Shocked to see some providers charging a monthly fee for a savings account, and the highest interest rate is some seven times that of the savings account with the lowest rate.

Online Savings Accounts

Provider	Account Name	Min Deposit	Interest Rate	Monthly Fee	EFTPOS Fee	ATM Fee	Additional Info
ANZ	Online Call Account	$2000	2.50%	$0	N/A	$1.00
ASB	Fastsaver	$0	3.15%	$0	N/A	$0
BNZ	Call Account	$0.00	0.5%	$5.00	$2.50	$2.50	No fees if transaction amount $500 or more. No monthly fee if account balance remains above $5000
Bank Direct	Savings Account	$0	3.15%	$0	$5.00	$5.00	Can transfer funds fee free to Bank Direct Transaction Account
HSBC	Online Savings	$0	1.00%	$15.00	$0	$0	Rate rises to 3.00% on $15000 and above. Fee free for Premier account holders
Kiwibank	Online Call	$0	3.25%	$0	$0	$0	Rate falls to 0% for deposits of less than $2,000. Rate falls by 0.60% if withdrawl made within calender month.
National	Online Account	$0	1.75%	$0	N/A	N/A	Rate falls to 1.00% for deposits of less than $5,000.
RaboBank	Personal Savings	$1	3.50%	$0	N/A	N/A
Southern Cross	Net Saver	$0	3.50%	$0	N/A	N/A	Rate falls to 3.25 on balance $5000 - $9999, 2.25% $1000 - $4999, 1.00% less than $1000.
SBS	i-save	$0	3.20%	$0	N/A	N/A
WestPac	Online Saver	$0	2.00%	$0	N/A	$0

Online Savings Example: Potential Savings of $430 a year

Take as an example someone who has $10,000 to put away in an instant access online account.

Investing this money with Rabobank or Southern Cross would result in a return of $350 a year before tax.

Investing it in the lowest interest rate account of BNA at 0.5% per annum would result in a return of $50 a year before tax, one seventh of what can be achieved elsewhere.

However this is not the worst possible return, if the $10,000 was invested in HSBC Online Savings account by a non Premier account holder the $100 per annum interest would be wiped out by the $180 fees.