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Term deposit

A term deposit earns a fixed interest rate for a fixed period of time. Simply choose the timeframe and how you want the interest to be paid.

Benefits at a glance

  • 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 using FastNet Classic internet banking

Is it right for me?

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.

Calculator

About term deposits

Tailored to suit you

You can open a term deposit with a minimum deposit of $5,000 and can choose a term from 30 days to five years.

Choose when your interest is paid

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.

Earn interest on your interest

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.

Create a regular income

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.

Make an early withdrawal

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.

Term deposit interest rates

6 Months

$10,000+

9 Months

$10,000+

 

4 Years

$10,000+

Rates can change at any time. Maximum total term deposits of $10 million per customer. Rates not available to financial institutions. ASB's Terms and Conditions apply.

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.

Open a term deposit now

Open online

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

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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.

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Get more with ASB

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ASB Cash Fund

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ASB Term Fund

A PIE alternative to a term deposit for those on a 30% or 33% tax rate.

ASB's Terms and Conditions apply. Maximum total term deposits of $10 million per customer. Rates not available to financial institutions.

Term investments Term deposit