Best Term Deposit Rates NZ 2026
Find the highest term deposit rates in New Zealand for 2026. Our daily-updated comparison shows you which banks are offering the best returns right now.
Current Best Rate in NZ
Westpac
5 years term deposit
per annum
Top 15 Term Deposit Rates - January 2026
The highest rates available from NZ banks right now
| Rank | Bank | Term | Rate | Interest Paid |
|---|---|---|---|---|
| 1 | Westpac | 5 years | 4.40% | At maturity, monthly or compounding |
| 2 | ASB | 5 Years | 4.30% | 4.30% p.a. |
| 3 | Westpac | 4 years | 4.30% | At maturity, monthly or compounding |
| 4 | Rabobank | 5 years | 4.25% | 4.30% |
| 5 | ANZ | 5 years | 4.20% | Quarterly, six monthly or annually |
| 6 | Rabobank | 4 years | 4.11% | 4.15% |
| 7 | Westpac | 3 years | 4.10% | At maturity, monthly or compounding |
| 8 | ASB | 4 Years | 4.10% | 4.10% p.a. |
| 9 | BNZ | 5 years | 4.10% | At maturity |
| 10 | ANZ | 4 years | 4.05% | Quarterly, six monthly or annually |
| 11 | ASB | 3 Years | 4.00% | 4.00% p.a. |
| 12 | BNZ | 4 years | 4.00% | At maturity |
| 13 | Kiwibank | 5 years | 4.00% | At maturity |
| 14 | Westpac | 2 years | 4.00% | At maturity, monthly or compounding |
| 15 | Rabobank | 3 years | 3.96% | 4.00% |
Best Short Term (1-3 months)
Best Medium Term (6-9 months)
Best Long Term (12+ months)
Term Deposit Rates in 2026: What to Expect
Term deposit rates in New Zealand are influenced by the Official Cash Rate (OCR) set by the Reserve Bank of New Zealand. As of early 2026, rates remain competitive following the RBNZ's monetary policy decisions through 2026.
Key Factors Affecting 2026 Rates
- OCR movements: The RBNZ's interest rate decisions directly impact term deposit rates
- Bank competition: Banks compete for deposits by offering attractive rates
- Economic conditions: Inflation, employment, and GDP growth influence rate settings
- Global factors: International interest rates and economic conditions
How to Get the Best Rate in 2026
Compare regularly
Rates change frequently. Check our comparison before each deposit.
Consider smaller banks
Regional banks and credit unions often offer higher rates than Big 4.
Time your deposits
Watch for special promotional rates, often around month-end.
Negotiate for large sums
Banks may offer premium rates for deposits over $100k.
Find Your Best Rate Today
Compare all NZ term deposit rates in one place - updated daily