Photo: @heyjasperai
Online investment platform Sharesies is expanding its savings offerings with a new no-fees savings account.
The platform last year announced it was expanding into KiwiSaver and launching its own scheme, partnering with several fund managers to provide a range of active and passive managed funds covering conservative, balanced and growth styles plus an ethical focus.
Sharesies' new savings account will pay 4.35 per cent in interest a year, with no fees or minimum deposit.
The company's general manager of investing and saving Scott Nixon said the new account was free to set up.
"With interest rates rising, the upside should be flowing through to all of us," he said.
"That's why we wanted to create a high interest savings account without all of the hoopla people often have to go through."
Nixon said investors could deposit money into their Sharesies wallet, with the option to either invest it or transfer it to their savings account.
Customers' fund would be held by a New Zealand bank, though the company declined to say which one.
Interest would be calculated daily, based on the balance of the account, and paid out monthly.
"We hope that this will help and encourage people to continue to save toward short term goals or having some emergency/rainy day savings easily available, especially in these challenging financial times," Nixon said.
To date, 2000 people had signed up to be part of the early access group, with the new account, Sharesies Save, to be launched from May.