Thank you for your 90 Day Notice Saver Account application.

The rate offered for our 90 Day Notice Saver Account is published on our website, and is subject to change by Xceda. It is a variable rate, meaning that the rate of interest is not fixed, and may be changed by Xceda at any time. The rate applicable is also always published in your online account via our Customer Portal. The account earns interest for you on the daily balance in the account.

The minimum amount to open a 90 Day Notice Saver account is $100.00, and the maximum is $500,000. Should you wish to deposit more that this maximum amount, this will be considered on a case-by-case basis. We only accept New Zealand Dollars (NZD).

In order to withdraw your funds for your Notice saver Account, you are required to give Xceda at least 90 days’ prior notice of your intention to withdraw all or a part of your current balance. At the end of the 90 day notice period, your funds will be deposited to your nominated bank account. Your nominated account is one New Zealand bank account of your choice that provides safety when making withdrawals. You may also elect to have the funds transferred to an Xceda Super Saver account if one is opened in your name.

There are no fees to open or close the account, or to make any deposit or withdraw (provided the 90 days notice is provided). Xceda is however required by law to deduct NZ withholding tax at your nominated rate.

Yes, we will automatically deduct resident withholding tax based on your WHT rate you select when opening the account. Xceda pays these amounts to IRD on your behalf.

Pursuant to the Product Disclosure Statement published on our website (www.xceda.co.nz/term-deposits), Xceda holds all customer deposits in cash at registered New Zealand banks, NZ government issued bonds, or in loans advanced to other Xceda customers.

Xceda is a Non-Bank Deposit Taker, licensed by the Reserve Bank of New Zealand (“RBNZ”). The RBNZ oversees our operations including our deposit taking and lending activities, in conjunction with other applicable New Zealand regulatory bodies (e.g. the Financial Markets Authority and the Commerce Commission).

Xceda is required under its RBNZ licence to maintain minimum levels of regulatory capital and liquidity ratios to enhance the strength and financial stability of the institution.

Xceda uses the term deposit funds alongside our own equity to provide lending products to the public. We finance personal loans, small business loans and mortgages. The majority of our lending products are secured against real estate assets, with over 95% of our loans as at 31st March 2024 secured against mortgages over New Zealand property.

At the moment, no deposit funds in NZ institutions are guaranteed by the Government or any other body. However, Xceda is a licensed deposit taker regulated by the Reserve Bank of NZ (RBNZ). Under the Deposit Takers Act 2023 a new Depositor Compensation Scheme (DCS) is to be introduced into NZ so depositors can have confidence that their deposits, in the event of a deposit taker failure, are eligible for compensation up to $100,000 per depositor, per institution. Xceda will be included in the Deposit Compensation Scheme. The current anticipated launch date of the DCS is mid-2025 (see: Protecting your money with the Depositor Compensation Scheme - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) )