TermDepositRate.co.nzNZ term deposit rates
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#6 highest rate in our table

The Co-operative Bank 12-month Term Deposit

New Zealand's customer-owned bank. Every account holder is a shareholder, profits are shared back as an annual rebate, and the $2,000 minimum keeps it open to smaller savers.

Indicative rate
4.80%
p.a. · 12 months · NZD
Minimum deposit
$2,000
Term
30 days to 5 years
Interest paid
On maturity, or monthly/quarterly on terms of 12 months or more
Credit rating
BBB (Fitch)
Depositor Compensation Scheme
Yes — up to $100,000 per depositor
How to apply
Online, by phone or in a branch

About this term deposit

The Co-operative Bank is a New Zealand registered bank owned by its customers rather than outside shareholders. Open an everyday account and you become a shareholder, which entitles you to a share of the profit as a rebate in profitable years.

Term deposit pricing sits between the Australian-owned majors and the specialist deposit takers. The $2,000 minimum is one of the lower entry points among registered banks, which suits savers building a ladder in smaller parcels.

Terms run from 30 days to five years. Interest is paid at maturity on shorter terms, with monthly or quarterly options once you are at 12 months or longer.

Good for

  • ✓Savers who prefer a customer-owned New Zealand bank
  • ✓Smaller balances — the minimum is $2,000
  • ✓People who want a branch and phone option, not online only
  • ✓Laddering deposits in modest parcels

Watch out for

  • !Rate sits below the specialist lenders higher in our table
  • !BBB rating is a notch under the major banks
  • !Breaking a term early needs notice and reduces your interest
  • !The annual profit rebate is not guaranteed and depends on results

What could this pay?

$
Rate
4.80% p.a.
Interest / year
$1,200
Over the term
$1,200

Simple-interest illustration in NZD, gross of tax. Resident withholding tax or PIE tax will be deducted, and compounding options may change the result. Not a quote.

Questions Kiwis ask

What is the minimum term deposit at The Co-operative Bank?

$2,000 for standard term deposits, which is lower than most registered banks in New Zealand.

Is my money protected?

The Co-operative Bank is a licensed New Zealand deposit taker, so deposits are covered by the Depositor Compensation Scheme up to $100,000 per depositor per institution.

What is the customer rebate?

As a customer-owned bank it can pay a share of annual profit back to shareholding customers. It is declared each year and is not part of your term deposit rate.

Can I take my money out early?

Early withdrawal is at the bank's discretion, usually requires notice, and the interest rate is reduced. Choose a term you can commit to.

The Co-operative Bank and all other 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.

Minimum deposit $2,000 · Interest paid on maturity · Rate indicative as at 29 August 2026.