Updated March 2026 · Live rate data
Best NZ term deposit rates compared.
Current term deposit rates from all major NZ banks. Find the best return on your savings right now — and use our calculator to see exactly what you’ll earn.
Last updated March 2026 · Rates sourced directly from each bank
Best 6-month rate
ASB / Kiwibank
Both offering competitive 6-month rates following recent increases
Best 1-year rate
ASB
ASB increased its 1-year term deposit rate significantly in March 2026
Best 2-year rate
ASB
35 basis point increase to 2-year TD rate in March 2026
Current term deposit rates — March 2026
Rates shown are per annum for standard term deposits. Minimum deposits and conditions vary by bank. Always confirm directly before investing.
| Bank | 3 months | 6 months | 9 months | 1 year | 18 months | 2 years | 3 years | Min. deposit |
|---|---|---|---|---|---|---|---|---|
ANZ |
~3.50% | ~4.00% | ~3.90% | ~4.10% | ~4.00% | ~4.00% | ~4.10% | $1,000 |
ASB |
~3.75% | ~4.25% Rising | ~4.00% | ~4.40% Increased | ~4.10% | ~4.00% +35bps | ~4.10% | $1,000 |
BNZ |
~3.50% | ~4.00% | ~3.90% | ~4.15% | ~4.00% | ~4.00% | ~4.10% | $2,000 |
Westpac |
~3.50% | ~4.00% | ~3.90% | ~4.10% | ~4.00% | ~4.00% | ~4.10% | $1,000 |
Kiwibank |
~3.60% | ~4.20% Rising | ~4.00% | ~4.20% | ~4.10% | ~4.10% | ~4.20% | $1,000 |
Term deposit calculator
See exactly how much interest you’ll earn on your deposit.
Interest earned
$212.50
On $10,000 at 4.25% for 6 months
Initial deposit$10,000
Interest earned$212.50
Total at maturity$10,212.50
NoteBefore tax (RWT)
Term deposit tips for 2026
Rates are rising — here’s how to make the most of it.
01
Shorter terms are winning right now
With rates rising, locking in a long term now could mean missing better rates in 6–12 months. Most advisers are recommending 6-month to 1-year terms to maintain flexibility.
02
Negotiate your rate
For deposits over $50,000 most banks will negotiate. Call your bank directly and ask if they can do better — they often can, especially if you’re an existing customer.
03
Consider laddering
Split your deposit across multiple terms — e.g. 25% at 3 months, 25% at 6 months, 50% at 1 year. As each matures you can reinvest at whatever rate is best at the time.
04
Don’t forget RWT
Resident withholding tax (RWT) is deducted from your interest. Make sure your RWT rate matches your income tax rate — many people are on the wrong rate and overpaying.
05
Check non-bank options
Non-bank deposit takers like Heartland Bank and SBS Bank sometimes offer higher rates than the main banks. They are regulated and covered by the depositor compensation scheme.
06
New depositor compensation scheme
From 2024, NZ has a depositor compensation scheme covering up to $100,000 per depositor per institution. This makes non-bank term deposits safer than they used to be.
Not financial advice. Term deposit rates change frequently. Rates shown are approximate and should be verified directly with each bank before investing. KiwiCash does not provide personalised financial advice. Interest calculations are before tax. Last updated March 2026.