Save Terms & Conditions
Last updated: 4 October 2023
Welcome to Save with Sharesies. We’re excited to help you reach your savings goals. Before we get started though, there’s some important information you need to know.
These are the Save Terms & Conditions (‘Terms’). When you open a Save account, you’re bound by these Terms and our Sharesies Terms of Service. You can open additional Save accounts if you’d like to have more than one. If you’re opening a Save account on behalf of a child, you are also bound by our Kids Account Terms & Conditions. In the event of any conflict or inconsistency between these Terms and the Sharesies Terms of Service, these Terms take precedence.
Opening a Save account
If you’re not currently an investor with Sharesies, you’ll need to sign up to open a Save account.
Once signed up, to open a Save account:
log in to Sharesies
go to Explore > Save and follow the prompts.
To get your savings underway, you’ll need to add money to your Wallet, and then transfer the amount of money you choose to your Save account. You can then open subsequent Save accounts if you’d like to have different accounts for different savings goals.
How your Save account(s) work
Once you’ve opened your Save account(s) you can make as many deposits and withdrawals as you like. There are no deposit, withdrawal, transaction or account fees. Interest is calculated on your daily balance and paid monthly (on the first business day of the next calendar month). We advertise the rate of interest that’s current on the day on our Website, however this rate may go up or down at any time and without notice.
Adding money to your Save account(s)
To add money to your Save account(s), you’ll need to top up your Wallet.
Once your money appears in your Wallet, you can transfer as much or as little as you like of your available balance into your Save account(s). While you will see the money in your Save account(s) immediately, you won’t start earning interest until the funds are cleared. This can take up to 1 business day (or up to 2 business days for transfers received after 4pm).
You can set up recurring transfers from your Wallet to your Save account(s).
go to your Wallet > Transfer to Save; or, if you already have money in your Wallet, go to your Save account > Add money
enter the amount you’d like to transfer
select ‘Make recurring’
set the frequency, and start date for your transfer
You’ll need to make sure you have enough money in your Sharesies Wallet by 12 PM (NZDT) on the weekday your recurring transfer is due to be taken out. We recommend setting up an automatic payment from your bank account to land in your Wallet the day before.
You can edit or delete your recurring transfers by going to your chosen Save account, then to ‘Transactions’, then ‘Upcoming’ and edit or delete the upcoming transfer.
Transferring money from your Save account(s)
You can transfer money from your Save account(s) to your Wallet at any time. To transfer money:
log in to Sharesies
select Save > Transfer money
enter the amount of money you’d like to transfer from your Save account to your Wallet
select ‘Review’ to check your details > then Confirm
You’ll still earn interest on the remaining balance in your Save account(s). Transfers from your Save account(s) to your Wallet can be used immediately to place an order to buy investments or withdraw to your bank account, but withdrawals from Sharesies usually take up to 1 business day (or longer if we need more info from you) to land in your bank account.
Closing your Save account(s)
To close your Save account(s):
log in to Sharesies
select Save > Manage > Close Save account
if you still have money in your Save account, you’ll need to transfer all of the remaining balance into your Wallet before it can be closed.
If you have opened more than one Save account, and want to close more than one account, follow these steps for each account. Any remaining interest you earn will be paid into your Wallet at the end of the month. You can also choose to withdraw money from your Wallet into your designated bank account.
When you or we close your Save account(s), we’ll make every reasonable effort to pay out any remaining balances that accrue after your Save account is closed. If we’re holding any money that becomes unclaimed money, we may account for that money under the Unclaimed Money Act 1971 and/or the Trusts Act 2019.
Where your money is held
The money in your Save account(s) will be held on bare trust in a bank account opened in the name of Sharesies Nominee Limited at a major registered New Zealand bank.
The bank we use is independent of us, and we don’t accept responsibility for any default or delay in the distribution of money as a result of their failure.
At all times the money in your Save account(s) is kept separate from the money Sharesies Limited uses to run its business. Importantly:
Sharesies Nominee is separate from the daily business operations of Sharesies Limited. This means your money is held separately to the money Sharesies Limited uses to pay staff
Sharesies Nominee will never use money or investments held for you for the benefit of itself, us, or any other person except in respect of fees which you have agreed to pay us.
How much you’ll earn
Interest is calculated on your daily available balance and paid monthly. We advertise the rate of interest that’s current on the day on our Website, however, be aware this rate may go up or down at any time and without notice.
What does Sharesies get paid?
Sharesies Limited receives a commission of up to 0.90% from Sharesies Nominee Limited for managing the Save product. The commission deducted is the difference between the rate of interest you earn and the rate of interest we receive from the bank.
You’ll need to pay tax on the Interest you earn from your Save account(s)
You’re responsible for your own tax obligations. At Sharesies, we make things easy by paying Resident Withholding Tax on the interest you earn from your Save account(s) each month. We’ll withhold this from the interest you earn each month and pay it directly to Inland Revenue. We will also tell Inland Revenue how much money you earned each month. This information will then appear in your myIR account. For more information, check out our help center articles.
You need to let us know if you move overseas as this may impact on our ability to provide the Save product to you. It may also have tax implications for you.
Occasionally, the Service that Save is provided through won’t be available
We work hard to provide the best Service we can, but we don’t promise it will be perfect all of the time. Please read our Terms of Service for more information about what might happen and why.
We don’t provide financial advice
We don’t provide any financial advice or recommendations. Any information we make available to you does not take into account your particular investment objectives, financial situation, or investment needs. None of the information we provide can be taken as investment, financial, or tax advice.
If you’re unsure whether or not a particular option is right for you, you should get advice from a financial adviser.
You agree this is a paperless service
You agree that we may make information about your Save account(s), including information about deposits, withdrawals, interest earned and tax payments, available to you exclusively through the Service and we are not required to send you paper statements.
We know your privacy is important
what personal information we collect about you
how we can use your personal information
who we can share your personal information with
your options for how we use your personal information.
How you can contact us
Email us at firstname.lastname@example.org or by clicking the help icon in the Service.
How to make a complaint
We don’t want anything to go wrong, but if it does please let us know straight away.
If we don’t resolve a complaint to your satisfaction or if we don’t resolve your complaint within 40 Trading Days of receiving your complaint, you can also direct your complaint to the Financial Service Complaints Limited Service at FSCL, PO Box 5967, Wellington 6145, or call 0800 347 257 or email email@example.com.
We can make changes to these terms
We can change these terms, from time to time, by giving you notice.
If we make a change to these terms that is likely to have a material negative impact on you, we will generally give you at least 14 days’ notice. However, we may give less notice in special circumstances, for example, if we’re required to make a change for regulatory or legal reasons.
As part of our ‘paperless service’, we can give you notice by direct communication (such as email, text message, or a message when you sign in to access the Service), or by showing a general message via the Service.
We don’t need to give notice of changes that benefit you, don’t materially reduce the benefit of the Save account(s) to you, or are incidental changes (such as clarity, drafting, and typographical amendments) that may take effect immediately and will be available on the Sharesies Website.
By continuing to access or use Save accounts after the effective date of any change, you have accepted the change. If you don’t want to accept any proposed change, you should notify us immediately, and close your Save account(s).
How to read our Save Terms and Conditions
Headings are provided only to make these Terms easier to read and understand. The fact that we wrote these headings won’t affect their interpretation.
Where we’ve provided examples in these Terms to help explain what we mean, those may not be all possible examples.
Some words in our terms have a special meaning. When we say:
‘Account’ we mean your account(s) with us that permits you to use our Service and includes your Wallet and Portfolio
‘designated bank account’ we mean the bank account held with a registered bank which you direct us to pay funds into
‘Investments’ we mean shares or units
‘Portfolio’ we mean the Investments within your Account
‘Save account(s)’ we mean the account you open when you open a Save product
‘Service’ we mean the overall service we provide to you under our Sharesies Terms of Service, including your access to and use of the Sharesies Website, market information, operation of your Account, and any incidental and add-on products or services we provide to you
‘Sharesies’ or ‘Sharesies Group’ we mean Sharesies Group Limited and any of its relevant subsidiaries including Sharesies Limited and Sharesies Nominee Limited
‘Sharesies Website’ or ‘Website’ we mean the Sharesies website available at https://www.sharesies.nz/ and any other website operated and maintained by us for the Service and includes any software or application we make available to you to enable you to access the Service using mobile devices
‘Wallet’ we mean the cash balance for each currency held in your Account
‘We’, ‘Us’, or ‘Our’ we mean ‘Sharesies’
‘You’ or ‘Your’ we mean you—the person using the Service.