Term Deposits

Which option is best for your spare cash? We compare term deposits from over 40 different providers below.

Last Updated Thursday, May 19, 2022 - 3:30pm
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General Finance
Product name Rate Minimum deposit Maximum deposit
9 months 4.20% $2 000 $3 000 000
6 months 3.70% $2 000 $3 000 000
54 months 5.60% $2 000 $3 000 000
42 months 5.50% $2 000 $3 000 000
30 Months 5.35% $2 000 $3 000 000
24 Months 5.15% $2 000 $3 000 000
60 Months 5.60% $2 000 $3 000 000
48 Months 5.50% $2 000 $3 000 000
36 Months 5.45% $2 000 $3 000 000
12 months 4.40% $2 000 $3 000 000
18 Months 5.10% $2 000 $3 000 000
15 months 5.00% $2 000 $3 000 000
51157
15 months
Minimum Deposit

$2,000

Maximum Deposit

$3,000,000

Rate (p.a.)

5.00% -

Interest info: Interest paid or compounded quarterly. For deposits in excess of $25,000, interest can be paid monthly.

    XCEDA Finance
    Product name Rate Minimum deposit Maximum deposit
    5 Years 5.50% $2 500 -
    4 Years 5.50% $2 500 -
    3 Years 5.40% $2 500 -
    2 Years 5.10% $2 500 -
    18 Months 4.90% $2 500 -
    6 Months 3.85% $2 500 -
    9 Months 4.25% $2 500 -
    12 Months 4.75% $2 500 -
    59691
    12 Months
    Minimum Deposit

    $2,500

    Maximum Deposit

    -

    Rate (p.a.)

    4.75% -

    Interest info: Interest (less withholding tax) can be paid into your bank account either monthly or quarterly, or you can grow your investment by having interest reinvest/compound at the end of each quarter.

      General Finance
      Product name Rate Minimum deposit Maximum deposit
      9 months 4.20% $2 000 $3 000 000
      6 months 3.70% $2 000 $3 000 000
      54 months 5.60% $2 000 $3 000 000
      42 months 5.50% $2 000 $3 000 000
      30 Months 5.35% $2 000 $3 000 000
      24 Months 5.15% $2 000 $3 000 000
      60 Months 5.60% $2 000 $3 000 000
      48 Months 5.50% $2 000 $3 000 000
      36 Months 5.45% $2 000 $3 000 000
      12 months 4.40% $2 000 $3 000 000
      18 Months 5.10% $2 000 $3 000 000
      15 months 5.00% $2 000 $3 000 000
      57888
      12 months
      Minimum Deposit

      $2,000

      Maximum Deposit

      $3,000,000

      Rate (p.a.)

      4.40% -

      Interest info: Interest paid or compounded quarterly. For deposits in excess of $25,000, interest can be paid monthly.

        Rabobank New Zealand
        Product name Rate Minimum deposit Maximum deposit
        2 years Standard interest 3.55% $1 000 $5 000 000
        15 months Interim interest Monthly 3.15% $1 000 $5 000 000
        5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
        4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
        4 years Interim interest Monthly 3.93% $1 000 $5 000 000
        6 months Standard interest 2.60% $1 000 $5 000 000
        9 months Standard interest 2.80% $1 000 $5 000 000
        1 month Standard interest 0.75% $1 000 $5 000 000
        5 years Standard interest 4.05% $1 000 $5 000 000
        1 year Interim interest Monthly 3.15% $1 000 $5 000 000
        3 months Standard interest 1.55% $1 000 $5 000 000
        1 year Standard interest 3.20% $1 000 $5 000 000
        15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
        15 months Standard interest 3.20% $1 000 $5 000 000
        3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
        3 years Interim interest Monthly 3.88% $1 000 $5 000 000
        18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
        5 years Interim interest Monthly 3.98% $1 000 $5 000 000
        4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
        18 months Standard interest 3.30% $1 000 $5 000 000
        5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
        2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
        4 years Standard interest 4.00% $1 000 $5 000 000
        3 years Standard interest 3.95% $1 000 $5 000 000
        3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
        2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
        18 months Interim interest Monthly 3.25% $1 000 $5 000 000
        1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
        1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
        2 years Interim interest Monthly 3.49% $1 000 $5 000 000
        18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
        58532
        15 months Standard interest
        Minimum Deposit

        $1,000

        Maximum Deposit

        $5,000,000

        Rate (p.a.)

        3.20% -

        Interest info: Maturity

          Rabobank New Zealand
          Product name Rate Minimum deposit Maximum deposit
          2 years Standard interest 3.55% $1 000 $5 000 000
          15 months Interim interest Monthly 3.15% $1 000 $5 000 000
          5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
          4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
          4 years Interim interest Monthly 3.93% $1 000 $5 000 000
          6 months Standard interest 2.60% $1 000 $5 000 000
          9 months Standard interest 2.80% $1 000 $5 000 000
          1 month Standard interest 0.75% $1 000 $5 000 000
          5 years Standard interest 4.05% $1 000 $5 000 000
          1 year Interim interest Monthly 3.15% $1 000 $5 000 000
          3 months Standard interest 1.55% $1 000 $5 000 000
          1 year Standard interest 3.20% $1 000 $5 000 000
          15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
          15 months Standard interest 3.20% $1 000 $5 000 000
          3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
          3 years Interim interest Monthly 3.88% $1 000 $5 000 000
          18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
          5 years Interim interest Monthly 3.98% $1 000 $5 000 000
          4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
          18 months Standard interest 3.30% $1 000 $5 000 000
          5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
          2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
          4 years Standard interest 4.00% $1 000 $5 000 000
          3 years Standard interest 3.95% $1 000 $5 000 000
          3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
          2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
          18 months Interim interest Monthly 3.25% $1 000 $5 000 000
          1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
          1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
          2 years Interim interest Monthly 3.49% $1 000 $5 000 000
          18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
          59900
          1 year Standard interest
          Minimum Deposit

          $1,000

          Maximum Deposit

          $5,000,000

          Rate (p.a.)

          3.20% -

          Interest info: Maturity

            Rabobank New Zealand
            Product name Rate Minimum deposit Maximum deposit
            2 years Standard interest 3.55% $1 000 $5 000 000
            15 months Interim interest Monthly 3.15% $1 000 $5 000 000
            5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
            4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
            4 years Interim interest Monthly 3.93% $1 000 $5 000 000
            6 months Standard interest 2.60% $1 000 $5 000 000
            9 months Standard interest 2.80% $1 000 $5 000 000
            1 month Standard interest 0.75% $1 000 $5 000 000
            5 years Standard interest 4.05% $1 000 $5 000 000
            1 year Interim interest Monthly 3.15% $1 000 $5 000 000
            3 months Standard interest 1.55% $1 000 $5 000 000
            1 year Standard interest 3.20% $1 000 $5 000 000
            15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
            15 months Standard interest 3.20% $1 000 $5 000 000
            3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
            3 years Interim interest Monthly 3.88% $1 000 $5 000 000
            18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
            5 years Interim interest Monthly 3.98% $1 000 $5 000 000
            4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
            18 months Standard interest 3.30% $1 000 $5 000 000
            5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
            2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
            4 years Standard interest 4.00% $1 000 $5 000 000
            3 years Standard interest 3.95% $1 000 $5 000 000
            3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
            2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
            18 months Interim interest Monthly 3.25% $1 000 $5 000 000
            1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
            1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
            2 years Interim interest Monthly 3.49% $1 000 $5 000 000
            18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
            55714
            1 year Interim interest Six-monthly
            Minimum Deposit

            $1,000

            Maximum Deposit

            $5,000,000

            Rate (p.a.)

            3.17% -

            Interest info: Six-monthly

              Rabobank New Zealand
              Product name Rate Minimum deposit Maximum deposit
              2 years Standard interest 3.55% $1 000 $5 000 000
              15 months Interim interest Monthly 3.15% $1 000 $5 000 000
              5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
              4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
              4 years Interim interest Monthly 3.93% $1 000 $5 000 000
              6 months Standard interest 2.60% $1 000 $5 000 000
              9 months Standard interest 2.80% $1 000 $5 000 000
              1 month Standard interest 0.75% $1 000 $5 000 000
              5 years Standard interest 4.05% $1 000 $5 000 000
              1 year Interim interest Monthly 3.15% $1 000 $5 000 000
              3 months Standard interest 1.55% $1 000 $5 000 000
              1 year Standard interest 3.20% $1 000 $5 000 000
              15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
              15 months Standard interest 3.20% $1 000 $5 000 000
              3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
              3 years Interim interest Monthly 3.88% $1 000 $5 000 000
              18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
              5 years Interim interest Monthly 3.98% $1 000 $5 000 000
              4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
              18 months Standard interest 3.30% $1 000 $5 000 000
              5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
              2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
              4 years Standard interest 4.00% $1 000 $5 000 000
              3 years Standard interest 3.95% $1 000 $5 000 000
              3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
              2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
              18 months Interim interest Monthly 3.25% $1 000 $5 000 000
              1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
              1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
              2 years Interim interest Monthly 3.49% $1 000 $5 000 000
              18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
              58660
              15 months Interim interest Quarterly
              Minimum Deposit

              $1,000

              Maximum Deposit

              $5,000,000

              Rate (p.a.)

              3.16% -

              Interest info: Quarterly

                Rabobank New Zealand
                Product name Rate Minimum deposit Maximum deposit
                2 years Standard interest 3.55% $1 000 $5 000 000
                15 months Interim interest Monthly 3.15% $1 000 $5 000 000
                5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
                4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
                4 years Interim interest Monthly 3.93% $1 000 $5 000 000
                6 months Standard interest 2.60% $1 000 $5 000 000
                9 months Standard interest 2.80% $1 000 $5 000 000
                1 month Standard interest 0.75% $1 000 $5 000 000
                5 years Standard interest 4.05% $1 000 $5 000 000
                1 year Interim interest Monthly 3.15% $1 000 $5 000 000
                3 months Standard interest 1.55% $1 000 $5 000 000
                1 year Standard interest 3.20% $1 000 $5 000 000
                15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
                15 months Standard interest 3.20% $1 000 $5 000 000
                3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
                3 years Interim interest Monthly 3.88% $1 000 $5 000 000
                18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
                5 years Interim interest Monthly 3.98% $1 000 $5 000 000
                4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
                18 months Standard interest 3.30% $1 000 $5 000 000
                5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
                2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
                4 years Standard interest 4.00% $1 000 $5 000 000
                3 years Standard interest 3.95% $1 000 $5 000 000
                3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
                2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
                18 months Interim interest Monthly 3.25% $1 000 $5 000 000
                1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
                1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
                2 years Interim interest Monthly 3.49% $1 000 $5 000 000
                18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
                55716
                1 year Interim interest Quarterly
                Minimum Deposit

                $1,000

                Maximum Deposit

                $5,000,000

                Rate (p.a.)

                3.16% -

                Interest info: Quarterly

                  Rabobank New Zealand
                  Product name Rate Minimum deposit Maximum deposit
                  2 years Standard interest 3.55% $1 000 $5 000 000
                  15 months Interim interest Monthly 3.15% $1 000 $5 000 000
                  5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
                  4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
                  4 years Interim interest Monthly 3.93% $1 000 $5 000 000
                  6 months Standard interest 2.60% $1 000 $5 000 000
                  9 months Standard interest 2.80% $1 000 $5 000 000
                  1 month Standard interest 0.75% $1 000 $5 000 000
                  5 years Standard interest 4.05% $1 000 $5 000 000
                  1 year Interim interest Monthly 3.15% $1 000 $5 000 000
                  3 months Standard interest 1.55% $1 000 $5 000 000
                  1 year Standard interest 3.20% $1 000 $5 000 000
                  15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
                  15 months Standard interest 3.20% $1 000 $5 000 000
                  3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
                  3 years Interim interest Monthly 3.88% $1 000 $5 000 000
                  18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
                  5 years Interim interest Monthly 3.98% $1 000 $5 000 000
                  4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
                  18 months Standard interest 3.30% $1 000 $5 000 000
                  5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
                  2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
                  4 years Standard interest 4.00% $1 000 $5 000 000
                  3 years Standard interest 3.95% $1 000 $5 000 000
                  3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
                  2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
                  18 months Interim interest Monthly 3.25% $1 000 $5 000 000
                  1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
                  1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
                  2 years Interim interest Monthly 3.49% $1 000 $5 000 000
                  18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
                  61752
                  15 months Interim interest Monthly
                  Minimum Deposit

                  $1,000

                  Maximum Deposit

                  $5,000,000

                  Rate (p.a.)

                  3.15% -

                  Interest info: Monthly

                    Rabobank New Zealand
                    Product name Rate Minimum deposit Maximum deposit
                    2 years Standard interest 3.55% $1 000 $5 000 000
                    15 months Interim interest Monthly 3.15% $1 000 $5 000 000
                    5 years Interim interest Quarterly 3.99% $1 000 $5 000 000
                    4 years Interim interest Quarterly 3.94% $1 000 $5 000 000
                    4 years Interim interest Monthly 3.93% $1 000 $5 000 000
                    6 months Standard interest 2.60% $1 000 $5 000 000
                    9 months Standard interest 2.80% $1 000 $5 000 000
                    1 month Standard interest 0.75% $1 000 $5 000 000
                    5 years Standard interest 4.05% $1 000 $5 000 000
                    1 year Interim interest Monthly 3.15% $1 000 $5 000 000
                    3 months Standard interest 1.55% $1 000 $5 000 000
                    1 year Standard interest 3.20% $1 000 $5 000 000
                    15 months Interim interest Quarterly 3.16% $1 000 $5 000 000
                    15 months Standard interest 3.20% $1 000 $5 000 000
                    3 years Interim interest Quarterly 3.89% $1 000 $5 000 000
                    3 years Interim interest Monthly 3.88% $1 000 $5 000 000
                    18 months Interim interest Quarterly 3.26% $1 000 $5 000 000
                    5 years Interim interest Monthly 3.98% $1 000 $5 000 000
                    4 years Interim interest Six-monthly 3.96% $1 000 $5 000 000
                    18 months Standard interest 3.30% $1 000 $5 000 000
                    5 years Interim interest Six-monthly 4.01% $1 000 $5 000 000
                    2 years Interim interest Quarterly 3.50% $1 000 $5 000 000
                    4 years Standard interest 4.00% $1 000 $5 000 000
                    3 years Standard interest 3.95% $1 000 $5 000 000
                    3 years Interim interest Six-monthly 3.91% $1 000 $5 000 000
                    2 years Interim interest Six-monthly 3.52% $1 000 $5 000 000
                    18 months Interim interest Monthly 3.25% $1 000 $5 000 000
                    1 year Interim interest Six-monthly 3.17% $1 000 $5 000 000
                    1 year Interim interest Quarterly 3.16% $1 000 $5 000 000
                    2 years Interim interest Monthly 3.49% $1 000 $5 000 000
                    18 months Interim interest Six-monthly 3.27% $1 000 $5 000 000
                    60302
                    1 year Interim interest Monthly
                    Minimum Deposit

                    $1,000

                    Maximum Deposit

                    $5,000,000

                    Rate (p.a.)

                    3.15% -

                    Interest info: Monthly

                      Heretaunga Building Society
                      Product name Rate Minimum deposit Maximum deposit
                      2 years 3.50% $1 $1 000 000
                      6 Months 2.40% $1 $1 000 000
                      3 Months 1.30% $1 $1 000 000
                      1 Year 3.10% $1 $1 000 000
                      53938
                      1 Year
                      Minimum Deposit

                      $1

                      Maximum Deposit

                      $1,000,000

                      Rate (p.a.)

                      3.10% -

                      Interest info: Interest paid six monthly or on maturity

                        SBS Bank
                        Product name Rate Minimum deposit Maximum deposit
                        8 months 2.35% $1 000 -
                        9 months 2.50% $1 000 -
                        9 months 2.50% $1 000 -
                        3 months 1.25% $1 000 -
                        18 months 3.30% $1 000 -
                        24 months 3.65% $1 000 -
                        6 months 2.35% $1 000 -
                        36 months 3.80% $1 000 -
                        6 months 2.35% $1 000 -
                        8 months 2.35% $1 000 -
                        12 months 3.10% $1 000 -
                        12 months 3.10% $1 000 -
                        50605
                        12 months
                        Minimum Deposit

                        $1,000

                        Maximum Deposit

                        -

                        Rate (p.a.)

                        3.10% -

                        Interest info: Maturity

                          SBS Bank
                          Product name Rate Minimum deposit Maximum deposit
                          8 months 2.35% $1 000 -
                          9 months 2.50% $1 000 -
                          9 months 2.50% $1 000 -
                          3 months 1.25% $1 000 -
                          18 months 3.30% $1 000 -
                          24 months 3.65% $1 000 -
                          6 months 2.35% $1 000 -
                          36 months 3.80% $1 000 -
                          6 months 2.35% $1 000 -
                          8 months 2.35% $1 000 -
                          12 months 3.10% $1 000 -
                          12 months 3.10% $1 000 -
                          55381
                          12 months
                          Minimum Deposit

                          $1,000

                          Maximum Deposit

                          -

                          Rate (p.a.)

                          3.10% -

                          Interest info: Monthly

                            Unity
                            Product name Rate Minimum deposit Maximum deposit
                            9 months 2.50% $1 000 $1 500 000
                            6 months 2.30% $1 000 $1 500 000
                            36 months 3.65% $1 000 $1 500 000
                            3 months 1.20% $1 000 $1 500 000
                            12 months 3.10% $1 000 $1 500 000
                            1 month 0.50% $1 000 $1 500 000
                            4 months 1.50% $1 000 $1 500 000
                            24 months 3.50% $1 000 $1 500 000
                            60 months 3.85% $1 000 $1 500 000
                            48 months 3.75% $1 000 $1 500 000
                            18 months 3.30% $1 000 $1 500 000
                            2 months 0.50% $1 000 $1 500 000
                            5 months 1.85% $1 000 $1 500 000
                            61756
                            12 months
                            Minimum Deposit

                            $1,000

                            Maximum Deposit

                            $1,500,000

                            Rate (p.a.)

                            3.10% -

                            Interest info: Interest can be paid at regular intervals or on maturity to any account of your choice.

                            • Minimum deposit is $1,000 for adults and $500 for children under 18 years old
                            ANZ Bank
                            Product name Rate Minimum deposit Maximum deposit
                            18 months 3.30% $10 000 $5 000 000
                            240 days 2.35% $10 000 $5 000 000
                            30 days 0.50% $10 000 $5 000 000
                            90 days 1.20% $10 000 $5 000 000
                            5 years 3.90% $10 000 $5 000 000
                            3 years 3.70% $10 000 $5 000 000
                            2 years 3.40% $10 000 $5 000 000
                            4 years 3.80% $10 000 $5 000 000
                            1 year 3.00% $10 000 $5 000 000
                            60 days 0.70% $10 000 $5 000 000
                            270 days 2.40% $10 000 $5 000 000
                            120 days 1.50% $10 000 $5 000 000
                            180 days 2.30% $10 000 $5 000 000
                            210 days 2.30% $10 000 $5 000 000
                            150 days 1.75% $10 000 $5 000 000
                            56179
                            1 year
                            Minimum Deposit

                            $10,000

                            Maximum Deposit

                            $5,000,000

                            Rate (p.a.)

                            3.00% -

                            Interest info: Compounded quarterly, six monthly, annually or at maturity. Paid into any New Zealand bank account monthly, quarterly, six monthly, annually or at maturity.

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                            60775 Compare 
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                            60737 Compare 
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                            60755 Compare 
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                            Term Deposit Interest Rates in NZ

                            People who work hard for their money can make their money work for them. As the saying goes, “Money attracts money,” and if wealth is invested correctly, rather than spent, it can produce additional income.

                            Term deposits do exactly that: They help New Zealanders maximize their savings potential. Term deposits made with an upfront investment can easily be fruitful over time.

                            There are a variety of financial institutions at New Zealanders’ fingertips, making it difficult to know where the best term deposits are, and how to find them. This guide will explain the ins and outs of term deposits to help investors make the best choice.

                            What is a Term Deposit and How Does It Work?

                            A term deposit is an investment held at a financial institution for a fixed amount of time, or a “term.” The investment is held for a predetermined period, typically between one month and five years, with a fixed interest rate for the agreed period. In most cases, the money can only be withdrawn when the term ends; if it is necessary to access it earlier, penalties will apply. These may be partial or full forfeiture of the interest the term deposit would have earned.

                            Term Deposit vs Savings Account

                            Term deposits are funds that are locked away and can earn higher interest rates than a traditional savings account. Money in a savings account can usually be withdrawn at any time, but would then earn typically less interest.

                            Is a Term Deposit Worth It?

                            A term deposit can be worthwhile in the long run, but it truly depends on each individual’s unique situation and ultimate goals. For example, if an investor has money that he or she won’t need to access for a while, meaning it could be deposited with a longer term, then the rate could be worth it.

                            Conversely, if an investor needs the funds sooner for improvements on a home, or to grow a small business, then a short-term deposit might not be worth it. There are different types of term deposits available that can make the investment rates beneficial.

                            Short Term Deposits

                            A short term deposit can last anywhere from one month to a year.

                            Short-Term Deposit Pros

                            • This is not as big a commitment as a long-term deposit. People who think they might need to access their funds in the near future might be most comfortable locking them away for a short term.
                            • It can be a way of meeting short-term savings goals; for example, an upcoming holiday or new car.
                            • It comes with a lower chance of being stung by early withdrawal fees. If the money is needed unexpectedly, it’s easier to wait out a short term and avoid early withdrawal penalties than it would be with a longer term.
                            • If market interest rates rise, there are more frequent opportunities to reinvest or add more money to the term deposit balance and reinvest for another term.

                            Short Term Deposit Cons

                            • Shorter terms usually offer a lower interest rate.
                            • As a short term ends, it can be tempting to withdraw the money and spend it.
                            • It’s not as low maintenance. The shorter the term, the sooner the decision of reinvesting will roll around.
                            • Those who choose to let the deposit roll over could lose a competitive interest rate if the market rates have changed.

                            Long-Term Deposits

                            A longer deposit (which typically lasts between one and 5 years) can work for savers who have long-term goals. It can also be useful for people who have a lump sum, such as a work bonus or inheritance, that won’t be needed in the near future.

                            Long-Term Deposit Pros

                            • Longer term deposits often pay higher rates than short terms.
                            • The interest rate will be locked in for a long time. If market rates drop, the interest on the investments will remain the same for longer.
                            • It can help with saving for long-term goals, as the investment will be hard to access without harsh penalties.

                            Long-Term Deposit Cons

                            • If market rates rise, the investment will be locked into the lower rate for the term.
                            • The long-term commitment means the funds cannot be accessed for emergencies or unexpected expenses without incurring penalties.
                            • It requires careful planning to ensure that investors can afford to have the funds locked away for a long time without accessing them.

                             

                            What You Should Know Before Choosing a Term Investment Option

                            Investing can be an exciting opportunity, but it is important to plan ahead and be diligent in researching the various available options before nailing down a specific financial choice.

                            Are term deposits safe in NZ, or can they cause money loss?

                            Any investment comes with a risk. There is no guarantee that investors will make money, and it could be that they will lose money in the end.

                            Can investors keep putting money into a term deposit?

                            Some institutions offer a “top up” feature, which allows investors to add additional funding later. This is not a common feature, however, and is usually offered on specific term deposits.

                            Will term deposit rates increase in NZ?

                            There is no guarantee that rates will increase. While rates fluctuate almost daily, investors can watch the trends and make educated predictions on when rates will increase. But there is no true way to say for certain when term deposit interest rates will rise.

                            Can you end a term deposit early?

                            Yes, but first, read the terms and conditions to find out what will happen then. Some institutions allow a one-time withdrawal for no fee, while others levy additional charges.

                            Do you pay tax on term deposits?

                            Yes, the NZ government assesses a tax depending on the investor’s income level.

                            How do I apply for a term deposit?

                            Here are the important things investors need when applying to open a term deposit:

                            Contact details

                            Whether applying online or inhouse, investors will need to provide a phone number and email address when opening a term deposit. Give accurate details and update them when necessary, since the bank will use this information to send updates on the term deposit maturity.

                            Identification

                            A photo ID (such as a driver’s license, student ID, or passport) will usually be required, especially of those who are new to that particular financial institution. These are required to obtain proof of age, as banks have a variety of minimum age limits for term deposits; most are lenient, and some offer special accounts for children.

                            Member number

                            Those who bank with a credit union will need to supply their member numbers. Investors who are not already members will be required to sign up. Be aware that this process might involve a membership fee.

                            A bank account

                            This is the account to which the term deposit interest will be sent. Those who are opening a term deposit at a different bank to their usual one should check to see if the new provider will pay the interest into their old bank account. Some do not allow this, and will require new members to start a savings or bank account with them when opening a term deposit.

                            A desired term

                            Carefully consider the different types of term deposits available.

                            The important things investors need to think about are their budgets, and also their plans for the future. Choose a term that fits into those parameters, to avoid unnecessary early withdrawals.

                            Minimum deposit

                            The deposit must be the lump sum previously decided with the financial institution, in line with the term that was chosen. Think about which term deposit is best, and have at least that amount of money available before applying.

                            A future savings plan

                            Have a plan in place for what to do when the term deposit matures; decide whether to withdraw the money or reinvest it for another term. Make these arrangements with the financial provider so both parties know what the money will be doing when its term comes to an end.

                            Term Deposit Summary

                            • Before making an investment decision, consider all of the options available, and compare them thoughtfully. Research the financial institution, read reviews from other customers, and inspect the difference in rates.

                            • It is also possible to negotiate with financial institutions for the best term deposit rates. Longer term investments will pay off more in the long run, versus shorter terms – but think about how long the money will be locked away.

                            • Anywhere from one month to five years, term deposits have been proven to grow investors’ money without any additional work. Money can return even more money, thanks to smart, low-risk investment choices.