Bank Term Deposit Rates NZ: Which Bank Pays the Most
Most people who park savings in a term deposit want one answer quickly: which bank pays the most, and the answer shifts with the term. On a $1 million balance, a 0.05 percentage point gap is still $500 a year before tax, and Canstar (rate comparison service) lists Kiwibank and BNZ at 4.05% for 12 months, with ANZ and ASB at 4.00%.
12-month top rate: 4.05% p.a. at BNZ and Kiwibank (interest.co.nz (personal finance publisher)) · Lowest minimum: $1,000 at Kiwibank (Kiwibank, own rates page) · NZ 5-year average, September 2026: 4.79% (Reserve Bank of New Zealand, central bank statistics)
Quick snapshot
- ASB’s term deposit minimum is $5,000, and its rates are before tax and fees (ASB Bank (own rate page))
- Kiwibank’s term deposit minimum is $1,000, and its PIE minimum is $10,000 (Kiwibank (own rates page))
- ANZ’s term deposit page shows dashes instead of rates, so no current ANZ figure is confirmed (ANZ (own term deposit page))
- According to Calculate.co.nz, its April 2026 table lists ANZ and ASB 1-year rates at 3.50%, and the site states those figures were not refreshed (Calculate.co.nz (indicative rate table))
- The Reserve Bank’s 1-year average for new deposits of $10,000 or more was 4.02% in September 2026, up from 3.78% in September 2025 (Reserve Bank of New Zealand (central bank statistics))
- BNZ says its term deposit rates are subject to change without notice (BNZ (own term deposit page))
- Check each bank’s own page on the day you invest, since the sources here disagree on several rates (BNZ (own term deposit page))
Four banks split on entry point and term reach, but their 12-month rates sit within 0.05 percentage points of each other, so the minimum you can meet often matters more than the headline figure.
| Fact | Value |
|---|---|
| Minimum deposit, Kiwibank term deposit | $1,000 |
| Minimum deposit, BNZ | $2,000 |
| Minimum deposit, ASB | $5,000 |
| Minimum deposit, ANZ | $10,000 |
| Minimum PIE term deposit, Kiwibank | $10,000 |
| Term range, ASB and Kiwibank | 30 days to five years |
| Term range, BNZ | 7 days to five years |
| 6-month rate, ANZ, ASB, BNZ and Kiwibank (Canstar) | 3.60% p.a. |
| 12-month rate, ANZ and ASB (Canstar) | 4.00% p.a. |
| 12-month rate, BNZ and Kiwibank (Canstar) | 4.05% p.a. |
| 24-month rate, BNZ (Canstar) | 4.35% p.a. |
| Reserve Bank 1-year average, deposits of $10,000+, September 2026 | 4.02% |
Which NZ bank has the best term deposit rates?
On a 12-month term, BNZ and Kiwibank tie at the top. interest.co.nz reported that ASB’s one-year rate rose 10 basis points to 4.00%, which beat ANZ and Westpac at 3.90% but sat below BNZ and Kiwibank at 4.05%.
Canstar shows four banks clustered within 0.05 percentage points at 12 months, so the terms underneath do most of the sorting.
| Bank | Minimum deposit | Term range | Rate cap | Payout options |
|---|---|---|---|---|
| ANZ | $10,000 | 30 days to five years | Rates apply to the first $5,000,000 held | Regular intervals, at maturity or reinvested for terms of 180 days or more; at maturity or reinvested for shorter terms |
| ASB | $5,000 | 30 days to five years | Not available if all ASB term investments held exceed $10 million | Quarterly, six-monthly, annually or at term end; monthly for $10,000+ with terms of six months or longer |
| BNZ | $2,000 | 7 days to five years | Rates apply to the first $5,000,000 held | Not stated in the supplied source |
| Kiwibank | $1,000 (PIE: $10,000) | 30 days to five years | Rates apply to the first $5 million held | Monthly, quarterly, six-monthly, annually or at maturity on 2 to 5 year terms |
What are the current ANZ FD rates?
- ANZ’s own term deposit page shows dashes in its rate table, so no current ANZ figure can be confirmed from that source
- Earlier comparisons disagree on ANZ’s 1-year rate, and the snapshot above shows the conflict
What is the ANZ best term deposit rate?
ANZ’s published table gives no usable figure, so a saver comparing ANZ with BNZ is weighing a confirmed rate against a blank. Treat any ANZ number you see quoted as unverified until it is dated on ANZ’s own site.
How much is the interest rate for term deposits?
Term deposit rates are quoted as a percentage per annum for a fixed term, and interest follows the payment schedule each bank sets for that term. The Reserve Bank’s series gives a market-wide reference point, and its 5-year average new deposit rate rose from 4.14% in September 2025 to 4.79% a year later (Reserve Bank of New Zealand, central bank statistics).
What is the highest interest rate offered?
- For 12 months, the top figure among ANZ, ASB, BNZ and Kiwibank is 4.05%, shared by BNZ and Kiwibank, as the earlier comparison shows
- Longer terms pay more on paper, and BNZ’s 24-month rate of 4.35% is the highest figure in the key facts table above
Where can I get 5% on a term deposit?
- interest.co.nz reported that ASB’s 5-year rate rose 25 basis points to 5.00%, the highest 5-year rate from any bank at the time of its report
- According to Banked NZ, its table reviewed on 8 March 2026 lists ASB’s 5-year rate at 4.50%, so the 5% figure is a single term on a single date (Banked NZ (comparison site))
The implication: a 5% headline is a five-year figure, not a 12-month answer, so a saver who needs cash within a year should price the 12-month rate instead.
How much interest would I earn on $1 million in NZ?
Simple interest is principal times rate times years. On $1,000,000 at BNZ’s 12-month rate of 4.05%, the calculated return is $40,500 before tax, while ANZ and ASB at 4.00% produce $40,000.
Canstar’s table is built on a $25,000 investment, so the $1 million rows assume the same rate holds at that size, which no supplied source confirms.
| Bank | Term | Rate p.a. | Interest over term on $1,000,000, before tax (calculated) |
|---|---|---|---|
| ANZ | 6 months | 3.60% | $18,000 |
| ASB | 6 months | 3.60% | $18,000 |
| BNZ | 6 months | 3.60% | $18,000 |
| Kiwibank | 6 months | 3.60% | $18,000 |
| ANZ | 12 months | 4.00% | $40,000 |
| ASB | 12 months | 4.00% | $40,000 |
| BNZ | 12 months | 4.05% | $40,500 |
| Kiwibank | 12 months | 4.05% | $40,500 |
| ANZ | 24 months | 4.30% | $86,000 |
| ASB | 24 months | 4.30% | $86,000 |
| BNZ | 24 months | 4.35% | $87,000 |
| Kiwibank | 24 months | 4.30% | $86,000 |
A saver on the top marginal tax rate keeps less than the before-tax column suggests, so that column is a ceiling, not a take-home figure.
How do term length and payment frequency change the return?
- A 12-month term at 4.05% pays $40,500 as one lump at maturity, or $10,125 a quarter if the bank pays quarterly (calculated, ignoring compounding)
- According to Moneybalance (personal finance site), PIE term deposits tax interest at the investor’s PIR, with a maximum of 28%, rather than the marginal rate, which matters for earners above $53,500 (Moneybalance (personal finance site))
- Payout options differ by bank and term, as the comparison table shows, and interest on these deposits is taxable
The implication: before-tax figures overstate what a higher-rate saver keeps, so the after-tax number is the one to compare.
Which bank is giving the highest interest rate on fixed deposit for seniors?
The supplied sources contain no senior-only rate tier at ANZ, ASB, BNZ or Kiwibank, so this question has no verified answer. General fixed deposit rates use the same per annum quoting as standard term deposits, which makes the figures above the only published rates in the sources.
Who will pay the highest interest rate on a fixed deposit?
- On the 12-month term, BNZ and Kiwibank share the top listed rate, and the sources show no age-based premium for either
- Savers who want a senior-specific rate should ask each bank directly, because none of the bank pages supplied shows one
A senior who wants a rate tier needs the bank’s answer in writing, since the public pages available here do not show one.
The catch: a comparison table cannot confirm a senior rate, so the question stays open until a bank states one.
Which ANZ account has the highest interest rate?
ANZ ranks below BNZ and Kiwibank in the comparisons that list it, at 4.00% for 12 months against 4.05%. BNZ’s own term deposit page confirms a $2,000 minimum and terms from 7 days to five years, but ANZ’s own page shows placeholders, so its ranking rests on third-party tables.
How do Kiwibank, ASB and Westpac term deposit rates compare?
- Kiwibank and ASB both offer terms from 30 days to five years, but Kiwibank’s $1,000 minimum is $4,000 below ASB’s $5,000
- Kiwibank’s 12-month rate of 4.05% sits level with BNZ and 0.05 points above ANZ and ASB
- Westpac’s 1-year rate of 3.90% appears only in the interest.co.nz ASB report cited earlier, and no Westpac term or minimum is confirmed in the supplied sources
The pattern: Kiwibank and BNZ offer the most flexibility on entry and term, while the PIE route matters most for higher-tax savers.
Trade-offs and open questions
Upsides
- Each of the four banks publishes its own term deposit terms, so every minimum in this article can be checked on a bank page
- Kiwibank and BNZ lead on 12-month rates in the comparisons, at 4.05%
- PIE products can improve after-tax returns for higher-tax savers, according to the supplied comparisons
Downsides
- BNZ rates can change without notice, and the sources disagree on several banks’ 1-year rates
- No supplied source shows a bank paying a published rate on a $1 million deposit, so the dollar figures are calculations
- Headline rates are quoted before tax and fees, so the take-home return is lower than the table shows
Confirmed facts
- ASB’s term deposits run from 30 days to five years, with fixed returns over that range (ASB Bank (own term deposit page))
- Kiwibank’s PIE term deposit minimum is $10,000 (Kiwibank, own rates page)
- ANZ’s term deposit minimum is $10,000, with rates applying up to the first $5,000,000 held (ANZ, own term deposit page)
What’s unclear
- Which bank pays the highest 12-month rate today, since the figures come from comparisons dated at different points
- ANZ’s current rate for any term, because its own rate table shows placeholders
- Whether any bank pays 5% on a term deposit at a 1-year term, since the 5% figure is a 5-year rate
- Whether ASB’s and ANZ’s 1-year rates sit at 3.90%, 4.00% or 3.50%, because the sources disagree
- Senior-specific fixed deposit rate tiers, which no supplied source confirms
Term deposit rates are quoted before tax and any fees, and they can change at any time.
ASB Bank (own rate page)
BNZ term deposit rates apply only to the first $5,000,000 of total deposits held with BNZ.
BNZ (own term deposit page)
For a saver with $1 million to place, the choice is clear: book the 12-month term at BNZ or Kiwibank after checking that rate on the day, because the gap over ANZ and ASB is small but recurs every year the money stays put.
Related reading: Kiwireport (Reserve Bank OCR Forecast 2026 and mortgage impact). The OCR outlook drives the term deposit rates above, which makes it the closest related read on this site.
Related reading: what the Living Wage in NZ is
canstar.co.nz, kiwibank.co.nz, asb.co.nz, interest.co.nz, interest.co.nz, interest.co.nz
Frequently asked questions
What term lengths do NZ banks offer on term deposits?
Most of the four banks offer terms of a month up to five years, and BNZ starts shorter, as the comparison table shows.
How often do NZ term deposits pay interest?
It depends on the bank and the term. The payout column in the comparison table lists each bank’s options, and choosing regular payments over a single payment at maturity changes the timing of the cash, not the simple-interest total.
Where can I compare current term deposit rates in NZ?
Start with each bank’s own rate page, since minimums and terms are set there, then check a comparison service such as Canstar. Sources can differ on the same rate, so confirm the figure on the day you invest.
What is a fixed deposit rate?
A fixed deposit rate is the interest a bank quotes per annum for a set term. The rate stays the same for that term, which separates it from an on-call account where the rate can move.
Does a higher term deposit rate always mean a better return?
Not always. Tax changes the result, and a PIE structure can improve the after-tax return for higher-tax savers, so compare the after-tax figure rather than the headline rate.
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