bank account split 3 ways, kiwisaver
Hi all,
After 3 months searching I have finally got a job offer with an employment contract to sign. In the paper work there is the option of having the fortnightly wages paid into 3 separate banks ? Is this usual NZ practice and do any BE members do this and are there any advantages ? Also I have the option of joining the KiwiSaver at 3,4 or 8%. I think I may join at 8% with a view to later using the Kiwisaver payments towards a deposit on a house. Is this the norm ? #excitedbutconfused. |
Re: bank account split 3 ways, kiwisaver
Hmm Ive never heard of splitting your wages into different banks so thats a new one on me (cant figure out why it would be a good idea?)
As far as kiwisaver goes just remember that you can only use a maximum amount of your kiwisaver savings as a house deposit. At the moment that's capped at $5000 (after paying 5 years of contributions) so it might be more worth while paying less into kiwisaver and putting the rest into a high interest savings account. There's also house price caps for being eligible for using your kiwisaver as a deposit, not sure about anywhere else but in Auckland at present, despite that cap just being raised to $485k that's till becoming reasonably unreaslistic. |
Re: bank account split 3 ways, kiwisaver
Thanks, that makes a lot of sense . Cheers
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Re: bank account split 3 ways, kiwisaver
ANZ bank allows you to have differing accounts hanging off your main one. Esaver account, normal saving account and then accounts for odds and sods. we have 2 esavers, 1 saving, 1 bill off the main account and find it works very well as its one stop to sort all the accounts.
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Re: bank account split 3 ways, kiwisaver
Originally Posted by lisamct
(Post 10926340)
As far as kiwisaver goes just remember that you can only use a maximum amount of your kiwisaver savings as a house deposit. At the moment that's capped at $5000 (after paying 5 years of contributions) so it might be more worth while paying less into kiwisaver and putting the rest into a high interest savings account.
There's also house price caps for being eligible for using your kiwisaver as a deposit, not sure about anywhere else but in Auckland at present, despite that cap just being raised to $485k that's till becoming reasonably unreaslistic. 1) Apply for a housing subsidy which has restrictions. The subsidy is $1,000 per year up to a maximum of $5,000. Restrictions include the value of the house and your annual income must be below certain limits. OR 2) You can withdraw ALL your savings providing you have been a member for 3 years, ALL of your employers contributions and ALL growth. But not the amount that the Govt puts in as per the rules at this link. |
Re: bank account split 3 ways, kiwisaver
Originally Posted by chc4me
(Post 10926639)
2) You can withdraw ALL your savings providing you have been a member for 3 years, ALL of your employers contributions and ALL growth. But not the amount that the Govt puts in as per the rules at this link.
As MrsFychan says all banks let you have a variety of different accounts, just like banks in the UK but I still don't see why it would be beneficial to have your salary paid into accounts in multiple banks as the OP suggests is being offered. |
Re: bank account split 3 ways, kiwisaver
Originally Posted by lisamct
(Post 10926722)
True, but not all Kiwisaver providers allow you to do this so you'd need to check out your chosen providers stance on this first
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