GrowPay Savings
Flexible Savings Options for Farmers with GrowPay
GrowPay offers a wide range of savings accounts designed to provide flexibility and support for farmers’ unique financial needs. Our accounts help you manage your savings effectively, whether you need short-term access or long-term growth. Explore our options to find the best fit for your financial goals.
Investing in Your Future with GrowPay Savings
We offer a diverse range of savings options to empower your financial journey
How to Apply
To achieve your financial goals with tailored savings options and competitive interest rates, follow the steps below
Step 1
Sign up online with GrowPay and open your Super Saver Account
Step 2
Complete a simple online form and identity verification.
Step 3
Deposit the amount you wish into your Savings account.
Step 4
You'll automatically start earning interest.
_JPG.jpg)
Confirmation
We confirm the service provided We only partner with service providers that are banks or non bank deposit takers that are regulated by the Reserve Bank of NZ
FAQ
Still have a question?
The rate offered for our Super Saver Account is published on our website, and is subject to change by GrowPay. It is a variable rate, meaning that the rate of interest is not fixed, and may be changed by GrowPay at any time. The rate applicable is also always published in your online account via our Customer Portal. Interest earned during the month is compounded at the end of each month – meaning it is added to the balance in your account.
The minimum amount to open a Super Saver account is $100.00, and the maximum is $100,000. We only accept New Zealand Dollars (NZD).
Your funds will be deposited to your nominated bank account within 1 Business Day. Your nominated account is one New Zealand bank account of your choice that provides safety when making withdrawals. Any withdrawal from your Super Saver Account will be transferred into this chosen account.
There are no fees to open or close the account, or to make any deposit or withdraw. GrowPay is however required by law to deduct NZ withholding tax at your nominated rate.
Yes, we will automatically deduct resident withholding tax based on your WHT rate you select when opening the account. GrowPay pays these amounts to IRD on your behalf.
Pursuant to the Product Disclosure Statement published on our website (GrowPay.co.nz/term-deposits), GrowPay holds all customer deposits in cash at registered New Zealand banks, NZ government issued bonds, or in loans advanced to other GrowPay customers.
Yes, simply send us an instruction via the Online Customer Portal or call our deposits team on 0800 11 22 75. We will send you the application form for a term deposit and once the account opening process has been completed, GrowPay will credit your requested balance into a new term deposit account.
At the moment, no deposit funds in NZ institutions are guaranteed by the Government or any other body. However, GrowPay is a licensed deposit taker regulated by the Reserve Bank of NZ (RBNZ). Under the Deposit Takers Act 2023 a new Depositor Compensation Scheme (DCS) is to be introduced into NZ so depositors can have confidence that their deposits, in the event of a deposit taker failure, are eligible for compensation up to $100,000 per depositor, per institution. GrowPay will be included in the Deposit Compensation Scheme. The current anticipated launch date of the DCS is mid-2025 (see: Protecting your money with the Depositor Compensation Scheme - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) )
