Kiwibank is looking to take on its Australian rivals - and they're looking to reveal how many of their savers are missing out on interest on their 'bonus saver' accounts.

Bonus saver accounts are those where the highest rate of interest is only available if a saver complies with certain requirements like making a deposit each month and not making any withdrawals.

Kiwibank CEO Steve Jurkovich says many savers don't understand how these arrangements work, and the 'complexity' of banking has made it tough for people to understand.

"The real story here is, of course, that life happens. And so, you think you're going to be able to put that money away, you think you're not going to have to touch it - and then, surprise, surprise, something happens and you do need to touch it." 

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Kiwibank is looking to take on its Australian rivals - and they're looking to reveal how many of their savers are missing out on interest on their 'bonus saver' accounts.
Bonus saver accounts are those where the highest rate of interest is only available if a saver complies with certain requirements like making a deposit each month and not making any withdrawals.
Kiwibank CEO Steve Jurkovich says many savers don't understand how these arrangements work, and the 'complexity' of banking has made it tough for people to understand.
"The real story here is, of course, that life happens. And so, you think you're going to be able to put that money away, you think you're not going to have to touch it - and then, surprise, surprise, something happens and you do need to touch it."&nbsp;
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Steve Jurkovich: Kiwibank CEO on the bank urging politicians to investigate Australian rivals over 'bonus saver' accounts

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/3da07ea0-3a26-45e6-9e62-b4ba00752977/transcript