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.
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.
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.
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.
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.
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.
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.