the Smart Saver account.
What happens to the interest accrued on my Notice Saver account balance?
Any interest accrued on your Notice Saver account balance up until the transition will be credited to your Notice Saver account on the transition date. Following the transition, your Smart Saver account will start accruing interest at the new rate immediately.
Can I opt-out of the transition to the Smart Saver account?
You cannot opt-out of the transition, however the funds will be available on Thursday 16 May 2024 in the Smart Saver account. From there, you can transfer the money out of the Smart Saver account if you wish.
What if I need to make a withdrawal earlier due to special circumstances?
If you find yourself in a situation requiring an urgent withdrawal, please contact our support team directly at support@kernelwealth.co.nz to discuss your circumstances. Please note that urgent withdrawals can only be processed in particular situations and our team will require additional information.
What are the important dates during the transition?
Your Notice Saver account is set to transition to the Smart Saver on Thursday 16 May 2024.
Key dates in the transition are as follows:
12 April 2024: Kernel has placed a 34-day withdrawal notice for your account, marking the beginning of the transition process.
16 April 2024: Notice Saver account holders receive a notification regarding the transition.
10 May 2024: Notice Saver accounts will stop accepting new deposits.
16 May 2024: The Notice Saver account transition to the Smart Saver account is completed. Notice Saver account holders will receive an email on completion of the transition.
This timeline ensures effortless transition of your account to the Smart Saver with no action required on your part.
How does the Smart Saver account compare to the Notice Saver account?
The key comparable points between the two products are:
Withdrawal times: Notice Saver requires a 34-day notice period, whereas the Smart Saver allows you to withdraw your money out of the Smart Saver product to your bank within 2 business days.
A difference in the interest rate offered.
Security – this remains the same. Any money in the accounts is held with an investment grade bank, with a credit rating of BBB or above.
Will there be a change in the custodian for my savings account?
Yes, as part of our transition to the Smart Saver account and our ongoing efforts to streamline our services, the custodians of your savings will change from Kernel Wealth Limited to Adminis Custodial Nominees Limited.
This change aligns all our funds under one custodian, ensuring consistency and efficiency in how your investments and savings are managed. Adminis Custodial Nominees Limited is a registered custodian with extensive experience, providing you with peace of mind that your savings are secure in custody with a NZ registered bank.
What if I have more questions?
Our dedicated team is here to assist you with any further questions you may have about the transition or about managing your new Smart Saver account. Feel free to email us at support@kernelwealth.co.nz or get in touch via chat or phone.