ASB Term Deposit Rates
Compare the latest ASB term deposit (fixed deposit) interest rates, updated daily. Estimate your returns with our term deposit calculator or see how ASB stacks up against every major NZ bank.
ASB Rates
| Product Details | 1 month ↕ | 3 months ↕ | 4 months ↕ | 5 months ↕ | 6 months ↕ | 9 months ↕ | 12 mths ↕ | 18 mths ↕ | 2 years ↕ | 3 years ↕ | 4 years ↕ | 5 years ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 ASB Rating: AA- Min Deposit: $5,000 | 1.80% | 3.00% | 3.00% | 3.10% | 3.45% | 3.55% | 3.90% | 4.00% | 4.00% | 4.40% | 4.60% | 4.75% |
Last updated: July 05, 2026 at 06:29 AM
ASB term deposit rates in New Zealand
ASB is one of New Zealand’s big-four banks and a subsidiary of Commonwealth Bank of Australia (CBA), one of Australasia’s largest financial groups. As a full-service retail and business bank with a large nationwide presence, ASB serves personal savers, businesses, and rural customers from branches across the country alongside its well-regarded digital channels. Its term deposits sit within that broader banking relationship, which appeals to savers who already hold an everyday account, mortgage, or KiwiSaver with ASB. The rates shown in the table above are updated daily, and you can compare all major NZ banks side by side to see where ASB sits on any given term.
How to read ASB’s rates table
Each row in the table above pairs a term length with the annual interest rate ASB is currently advertising for that period. Terms typically range from a few months out to several years, and the rate generally reflects how long you are prepared to lock your money away. Scan the table for the term that matches your savings goal, then check the listed minimum deposit and any credit-rating detail before deciding. To translate an advertised rate into an estimated dollar return, use our term deposit calculator.
Interest payment and compounding options
NZ banks usually let you choose how often interest is paid on a fixed deposit. Common options are monthly, quarterly, six-monthly, annually, or a single payment at maturity. Choosing more frequent payments can suit savers who want regular income, while leaving interest to compound until maturity can lift your overall return. Because the exact options and any rate adjustment for payment frequency can change, confirm the current arrangements with ASB before you commit.
Minimum deposits and early withdrawal
Term deposits generally require a minimum amount to open, and a fixed-term deposit locks your funds for the agreed period. If you need to break the term early, ASB — like other NZ banks — may apply a reduced interest rate or require notice, which can meaningfully lower your return. These conditions vary and can change over time, so check the current minimum and the specific early-withdrawal terms directly with ASB rather than relying on figures quoted elsewhere.
What drives ASB’s rate changes
ASB reviews its term deposit rates regularly, and several factors influence the direction of those changes:
- RBNZ Official Cash Rate — movements in the OCR feed through to deposit and lending rates across the market.
- Competition — what other big-four and challenger banks are offering for similar terms.
- Funding costs — ASB’s wholesale and retail funding needs at the time.
- Economic outlook — inflation expectations and broader market conditions.
Rates can move at short notice, so the table above is the most reliable guide to ASB’s current pricing.
How ASB compares
ASB is widely recognised for digital and mobile banking innovation, having been an early mover in online and app-based services in New Zealand. For savers, that can mean a smoother experience opening and managing a term deposit online, viewing maturity dates, and setting reinvestment instructions without visiting a branch. Backed by CBA and a large domestic footprint, ASB also offers the scale and stability many savers look for. Whether its rates are the most competitive on a given term varies, so it is worth comparing across providers. Retirees and those approaching retirement may also want to review options on our term deposit rates for seniors page.
Key risks and considerations
Fixed returns come with trade-offs. Locking in a rate protects you if rates fall but means you miss out if they rise during your term. If inflation runs higher than your rate, the real value of your savings can erode. Your money is also tied up for the term, with penalties for early access. Interest is generally subject to tax, so factor that into expected returns. None of the above is financial advice — verify current rates, terms, and any deposit-protection arrangements with ASB before investing.
ASB Term Deposit FAQs
What are the current ASB term deposit rates?
The ASB term deposit interest rates shown above are refreshed daily from published market data so you can compare them at a glance. Rates change frequently, so confirm the current rate and any conditions directly with ASB before investing.
Does ASB offer special term deposit rates for seniors?
Some New Zealand banks promote term deposit rates aimed at seniors or retirees, while others apply the same rates to all customers. The rates listed here are the standard published rates — contact ASB to ask about any seniors, retiree or over-65 offers and eligibility.
Is a ASB term deposit the same as a fixed deposit?
Yes. A term deposit is also called a fixed deposit or fixed-term deposit — money is locked in for a set period at a fixed interest rate. ASB uses the term "term deposit", but the product works the same way as a fixed deposit.
What is the minimum deposit for a ASB term deposit?
Minimum deposit requirements vary by product and term. Where a minimum is published it appears in the rates table above. Confirm the current minimum (and any maximum) directly with ASB.
How is interest paid on a ASB term deposit?
Most New Zealand banks let you choose when interest is paid — monthly, quarterly, annually, or at maturity — and some offer compounding. The frequency you choose can affect your overall return. Check the options ASB offers for your chosen term.
What happens if I break a ASB term deposit early?
Term deposits are designed to be held to maturity. Withdrawing early usually means a reduced interest rate, loss of accrued interest, and sometimes a notice period or fee. Ask ASB for its current early-withdrawal conditions before you commit.
How is ASB term deposit interest taxed in New Zealand?
Interest is taxable income. ASB deducts Resident Withholding Tax (RWT) at the rate tied to your IRD number; PIE term deposits are instead taxed at your Prescribed Investor Rate (capped at 28%). Give the bank your correct tax details and consult IRD or a tax adviser for your situation.