What's the difference between a term deposit and an ASB Term Fund account?
Term deposit interest rates
6 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
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Easy to open and manage your term deposits using FastNet Classic internet banking.
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Payment options to reinvest or pay out at maturity
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Fixed returns to suit your saving goals, from 30 days to five years.
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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 $5000 to deposit and you want it to earn a fixed interest rate over a fixed period.
On a tax rate of 30% or higher?
If your income tax rate is 30% or higher, a PIE alternative, ASB Term Fund may provide better after-tax returns than a Term Deposit. It offers the same interest rates, terms and fees, and benefits may also apply to Trusts.
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. The early withdrawal criteria is in place to ensure we comply with our regulatory obligations.
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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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.
