Compare Current Term Deposit Rates in New Zealand
New Zealand's banks, building societies, credit unions and finance companies, side by side, with the rate each one is publishing today — and the two things that decide what you actually keep.
What This Table Shows
The table covers banks, building societies, credit unions and finance companies, with the rate each one publishes for terms from one month to five years. Every figure is read from the institution's own rate table and checked daily, so what you see here is what that institution itself is advertising.
One column is easy to misread. A dash in a rate column means the institution does not publish a rate for that term — it is not a zero, and it is not missing data.
The Rate Is Not the Return
A term deposit advertised at 5% does not pay you 5%. Interest is taxed as it is paid, so the rate you are quoted and the amount you keep are two different numbers, and the size of the gap depends on how the deposit is structured.
An ordinary term deposit has resident withholding tax (RWT) deducted at the rate that matches your income: 10.5%, 17.5%, 30%, 33% or 39%. If you have not chosen a rate, 33% is the default. If you have not given the institution your IRD number, 45% applies.
A PIE term deposit is taxed at your prescribed investor rate (PIR) instead, which is 10.5%, 17.5% or 28%. The difference is the ceiling — 28% rather than 39%.
The 28% cap is the whole of the PIE advantage. If your marginal rate is 30% or more, it is worth real money. If it is 28% or less, there is little to gain.
What Is Protected, and What Is Not
Since 1 July 2025, the Depositor Compensation Scheme has covered up to $100,000 per person, per licensed deposit taker, if that institution fails. Cover is automatic. Term deposits are included, along with transaction, savings and notice accounts.
It does not extend to KiwiSaver, bonds, shares or foreign currency accounts. The limit applies per institution rather than per account, so $100,000 in each of two banks is covered in full, while $200,000 held in a single bank is covered only to $100,000.
Before You Lock Your Money Away
- Check what happens if you need the money early. Most institutions pay a reduced rate, or charge a fee, for breaking a term before maturity.
- The highest rate is often on a term you did not want. Compare the whole table rather than the top row.
- A rate you can lock in today is not a forecast. When the term ends you reinvest at whatever is available then, which may be higher or much lower.
Important: Term deposit rates change frequently and may vary based on the amount invested. Always confirm the latest rate directly with the institution before investing. Terms apply.
| Institution ↕ | Credit rating | Min ↕ | 1 month ↕ | 3 months ↕ | 6 months ↕ | 9 months ↕ | 1 year ↕ | 18 months ↕ | 2 years ↕ | 3 years ↕ | 4 years ↕ | 5 years ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANZ | $10,000 | 1.80% | 2.90% | 3.60% | 3.65% | 4.00% | 4.20% | 4.30% | 4.40% | 4.60% | 4.70% | |
| ASB | $5,000 | 1.80% | 3.00% | 3.60% | 3.70% | 4.00% | 4.30% | 4.30% | 4.40% | 4.60% | 5.00% | |
| Bank of Baroda | — | 2.00% | 3.00% | 3.50% | 3.50% | 3.80% | 3.90% | 4.10% | 4.40% | 4.60% | 4.80% | |
| Bank of China | $100,000 | 2.30% | 3.35% | 3.85% | 3.90% | 4.10% | 4.25% | 4.30% | 4.50% | 4.70% | 4.80% | |
| BNZ | $2,000 | 1.85% | 2.90% | 3.60% | 3.70% | 4.05% | 4.30% | 4.35% | 4.60% | 4.85% | 4.85% | |
| China Construction Bank | $100,000 | 2.30% | 3.05% | 3.50% | 3.60% | 3.85% | 4.00% | 4.15% | 4.35% | 4.55% | 4.65% | |
| Christian Savings | — | 2.00% | 3.10% | 3.65% | 3.75% | 4.05% | 4.40% | 4.50% | 4.60% | — | 5.00% | |
| Co-operative Bank | $2,000 | 2.00% | 3.00% | 3.60% | 3.75% | 4.10% | 4.30% | 4.40% | 4.60% | 4.70% | — | |
| Finance Direct | — | $1,000 | — | 3.25% | 3.95% | — | 4.05% | 4.20% | 4.30% | 4.40% | 4.70% | 4.75% |
| First Credit Union | $500 | — | 3.20% | 3.70% | 3.80% | 4.05% | 4.25% | 4.30% | — | — | — | |
| General Finance | $2,000 | — | 3.40% | 3.80% | 4.00% | 4.55% | 4.80% | 4.80% | 4.90% | 5.00% | 5.25% | |
| Gold Band Finance | $5,000 | — | — | 3.90% | 4.00% | 4.50% | 4.70% | 4.85% | 4.90% | 5.00% | 5.25% | |
| Heartland Bank | $1,000 | 1.80% | 2.90% | 3.55% | 3.70% | 4.05% | 4.30% | 4.35% | 4.50% | 4.75% | 4.85% | |
| Heretaunga Building Society | — | — | — | 3.05% | 3.65% | — | 4.10% | — | 4.35% | — | — | — |
| ICBC | $5,000 | 2.15% | 3.15% | 3.75% | 3.80% | 4.05% | 4.15% | 4.25% | 4.50% | 4.70% | 4.85% | |
| Kiwibank | — | — | 3.05% | 3.60% | 3.70% | 4.05% | — | 4.30% | 4.60% | 4.85% | 4.85% | |
| Liberty Financial | $5,000 | — | 3.30% | 4.00% | 4.00% | 4.40% | 4.50% | 4.60% | 4.70% | 4.80% | 5.00% | |
| Mutual Credit Finance | $5,000 | — | — | — | 4.00% | 4.50% | 4.70% | 4.85% | 5.05% | 5.15% | 5.30% | |
| Nelson Building Society | $5,000 | 1.55% | 2.75% | 3.40% | 3.70% | 4.30% | 4.10% | 4.30% | 4.55% | — | — | |
| Police Credit Union | $500 | — | 2.85% | 3.45% | 3.65% | 4.00% | 4.20% | 4.25% | — | — | — | |
| Rabobank | $1,000 | 2.00% | 3.20% | 3.70% | 3.85% | 4.15% | 4.30% | 4.45% | 4.70% | 4.90% | 5.05% | |
| SBS Bank | $1,000 | 1.90% | 3.00% | 3.55% | 3.70% | 4.50% | 4.20% | 4.35% | 4.50% | — | — | |
| TSB Bank | $1,000 | 1.80% | 3.00% | 3.55% | 3.65% | 4.00% | 4.10% | 4.25% | 4.50% | 4.75% | 4.80% | |
| UnityMoney | $1,000 | 1.80% | 2.90% | 3.45% | 3.40% | 3.35% | 3.50% | 3.55% | 3.55% | 3.55% | 3.55% | |
| Wairarapa Building Society | $2,000 | — | 3.10% | 3.65% | 3.75% | 4.20% | 4.20% | 4.45% | 4.55% | — | — | |
| Welcome | $10,000 | — | — | 4.00% | 4.20% | 4.40% | 4.65% | 4.80% | 4.85% | 5.00% | 5.25% | |
| Westpac | $5,000 | 1.80% | 2.85% | 3.45% | 3.70% | 4.00% | 4.30% | 4.30% | 4.60% | 4.85% | 4.85% | |
| Xceda Finance | $2,500 | — | — | 3.75% | 3.85% | 4.10% | 4.45% | 4.50% | 4.70% | 4.80% | 5.10% |
Ratings are the long-term issuer credit ratings published in the Reserve Bank of New Zealand registers, with the issuing agency named in brackets — Fitch, S&P or Equifax. Equifax is an agency approved by the Reserve Bank for non-bank deposit takers. Where a newer public rating announcement exists (for example an upgrade reported by the institution or on the NZX), that later rating is shown. A dash means the institution is exempt from the rating requirement. Ratings are reviewed quarterly.
Min is the smallest deposit the institution accepts for the rates shown on that row. A dash means the institution does not publish a minimum for the rate it quotes, so there is none to show here — it is not a minimum of zero. Rates are read from each institution's own published rate table and checked every day.
How to Use This Table
- Click any column header to sort — click again to reverse.
- The highest rate in each term column is highlighted in teal.
- Ratings are the long-term issuer credit ratings published in the Reserve Bank of New Zealand registers, with the agency named in brackets (Fitch, S&P or Equifax). Different institutions are rated by different agencies. A dash means the institution is exempt from the rating requirement.
- Minimum deposit amounts are the institution's own published entry point. A dash means it publishes none for the rates quoted.
About Term Deposits
- A term deposit locks your money away for a fixed period at a fixed rate.
- Rates are generally higher for longer terms (but not always).
- Most are covered by the Depositor Compensation Scheme (up to $100,000).
- Consider a PIE term deposit if you're in a 30%+ tax bracket.
Related Tools
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