BNZ Term Deposit Rates
Compare the latest BNZ term deposit (fixed deposit) interest rates, updated daily. Estimate your returns with our term deposit calculator or see how BNZ stacks up against every major NZ bank.
BNZ 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 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 BNZ Rating: AA- Min Deposit: $2,000 | 1.70% | 2.85% | 3.00% | 3.10% | 3.45% | 3.60% | 3.90% | 4.00% | 4.20% | 4.50% | 4.70% | 4.90% |
Last updated: July 01, 2026 at 07:14 AM
BNZ term deposit rates in New Zealand
BNZ (Bank of New Zealand) is one of the country’s big-four banks and a full-service retail and business lender with a nationwide branch network. As part of the National Australia Bank (NAB) group, BNZ is among the oldest and most established financial institutions in New Zealand, which is one reason its term deposits are a common choice for savers wanting predictable, fixed returns. The BNZ rates listed above are refreshed daily, so you can compare all major NZ banks side by side before committing your money.
How to read BNZ’s rates table
The table above shows BNZ’s published annual interest rates against each available term, alongside the minimum deposit and term length. Rates generally differ by term, and a longer fixed-term deposit will not always pay more than a shorter one — the curve depends on where markets expect rates to head. Read each row as the rate that applies for that specific period, then use our term deposit calculator to estimate returns for the amount and term you have in mind.
Interest payment and compounding options
Most New Zealand banks, including BNZ, let you choose how often interest is paid — commonly monthly, quarterly, six-monthly, annually, or all at maturity. Taking interest at maturity can allow it to compound within the deposit, while regular payments suit savers who want an income stream. The exact options and any rate differences between them vary, so confirm the current arrangements directly with BNZ before you invest.
Minimum deposits and early withdrawal
BNZ term deposits typically require a minimum opening amount, and that threshold can change over time, so check the current figure with the bank. A term deposit is designed to be held for its full term. If you need to break it early, banks usually apply conditions such as a reduced interest rate, a break adjustment, or notice requirements, and you may receive less than expected. Confirm BNZ’s current minimum, any fees, and its early-withdrawal terms before locking funds away.
What drives BNZ’s rate changes
BNZ reviews its term deposit rates in response to broader market conditions rather than on a fixed schedule. The main influences include:
- Movements in the Reserve Bank’s Official Cash Rate (OCR)
- Competition among the major banks for retail deposits
- The bank’s own wholesale funding costs
- Inflation expectations and the wider economic outlook
Because these factors shift, rates can change with little notice. The table above reflects the latest figures we hold, but always confirm the live rate with BNZ before you commit.
How BNZ compares
When weighing BNZ against other New Zealand banks, look beyond the headline rate:
- Rate competitiveness across the specific term you want, not just the best advertised number
- Term range and minimums that fit your savings goal and available funds
- Existing relationship — having other BNZ accounts may make managing a deposit simpler
- Branch and digital access through BNZ’s nationwide network
- Institutional standing as a big-four, NAB-owned bank
Retirees and older savers comparing income options may also find our term deposit rates for seniors guide useful when planning around BNZ’s offers.
Risks and considerations
No deposit is entirely without trade-offs. Locking in a rate protects you if rates fall but means missing out if they rise. Inflation can erode the real value of your return if it outpaces your rate. Your funds stay committed for the full term, so factor in your need for access. Counterparty protection and any deposit-guarantee arrangements can change, so check the current position with BNZ. This page is general information only, not financial advice — verify all figures and terms with the bank and consider your own circumstances before investing.
BNZ Term Deposit FAQs
What are the current BNZ term deposit rates?
The BNZ 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 BNZ before investing.
Does BNZ 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 BNZ to ask about any seniors, retiree or over-65 offers and eligibility.
Is a BNZ 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. BNZ uses the term "term deposit", but the product works the same way as a fixed deposit.
What is the minimum deposit for a BNZ 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 BNZ.
How is interest paid on a BNZ 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 BNZ offers for your chosen term.
What happens if I break a BNZ 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 BNZ for its current early-withdrawal conditions before you commit.
How is BNZ term deposit interest taxed in New Zealand?
Interest is taxable income. BNZ 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.