Moving money to save in NZ banks?
 

Is this a good idea, the saving interest rates in NZ seem pretty impressive in NZ!

150 day deposit account 3.6%! even with tax of 33% without IRD or 20% with is pretty good IMO.

any downfalls to this? thinking i can open from here and provide my IRD before interest is added at the end of the period so i only pay 20% on the money?

Re: Moving money to save in NZ banks?
 

1) I don't think that rate as achievable, if you are not resident here it would be treated as an offshore account (usually very low rates)
2) It would have to be a fairly substantial amount to be worth anything much over 150 days and
3) You have to factor in movements in exchange rate

Re: Moving money to save in NZ banks?
 

Good point.. I dont feel like the exchange rate will change too much in a year but then again anything could happen with brexit... I think I'll put that idea in the freezer! Thanks