Term deposits made simpler

From early May, any new term deposits you open will be our improved and simplified offering.

When will these changes impact your existing term deposit(s).

If you already have a term deposit(s) with us, you’ll see these changes at different times, depending on the length of your current term.

We’ll be in touch ahead of any changes, so you’ll know exactly what to expect and when. You won’t need to do anything. We’ll outline what’s changing for your specific term deposit(s) and what it means for you.

Why we’re making this change

We’re simplifying our term deposits so they’re easier to understand, easier to compare, and easier to choose what’s right for you.

These changes are part of our ongoing product improvements to improve value and make banking simpler for our customers.

The biggest change you’ll notice is how much simpler choosing a term deposit is with fewer options and clearer benefits, as well as easier options to manage them, helping you to feel confident and in control of your investments.

We’re also improving how you manage your term deposit in mobile and internet banking. Our enhanced digital tools give you easier access and more control, so you can check in on your deposit anytime, anywhere, helping you feel confident, and in control of your investments.

What’s changing

Our best available rate, every time

You’ll automatically receive our best available rate for the length of term you choose.

Simplified interest options

We’ve listened to customer feedback and made our interest options clearer and easier to choose from.

For growth-focused savers

You’ll automatically benefit from quarterly compounding interest, helping your savings grow faster without any extra effort.

Instead of receiving interest only at the end of your term, your interest is added to your balance quarterly. This means your interest earns interest too.

This is a different approach to most New Zealand banks, where compounding is typically something customers need to opt into. It’s just one more way we are putting our customers first.

Here’s an example:

On a $50,000 investment over 12 months at 4% interest:

• $2,000 with standard interest
• $2,030 with compounding interest

Giving your money a little more momentum with every step.

Figures are rounded and for illustration only. Actual outcomes depend on the product’s terms, rate, fees and how interest is applied.

For income-focused savers

You can choose to have your interest paid into your account every month.

Lower minimum deposit

We have reduced the minimum deposit amount to $2,000 on all term deposits, giving more flexibility and making them more accessible.

Enhanced digital management

Managing your savings should be simple. You can update your maturity instructions anytime through internet banking, with this option coming soon to our mobile app.

Resident Withholding Tax (RWT)

RWT payments will be processed quarterly to meet NZ Inland Revenue requirements, helping keep your tax obligations accurate and up to date. Quarterly RWT payments don’t change how much tax you pay, just how often we send it to Inland Revenue.