What is the best savings account for building a house deposit?

Short answer: High interest, no fees, easy access. Online accounts often pay more. Compare rates.

What this actually means in plain English

Look for high interest, no fees, and easy access. Online savings accounts often pay more than regular accounts. Consider a notice saver if you can lock money away for 30-90 days. The interest rate matters more than the bank brand. Compare rates on comparison websites.

Key Facts

Online savings accounts: higher rates, no branch access needed
Notice savers: higher rates but locked for 30-90 days
Bonus saver accounts: higher rates if you deposit monthly
Compare on sites like interest.co.nz

Example

Regular Account: 2.5% interest

Online Account: 4.5% interest

On30000 Balance: $600/year difference

Recommendation: Online saver for flexibility, notice saver if disciplined

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