Hiver Saver Rate Is 2.25% (Information for Existing Target Saver Account Holders)

From today (28/03/2024), the Hiver 'Target Saver' is no longer listed on the Hiver website. The 'Hiver Saver' account has taken it's place, offering a measly 2.25%.

The current rate paid on existing Target Saver accounts is no longer being made public. Anyone who has this information, please do share it.

I have been unable to make contact with a human from Hiver. I expect most of us will be looking to move our money out early next month, so any tips on making this happen smoothly are also appreciated.

Update: The current 'Target Saver' rate is now available to see HERE

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  • +1

    no wonder they didn't want to advertise the rates in advance

  • +2

    Courtesy of Whirlpool, here is the only information I can find regarding rates on the Teachers Mutual banks (in this case UniBank). It does suggest Target Saver accounts are currently earning 5.25%. Even if that is the case, I don't trust it to stay that way for long.

    Interest Rates

  • iirc, they have said they will only alter the interest rates on the 1st of each month

    • as the 1/4 is a public holiday, not sure if it will show up on that day if they change it, plus, how can we tell anyway?? They have affectively made us blind to any info about it now.

  • +1

    I did a chat with them yesterday about this. ATM the Target Saver rate is still 5.25%, but as we can't see what is going on it is very deceptive and we won't see if they change the rate unless you chat with them every day. Don't forget Monday 1st is a public holiday. If you want all out in April, transfer your money from the Target Saver to a normal Saver (and bite the bullet for 2.25% for 1 day) and then transfer the whole lot out on the 2nd. You can do one debit on the Saver account in a month and not lose interest. If you have more than $50k in there, then you have to ring them on Tuesday to get the limit increased for that day so you can transfer it all out. Make sure you have already set up the external account debit info before then. Make sure it works (I always do 1c transfer when setting up to be sure)
    I have told them they need to put the Target Saver info in the "accounts no longer for sale" tab so that people can check it at any time
    Worst case scenario, transfer all out on 1st May as that is a Wed.
    Always keep in mind they can throttle the transfer out at their discretion….just in case it is flagged as "fraudulent" etc. I would contact them and make sure they don't hold onto it and process it that day.

  • Online banking says "Daily limit can't exceed $50,000. To transfer in excess of $50,000 please contact us."

    Does anyone know the maximum the limit can be raised to? Online chat is offline at the moment

    • actually, i think i have an answer:

      "Up to 100K limit raises are effective for 3 days. Up to 500K limit raises are effective for only 1 hour (!!!). Over 500K requires forms and probably RTGS fees."

      • I think the higher limits are for 24 hours not 1

        • i don't know, it sounds like he is talking from experience

          i tried to do a first $5k osko transfer from AMP and it got reversed and i had to call that frigging cuscal fraud number. they handle multiple banks because they asked me which bank i was with.

          also last month i tried to make a $5k osko payment from unibank and the payment immediately got held. i had to ring unibank to release the payment. i was waiting on the phone for over an hour

          • @c64: but those are transfers from external sources to Hiver? not the same thing

  • does anyone know what the instant osko transfer limit is?

  • Something I just noticed - Although the 'Everyday' and 'Target Saver' accounts have independent transfer limits, I am unable to move money out of the 'Target Saver' account directly. Doing this results the message: "This type of payment is not allowed from this account."

    When increasing your limit tomorrow, it might be a good idea to make sure you are increasing the limit on your 'Everyday' account.

    I was able to instantly transfer $0.01 this morning, however the renaming $4,999.99 is stuck in limbo.
    My attempt to increase my limit to $50,000 has also not been processed today.

  • I did a transfer yesterday and today (8am) and got an sms 30min ago saying they are held and to call them (bit late notice). Anyone know if they are there or will I just be on hold until I hang up?

    Number they gave is 1800 044 837

    • i don't know about today, but last month i had to call them and it took 1 hour on hold

    • doing transfers on the weekend or public holidays are always a fraught exercise unless they are OSKO and you have done them to that account before. Normal transfers won't be processed over this weekend anyway. I am doing mine tomorrow from the Saver account. I upped the limit on the account yesterday, although when i opened another account and tried to up the limit today, no sms has come through to let me know it has happened (I tried it again….nothing….not sure why it worked yesterday and not today? I will do the first transfer of $50k tomorrow from a Saver account and will ring them straight away to get put onto the fraud team to get the payment released that day. I have to check if the other account limit actually has been increased or not, as you can't tell in account details. I will try to increase the limit on the other account again tomorrow and see if it works that time and then do $50k from that new one as well, (rinse repeat) Hopefully all goes well. I will transfer the rest of the money on 1st May. Luckily that is a Wed and not a public holiday. I left $100k in one target account and transferred the rest of the money to another target account….so, no withdrawals on that one and that fulfills the $1000 deposit for this month. I split the $100k into the two saver accounts ready to take it out tomorrow, as you can do one transfer a month from them. I will also double check that the rate on the Target Saver is still 5.25%.

      • prob because so many people are prob taking money out

  • transferred two lots of $50k from the saver account early this morning. Rang the fraud number, she said they didn't appear to be held payments, but that she would keep an eye on it and push them through if they were. Hopefully the transfers will go through today and be in the external accounts sometime today.

    • It's a waiting game now.

      For me, an initial $5k payment was held. I was told by Hiver chat that future payments to that account would not be held. The Teachers Mutual Bank operator said they would in fact be held. The OSKO transfer was instant once released.

      The confirmation SMS that my transfer limit was increased took about an hour.

      The next (much larger) transfer was held. I received that SMS after about 30min. That payment, now released, could be 1-2 days I suppose.

      • my first $50k to amp has arrived in the account. Will see if the Virgin Money transfer is ok as well and that was $50k from two different saver accounts, not one, otherwise two debits from the one account would have meant no interest for yesterday

      • the other 50k just landed….phew.

        • Same. Money received. What a painful waste of time.

  • +2

    So you can essily find the interest rate information on the website here:…

    I will be checking this link regularly to see if the rates change. At this point they appear to remain at 5.25%.

    • Still 5.25% for accounts that were created prior to 28 March 2024.

  • I got all my money out and closed account but boy what a pain. I was expecting it to be bad after reading the above but it was worse! Live chat is shocking. They tell you to wait for ages then there a message saying they haven't heard from you for a while then 30sec lasted chat ended (even though it says you have 2min).took 5 attempts to get limit raised. Then yes you need to call to release the payment you make which takes ages as well.

    What a discrace of a "bank"

    • Where did you move it to?

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