Term deposit

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.

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.

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.

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.