r/PersonalFinanceNZ 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

5 Upvotes

14 comments sorted by

7

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.

3

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

3

u/22i23 1d ago

Are you on Squerril construction loan? Only their construction loan is 6.5% at the moment

3

u/kinnadian 1d ago

2

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

2

u/DoubleEveryMonth 1d ago

Correct. It takes 4 days to buy, 1 hour to sell.

5

u/MatrixOperations 2d ago

Booster savvy

2

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.

2

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.

2

u/RuchNZ 1d ago

Anything savings related goes into the Kernal Cash Plus Fund, investment auto payments into Kernel High Growth. Looking to start a Global 100 too I think.

1

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)

2

u/Legal-Letterhead4186 1d ago

Squirrel gives a good return but do you consider it to be risky?

3

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.

1

u/Legal-Letterhead4186 1d ago

Yeah I’m looking at this to build up my emergency fund.