Save
Interest earned on money deposited in Save will have Resident Withholding Tax (RWT) deducted. Your RWT rate depends on your individual circumstances. The following RWT rates exist in New Zealand:
10.5%
17.5%
30%
33%
39%
You'll need to select your RWT rate when you open your Save account. More information about RWT rates and how to select the right rate for you can be found on the IRD website. If you don't select a rate, we’ll apply the default rate of 33%.
PIE Save
Returns earned on the money in your PIE Save account will be taxed at your Prescribed Investor Rate (PIR). In most cases, this can be either:
10.5%
17.5%, or
28%.
You’ll be prompted to select your PIR when you create your PIE Save account. If you’re not sure which one to choose, you can find your PIR here.
If you don’t provide a PIR, we’ll apply the default PIR of 28%.