Go Back  British Expats > Living & Moving Abroad > New Zealand
Reload this Page >

bank account split 3 ways, kiwisaver

bank account split 3 ways, kiwisaver

Old Oct 1st 2013, 7:41 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Dec 2010
Location: was Nottingham now Welly soon Raumati South
Posts: 67
gingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the rough
Default 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.
gingerdingo is offline  
Old Oct 1st 2013, 7:49 pm
  #2  
BE Enthusiast
 
lisamct's Avatar
 
Joined: Nov 2009
Location: Auckland
Posts: 617
lisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond repute
Default 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.

Last edited by lisamct; Oct 1st 2013 at 7:56 pm.
lisamct is offline  
Old Oct 1st 2013, 7:52 pm
  #3  
Forum Regular
Thread Starter
 
Joined: Dec 2010
Location: was Nottingham now Welly soon Raumati South
Posts: 67
gingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the roughgingerdingo is a jewel in the rough
Default Re: bank account split 3 ways, kiwisaver

Thanks, that makes a lot of sense . Cheers
gingerdingo is offline  
Old Oct 1st 2013, 11:42 pm
  #4  
MODERATOR
 
MrsFychan's Avatar
 
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
MrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond repute
Default 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.
MrsFychan is offline  
Old Oct 1st 2013, 11:52 pm
  #5  
BE Enthusiast
 
chc4me's Avatar
 
Joined: Jan 2011
Location: New Zealand
Posts: 454
chc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond repute
Default Re: bank account split 3 ways, kiwisaver

Originally Posted by lisamct
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.
Ahh, no thats wrong. As a Kiwisaver member you have two options:
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.
chc4me is offline  
Old Oct 2nd 2013, 2:05 am
  #6  
BE Enthusiast
 
lisamct's Avatar
 
Joined: Nov 2009
Location: Auckland
Posts: 617
lisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond reputelisamct has a reputation beyond repute
Default Re: bank account split 3 ways, kiwisaver

Originally Posted by chc4me
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.
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.

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.
lisamct is offline  
Old Oct 2nd 2013, 2:26 am
  #7  
BE Enthusiast
 
chc4me's Avatar
 
Joined: Jan 2011
Location: New Zealand
Posts: 454
chc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond reputechc4me has a reputation beyond repute
Default Re: bank account split 3 ways, kiwisaver

Originally Posted by lisamct
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
All Kiwisavers do provide this option, they have to, it's law (kiwisaver act 2006). Perhaps the previous post was referring to a second type of scheme offered by some employers known as a 'complying' fund which meets many of the same rules as Kiwisaver schemes but the first home withdrawal is optional for 'complying' funds.
chc4me is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.