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New Zealanders Lose $1.2 Billion in Interest Earnings

6/2/2025

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Summary

Story summary

New Zealanders are sitting on a staggering $39 billion in low-interest transaction accounts, missing out on nearly $1.2 billion in potential annual earnings. David Cunningham from Squirrel highlights that customer complacency and the allure of easy access keep people from switching to higher-yield accounts, even as banks cut term deposit rates.

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Story summary

New Zealanders are sitting on a staggering $39 billion in low-interest transaction accounts, missing out on nearly $1.2 billion in potential annual earnings. David Cunningham from Squirrel highlights that customer complacency and the allure of easy access keep people from switching to higher-yield accounts, even as banks cut term deposit rates.