Getting the most from your savings

We can help you make the most of your savings. Whether you’re looking for a fixed return over a set time period or a variable return with easy access to your money, ASB has great options to suit you.


Savings options at a glance

Savings account

The simplest way to save. There’s no minimum balance and you can add to your savings account or withdraw from them whenever you like. Your interest rate can change at any time.

Term deposit

You deposit an amount for a fixed time at a fixed interest rate. You need to deposit $5,000 or more and can’t add to these savings during the fixed time. You also can’t withdraw the deposit in most circumstances unless you give us 31 days’ notice. Only in exceptional circumstances, might we decide to waive the notice period.

ASB Cash Fund

Like a Savings On Call account, you can add to or withdraw your savings at any time; however, you do need to maintain a balance of $500 or more.

The main difference is how the tax works if you’re on an income tax rate higher than 28%.

If your income tax rate is 30% or 33%, an ASB Cash Fund may provide a better after-tax return than a Savings On Call account offering the same rate and fees.

ASB Term Fund

A PIE alternative to a term deposit if your income tax rate is 30% or 33%. An ASB Term Fund account may provide a better after-tax return than a term deposit account offering the same rate, term and fees. Investments must be $5,000 or more in the ASB Term Fund.


Decide what you want from your savings

What’s most important to you? Your ideal savings option might not be the one with the highest interest rate.

  • How often or how soon will you need to access your money?
  • Are there opportunities for you to increase your overall returns by reducing the tax you have to pay?
  • Do you want to use the interest or returns from your savings as a regular income? Or are you still actively growing your savings?

Answering these questions could help you choose the right account for your goals – you’ll find different savings solutions below. You can also try our Help me choose tool.


A higher rate of return through lower tax

Both ASB Cash Fund and ASB Term Fund are types of investment products called Prescribed Investment Entities, or PIEs, which tax your share of returns at a maximum rate of 28%.


Accessing your funds

Savings accounts like Savings On Call allow you to access your account balance whenever you like.

Although term deposits and ASB Term Fund may offer higher interest rates than savings accounts, remember you’re locking away your money for the term of the investment.

If you choose a term deposit you may be able to withdraw all or part of your funds early with 31 days’ notice.

Depending on your income tax rate, an ASB Term Fund account may boost your returns with a lower tax rate. But because of the nature of this investment you cannot withdraw your funds early, except in exceptional circumstances.


Living off what you earn from your savings

If you plan to use what you earn from your savings as an income, you’ll need access to that money on a regular basis. You can do this anytime with a savings account or an ASB Cash Fund account.

A term deposit or an ASB Term Fund, may give you a better rate of return, if you deposit $10,000 or more, for a term or six months or longer. When you set this up, you’ll have the option to have your interest or returns paid monthly. Choose this and every month your returns will be paid into the New Zealand dollar account that you nominate.

If you need to access your funds for large expenses, you should consider putting some of your funds into a savings account or an ASB Cash Fund account.

Get started today

01. Log in

Log in to FastNet Classic internet banking and go to ‘Open & Apply’. Not yet with ASB or registered for FastNet Classic? Join now.

02. Set up

Decide how much to invest, for how long, and how your interest or returns should be paid.

03. Confirm

Confirm the details and that's it. You're good to go.

04. Manage

Log in anytime to manage your investment.

Other helpful guides

Open a term deposit or ASB Term Fund now

Open online

Open online and we’ll get you up and running as soon as possible. 

Open online

Call us

We’re here to take your call 24 hours a day.

0800 803 804

Visit a branch

Visit us at one of our many branches across New Zealand.

Find a branch

ASB’s Terms and Conditions apply. Maximum total term deposits of $10 million per customer. The maximum investment across all ASB Term Fund accounts held either solely or jointly with any person is $10 million. Rates of return are before tax and any fees, current rates are available on asb.co.nz and can change at anytime. Rates not available to financial institutions.

For more information on the ASB Cash Fund and ASB Term Fund refer to the ASB Cash Fund and ASB Term Fund Terms and Conditions. Units in the ASB Cash Fund and ASB Term Fund are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). Investments made in the ASB Cash Fund account and Term Fund account are not deposits with ASB. ASB guarantees account balances and returns due but not paid (less fees and any PIE tax). The guarantee is unsecured.

Term investments Getting the most from your savings