Super Saver Application Thank You Page

The rate offered for our Super 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. Interest earned during the month is compounded at the end of each month – meaning it is added to the balance in your account.

The minimum amount to open a Super Saver account is $100.00, and the maximum is $100,000. We only accept New Zealand Dollars (NZD).

Your funds will be deposited to your nominated bank account within 1 Business Day. Your nominated account is one New Zealand bank account of your choice that provides safety when making withdrawals. Any withdrawal from your Super Saver Account will be transferred into this chosen account

There are no fees to open or close the account, or to make any deposit or withdraw. 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/invest), Xceda holds all customer deposits in cash at registered New Zealand banks, NZ government issued bonds, or in loans advanced to other Xceda customers.

Yes, simply send us an instruction via the Online Customer Portal or call our deposits team on 0800 11 22 75. We will send you the application form for a term deposit and once the account opening process has been completed, Xceda will credit your requested balance into a new term deposit account.

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 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) )