Not all savings accounts are created equal, and it's worth knowing what all your options are so you can get set up with the one that best suits your savings goals. Here, we've pulled together a wrap-up of the different savings accounts available across New Zealand's main retail banks.
If you've been working hard to get to that 20% house deposit, you'll want to make sure your savings are working as hard as possible, to get you into your first home even faster.
We sat down with Squirrel Chief Operating Officer, Dave Tyrer, to get his answers to the top 20 questions we get most often from investors on our platform.
With inflation like it is right now, you're only marginally better off having money in the bank than you would be having it stashed away under your mattress. So, what other options are there?
Bank term investments might seem like the way to go if you want to earn the best returns on your savings. But between all the T&Cs and fine print, are they really all they're cracked up to be?
If you’ve invested through the Squirrel peer-to-peer lending platform, you’ll be aware that on the other side of these investments are loans taken on by other Kiwis, borrowing through Squirrel. When these borrowers apply for a loan, they’re put under the microscope before our credit team push go, but what happens if a loan payment gets missed?
Due to recent Reserve Bank LVR restrictions coupled with tightened credit criteria from banks in response to the CCCFA regulations, we’re seeing more loans that would have previously been gobbled up by a bank, heading towards non-bank lenders like Squirrel.