- Get started on your mortgage
- Buying your first home, next home, investing in property or just keen to review your mortgage?
- Apply online
- Put your savings to work
- Earn better returns and access your money with no penalties.
- Start investing now
Keep your cash on call whilst earning 5.25%p.a. returns
Earn higher interest in our On-Call account, with your funds held on deposit with NZ registered banks. With no hoops to jump through and the ability to withdraw your money when you like, you’ll be better off.
Get started now
No minimum amount and no penalties for withdrawing
Withdraw, and it's back in your bank account within 2 hours
Your funds are held securely with major New Zealand AA- rated banks
What is the Squirrel On-Call account?
It's a transaction account that's set up within our investment platform which automatically earns interest on whatever amount is in it.
Your On-Call account gets created when you register as a Squirrel investor and it's directly linked to your verified bank account, so you can transfer money in and withdraw it back to your main bank account when you like without any penalties. You can have an On-Call account whether you intend to invest or not.
How do you earn returns with your On-Call account?
Simply by depositing money into it. Whatever's in there automatically earns interest which is calculated every day, and earned monthly.
If you choose to place an investment order, your money will continue earning the on-call interest rate, until the order has been snapped up by a borrower (at which point you start earning interest on the investment).
That means if there's a queue of orders ahead of you, your money won't be sitting idle earning nothing.
Let's dig into the detail
If you've got questions, we've got answers. Have a read below and if you can't find what you're looking for, feel free to give us a call on 0800 21 22 30.
What is the going interest rate for the On-Call account?
The rate of return is currently 5.25%p.a.
It's a floating rate which means it rises and falls in line with movements in short-term interest rates.
What does Squirrel do with my money?
Any money that you put into your Squirrel On-Call account is held in trust for you with major New Zealand AA- rated banks. To be 100% clear, the money isn't invested anywhere other than at a bank.
This is different to when you place an investment order, which means the money is lent to our Squirrel borrowers. You can read about our investing options on this page.
How are you able to hand out high interest when others can't?
Your money is held on trust with major New Zealand AA- rated banks, which Squirrel earns interest on. We may deduct a Service Margin from the gross interest rate we receive from the banks, and we pass the rest on to you in accordance with the interest rates published by us from time to time on our website.
I'm investing with you already, do I need to do anything to earn interest on my Squirrel on-call account?
Nope, you'll automatically earn interest on any money you have in your On-Call account.
Will Squirrel deduct Resident Withholding Tax for me?
Yep, we’ll manage this automatically for you.
Will I get hit with any fees?
Whilst we don’t charge added fees, we deduct a modest Service Margin, taken from the interest we receive from the bank(s) where your On-Call Account money is held. The interest rate you earn on your On-Call Account balance will be as shown on our website.
Will I be penalised for taking money out?
No way. There's no reason why you shouldn't be able to deposit and withdraw when you like, it's your money.
When I make a withdrawal, how long does it take for the money to come back into my bank account?
If you withdraw from your On-Call account, you can expect the money to be in your main bank account in around 2 hours.
Is Squirrel based in New Zealand?
Yep, we're NZ owned and operated, despite the fact that Squirrels are not found in New Zealand (we didn't think their distant cousin the possum would be good for business). We're based out of Central Auckland and we're licensed by the Financial Markets Authority (FMA) to provide peer-to-peer lending services in New Zealand. If you like details, feel free to browse through our legal documents.
Squirrel's been helping Kiwis make smart money choices since way back
Despite our youthful looks we're no spring chickens. Our team has earned their stripes having survived plenty of crises including the GFC and of course the latest pandemic. Our leadership team has a whopping 150 years of financial services experience, so we've been there and seen that. Here's what we do in a nutshell ('scuse the pun).
1. Mortgage broker
We've been helping clients into their homes since 2008, hunting down the best deals from all the main banks.
2. Lender
Not everyone fits inside the bank box. That's where our own unique lending products come in.
3. Saving & Investments
Earn interest with your On-Call account, or by investing into Squirrel loans. Our loans are secured by NZ property (unless otherwise stated).
Start earning interest with your Squirrel On-Call account
- Sign up for a Squirrel Account
- Deposit whatever amount you want into your On-Call account
- You'll automatically start earning interest
Earn even more interest with term investments
Through the power of peer-to-peer lending, you also have the option of investing in loans, and earning up to 7.75%p.a. whilst helping out homeowners around Āotearoa. Set up and manage your investments inside your Squirrel account, with the opportunity to sell your investment when you want your money back.
Whilst past performance cannot guarantee future performance, no Squirrel investor has ever lost a cent.
