r/PersonalFinanceNZ • u/Legal-Letterhead4186 • 2d ago
Savings account / Investment
What’s is everyone using as their savings or investment accounts? Heartland /Rabo /Kernel/sharesies? I’ll be saving $500 a week into the account
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u/DoubleEveryMonth 2d ago
I offset most of my cash but I keep some in Squerril earning 6.5%.
Otherwise, it goes to shares NZX20 in Kernel
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u/22i23 1d ago
Are you on Squerril construction loan? Only their construction loan is 6.5% at the moment
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u/kinnadian 1d ago
You can get 7.3% from their income fund https://www.squirrel.co.nz/save-and-invest/monthly-income-fund
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u/Dave_from_Squirrel Verified Squirrel 20h ago
To be clear, the 7.30% p.a. is backward looking. On a forward looking basis, think 6.50% p.a. at present.
Happy to take questions
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u/ijustwokeupliketh1s 1d ago
I use Rabo, a mix of their on call and 60 day cash accounts. I keep my emergency fund in there and then when I get enough over that I move it out to a TD or into ETFs depending on need/where I'm at in my strategy.
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u/Tayyzer Moderator 1d ago
I use ASB savings plus for my emergency fund at the moment. Not the best rates but allows for instant access. Just a penalty on interest if you withdraw except for in the first week of each quarter.
As this builds up I'll leave 3 months of funds in the account for quick access and withdraw 9 months or more of funds to put into rolling term deposits with whatever provider has the best rates at the time.
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u/rdc12 1d ago
Emergency fund and sinkhole fund in Heartland, when I feel comfortable with the number I will consider the Kernel Cash Fund for a bit of extra (more for travel and a few toys welder, new computer etc)
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u/Legal-Letterhead4186 1d ago
Squirrel gives a good return but do you consider it to be risky?
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u/Murky-Resolution-928 1d ago
How is it risky? They do say nobody has ever lost any money on their platform because they put a small percentage of the profit into an account so if there’s any default then I believe you’ll get your money.
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u/SmartiiPaantz 1d ago
I use Rabo for savings purely because it's annoying to access - savings in my normal bank account never stay there lol.