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Term deposit

Term deposits earn a fixed interest rate for a fixed period of time. All you need to do is choose a term and how you want the interest to be paid.

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Term deposit interest rates

3 months

$5,000+

9 months

$5,000+

12 months

$5,000+

Rates can change at any time. Maximum amount across all term deposits held either solely or jointly with any person is $10 million. Rates not available to financial institutions. ASB's Terms and Conditions apply.

Benefits at a glance

  • Easy to open and manage your term deposits using FastNet Classic internet banking.

  • Payment options to reinvest or pay out at maturity

  • Fixed returns to suit your saving goals, from 30 days to five years. 

  • Pay your interest directly into your New Zealand dollar bank account.

Calculator

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 higher, 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.

About term deposits

Tailored to suit you

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.

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. You can adjust this when you manage your term deposit online.

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.

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 or by applying for an exceptional circumstance break. If we agree we will apply a reduced interest rate for your early withdrawal.

Grace periods

For term deposits 30 days or longer, a grace period of 5 calendar days applies (including the day we open or reinvest the term deposit) where you can update any investment instructions or close the term deposit. For term deposits less than 30 days, a 1 day grace period applies. There is no grace period when a Rate Promise has been accepted. 

Open a term deposit now

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

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0800 803 804

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

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We're here to help you

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.

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