A term deposit earns a fixed interest rate for a fixed period of time. Simply choose a term and how you want the interest to be paid.
Enjoy fixed returns to suit your savings goals – from 30 days to five years
Payment options to reinvest or pay out at maturity
Pay your interest directly into your New Zealand dollar bank account
Easy to open and manage your term deposits using FastNet Classic internet banking.
A term deposit could be a good option if you have more than $5,000 to deposit and you want it to earn a fixed interest rate over a fixed period of time.
If you have an income tax rate of 30% or 33%, have a look at an ASB Term Fund as it may provide you with better after-tax returns than a term deposit offering the same interest rate, term and fees.
You can open a term deposit with a minimum deposit of $5,000 and you can choose a term from 30 days to five years. You can also manage your investments online to bank when and where it suits you.
Depending on the term, interest can be paid quarterly, six-monthly, annually or at the end of the term. You can also have it paid monthly for deposits of more than $10,000, and terms of six months or longer. You can also adjust this when you manage your term deposit online.
For term deposits of six months or longer, interest can be compounded to your investment. Compounding interest is available when returns are paid quarterly, six-monthly or annually. Monthly interest cannot be compounded.
Choose the monthly interest option to enjoy a regular income from your term deposit, paid directly into your New Zealand dollar bank account. To do this, you'll need to deposit $10,000 or more for at least six months.
You can ask to make an early withdrawal by giving us 31 days’ notice. If we agree we will apply a reduced interest rate for your early withdrawal. Find out more about early withdrawals.
3 Months
$10,000+
6 Months
$10,000+
12 Months
$10,000+
Whether you’re a night owl or an early bird, you can open and manage a term deposit at any time, or change your payment instructions for maturity with FastNet Classic internet banking or FastNet Business. You can also reinvest online and see a visual timeline of your investment as well as being able to lock in a rate early using our rate promise feature.
Getting off to a good start can make all the difference when saving. Discover a world of money tips from saving for a goal to teaching kids the difference between needs and wants.
Log in to FastNet Classic internet banking and go to 'Open & Apply' or join now if you're not yet with ASB or registered for FastNet Classic.
Decide how much to invest, for how long, and how your interest or returns should be paid.
Confirm the details and that's it. You're good to go.
Log in anytime to manage your investment.
A savings account that rewards you for not making withdrawals.
A tax-efficient way to save for those on a 30% or 33% tax rate.
A PIE alternative to a term deposit for those on a 30% or 33% tax rate.
ASB's Terms and Conditions apply. Maximum amount across all term deposits held either solely or jointly with any person is $10 million. Rates not available to financial institutions.
