Best 12 Month (1 Year) Term Deposit Rates in New Zealand
Compare 12 month term deposit (fixed deposit) rates from every major NZ bank, ranked highest first. The 1-year term is the most popular choice for New Zealand savers. Updated daily.
Best Rates Quick View
Scan the top picks across all term lengths
Highest Rate
Best overall return
Best Short-Term
≤12 months
Best Medium-Term
12 month term
Updated: 31 Jul 2026, 06:52 AM
Not sure which term deposit is right for you?
Answer four quick questions and we'll match you with today's best rates for your deposit amount and term.
Takes 60 seconds · Free
12 Month Term Deposit Rates
| Bank Details | 12 mths ↕ |
|---|---|
| | 3.70% |
| | 3.90% |
| | 3.90% |
| | 3.80% |
| | ⭐ 3.90% Top Rate |
| | 3.85% |
| | 3.70% |
| | 3.55% |
| | 3.90% |
| | ⭐ 3.90% Top Rate |
| | 3.80% |
| | 3.90% |
| | 🏆 3.95% Best Rate |
| | 3.90% |
| | 3.90% |
| | 3.90% |
Last updated: July 31, 2026 at 06:52 AM
Highest 12-month term deposit rate in NZ
Rates last updated:
- As of 31 July 2026, the highest 12-month term deposit rate in NZ is 3.95%, offered by Rabobank.
12 Month Term Deposits: New Zealand's Most Popular Term
The 12 month (1 year) term deposit is the benchmark term most New Zealanders choose. It strikes a balance between a competitive fixed rate and a commitment you can plan around. As of July 2026, 1-year rates from the banks we track range from 3.55% to 3.95%.
Why the 1 year term is so popular
A 12-month term locks in today's rate for a full year while still returning your money within a foreseeable horizon. It's a natural fit for an annual savings goal, a lump sum you don't need immediately, or as the building block of a deposit ladder.
Should you go longer than 12 months?
If you expect rates to fall, locking in a longer term can secure today's rate for two years or more. If you want to keep your options open, a 6-month term re-prices sooner. Compare across terms before committing.
Estimate your 1-year return at today's rates with our term deposit calculator.
12 Month Term Deposit FAQs
Which bank has the best 12-month term deposit rate?
The leading 12-month rate moves between banks over time. The table above shows current 12-month term deposit (fixed deposit) rates across major New Zealand banks, ranked so you can spot the best available rate, then confirm it with the bank.
Is a 12-month term deposit right for me?
A 12-month term is a popular middle ground — long enough to earn a competitive fixed rate, short enough that your money isn't locked away for years. It suits a specific savings goal or money you won't need until around then.
What happens at the end of a 12-month term deposit?
At maturity you can withdraw the funds, reinvest at the current rate, or roll over the principal and take the interest. Banks differ on automatic rollover and grace periods, so set your instructions before maturity.