How a term deposit works
You lock a lump sum in for a set period at a set rate. The provider knows it has your money for the whole term, so it pays more than an on-call savings account. At the end you take the money or roll it over.
Important: TermDepositRate.co.nz is a rate information service, not a bank, deposit taker or licensed financial adviser. Nothing here is financial advice or an offer of a financial product. Rates are indicative, quoted in NZD before tax, and change without notice. Term deposits lock your money up for the chosen term and early withdrawal may reduce your interest. Terms · Privacy · Contact us
100% New Zealand · all rates in NZD
Fresh-picked term deposit rates from every New Zealand provider.
Banks, building societies, credit unions and licensed deposit takers — sorted highest first, from three months to five years. No jargon, no offshore currencies, no guesswork.
- Top rate today
- 5.20%
- Providers
- 17
- Rates as at
- 29 August 2026
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The pick of the crop
Our six highest 12-month NZD rates right now. Tap any one for the full detail — minimums, interest options, credit rating and early-withdrawal rules.
- #1Bank
Heartland Bank
12-month Term Deposit
5.20%p.a. · 12 months · NZDConsistently one of the highest advertised main-bank-alternative rates in NZ.
Min $1,000BBB (S&P)DCS coveredView rate details - #2Bank
Rabobank New Zealand
12-month Term Deposit
5.10%p.a. · 12 months · NZDHighest credit rating in this top five — a Dutch co-operative bank operating in NZ.
Min $1,000A+ (S&P)DCS coveredView rate details - #3Bank
SBS Bank
12-month Term Deposit
5.05%p.a. · 12 months · NZDSouthland-founded, member-owned bank with branches through the South Island.
Min $5,000BBB (Fitch)DCS coveredView rate details - #4Credit union
Unity Money
12-month Term Investment
5.00%p.a. · 12 months · NZD100% Kiwi member-owned credit union, profits stay in New Zealand.
Min $1,000DCS coveredView rate details - #5Bank
Kiwibank
12-month Term Deposit
4.90%p.a. · 12 months · NZDNew Zealand government owned — the only fully Kiwi-owned retail bank.
Min $10,000AA (S&P)DCS coveredView rate details - #6Bank
The Co-operative Bank
12-month Term Deposit
4.80%p.a. · 12 months · NZDCustomer-owned bank that pays a share of its profits back to members as a rebate.
Min $2,000BBB (Fitch)DCS coveredView rate details
Every NZ term deposit rate we track
All rates are per annum, in New Zealand dollars, gross of tax and indicative only — confirm the current rate and terms with the provider before you commit. Rates as at 29 August 2026.
Term
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Showing 29 of 29 rates
| Provider | Product | Term | Rate p.a. | Minimum | Interest paid | DCS | |
|---|---|---|---|---|---|---|---|
| Heartland BankBBB (S&P) | 12-month Term Deposit | 12 months | 5.20% | $1,000 | On maturity | Yes | Details |
| Xceda Finance | 12-month Term Investment | 12 months | 5.15% | $5,000 | On maturity | Yes | Enquire |
| Rabobank New ZealandA+ (S&P) | 12-month Term Deposit | 12 months | 5.10% | $1,000 | On maturity | Yes | Details |
| General Finance | 12-month Secured Deposit | 12 months | 5.10% | $5,000 | Monthly | Yes | Enquire |
| SBS BankBBB (Fitch) | 12-month Term Deposit | 12 months | 5.05% | $5,000 | On maturity | Yes | Details |
| Unity Money | 12-month Term Investment | 12 months | 5.00% | $1,000 | On maturity | Yes | Details |
| Heartland BankBBB (S&P) | 2-year Term Deposit | 2 years | 5.00% | $1,000 | Quarterly | Yes | Details |
| China Construction Bank NZA (S&P) | 12-month Term Deposit | 12 months | 4.95% | $10,000 | On maturity | Yes | Enquire |
| Christian Savings | 12-month Term Deposit | 12 months | 4.95% | $1,000 | On maturity | Yes | Enquire |
| Heartland BankBBB (S&P) | 6-month Term Deposit | 6 months | 4.95% | $1,000 | On maturity | Yes | Details |
| Rabobank New ZealandA+ (S&P) | 3-year Term Deposit | 3 years | 4.95% | $1,000 | Quarterly | Yes | Details |
| KiwibankAA (S&P) | 12-month Term Deposit | 12 months | 4.90% | $10,000 | On maturity | Yes | Details |
| ICBC New ZealandA (S&P) | 12-month Term Deposit | 12 months | 4.90% | $10,000 | On maturity | Yes | Enquire |
| SBS BankBBB (Fitch) | 9-month Term Deposit | 9 months | 4.90% | $5,000 | On maturity | Yes | Details |
| Unity Money | 2-year Term Investment | 2 years | 4.90% | $1,000 | Quarterly | Yes | Details |
| Nelson Building Society | 12-month Term Deposit | 12 months | 4.85% | $1,000 | On maturity | Yes | Enquire |
| Rabobank New ZealandA+ (S&P) | 6-month Term Deposit | 6 months | 4.85% | $1,000 | On maturity | Yes | Details |
| SBS BankBBB (Fitch) | 5-year Term Deposit | 5 years | 4.85% | $5,000 | Quarterly | Yes | Details |
| The Co-operative BankBBB (Fitch) | 12-month Term Deposit | 12 months | 4.80% | $2,000 | On maturity | Yes | Details |
| TSB BankA- (Fitch) | 12-month Term Deposit | 12 months | 4.80% | $5,000 | On maturity | Yes | Enquire |
| ASB BankAA- (S&P) | 12-month Term Deposit | 12 months | 4.65% | $10,000 | On maturity | Yes | Enquire |
| ANZ New ZealandAA- (S&P) | 12-month Term Deposit | 12 months | 4.60% | $10,000 | On maturity | Yes | Enquire |
| BNZAA- (S&P) | 12-month Term Deposit | 12 months | 4.60% | $5,000 | On maturity | Yes | Enquire |
| Westpac NZAA- (S&P) | 12-month Term Deposit | 12 months | 4.60% | $10,000 | On maturity | Yes | Enquire |
| KiwibankAA (S&P) | 6-month Term Deposit | 6 months | 4.55% | $10,000 | On maturity | Yes | Details |
| Westpac NZAA- (S&P) | 18-month Term Deposit | 18 months | 4.55% | $10,000 | Six-monthly | Yes | Enquire |
| ASB BankAA- (S&P) | 6-month Term Deposit | 6 months | 4.40% | $10,000 | On maturity | Yes | Enquire |
| BNZAA- (S&P) | 3-month Term Deposit | 3 months | 4.15% | $5,000 | On maturity | Yes | Enquire |
| ANZ New ZealandAA- (S&P) | 3-month Term Deposit | 3 months | 4.10% | $10,000 | On maturity | Yes | Enquire |
Fixed term basics, the Kiwi way
Why rates differ so much
Smaller banks, credit unions and non-bank deposit takers pay more because they do not have millions of everyday customers funding them cheaply. Higher rate, slightly higher credit risk — the ratings column tells the story.
Depositor Compensation Scheme
Since 2025 eligible deposits with licensed New Zealand deposit takers are protected up to $100,000 per depositor per institution. Splitting a large balance across providers keeps more of it inside the cap.
Tax on your interest
Interest is taxable. Resident withholding tax comes off at the rate you nominate, so give the provider your IRD number. If you pay 33% or 39%, a PIE term fund taxed at 28% can be worth comparing.
Laddering your money
Split your savings across 6, 12, 24 and 36 month terms. Something matures regularly so you keep access and can reprice if rates rise, without giving up the longer-term rate on the whole lot.
Breaking a term early
Most providers require 31 days' notice and cut the interest rate for the time your money was invested. Some can decline entirely. Only commit money you will not need before maturity.
All company names, brands and logos referred to on this page are the property of their respective owners and are used for identification and comparison purposes only. TermDepositRate.co.nz is an independent website and is not affiliated with, endorsed by, sponsored by or acting as an agent for any provider named. Product details, indicative rates and commentary on this page are illustrative summaries only, are not sourced from or approved by the provider, and must not be relied on when making an investment decision.