With the recent and variable changes to home loan rates, with some up and some down, banks are looking for opportunities to maintain their margins and will be reviewing savings and term deposit rates.
Savings rates are unlikely to move, principally because there is market pressure and analysts expectation the Official Cash Rate will rise at least twice this year if inflationary pressures do not abate soon.
But that means term deposit rates will come under scrutiny. And they have.
This week, ANZ cut most of its term deposit rate offers. (See table below). That pulled their rates back to their main rivals, all of whom made them sweat with their self-imposed higher home loan rates, which have also now been reversed.
Across all banks, and also non-bank deposit takers who have the Depositor Compensation Scheme (DCS) protection, there are separations in rate offers. Here is one way to view how these offers compare at present.
The details are in the table below, which actually covers more institutions. The above chart is annotated only for the one year rate offers, highest and lowest.
The rates for Kiwi Bonds are now notably low; they were last updated on March 5, and there have been significant wholesale movements since then. A rate change could come soon.
When you invest, always check how interest is compounded. Depending on how much you are committing, compounding more often is materially better. But some banks advertise their "interest at maturity" rates different to their compounding rates, which for some can be set a little lower. Both Kiwibank and Rabobank do this, although most other main banks don't.
Use the calculator at the foot of this article to see the differences.
We should also point out that after-tax returns can be enhanced for some savers with higher tax rates by the choice of PIE structures. Not all institutions offer these, but most of the main banks do.
Always ask a bank for a better rate. Many bank staff have discretion to offer more than the advertised rate. (And check your bank's app offers as they too are often enhanced to retain you).
Use the term deposit calculator here, or the one below the table, to calculate your expected net after-tax returns.
The latest headline term deposit rate offers are in this table after the recent changes over the past six weeks. The yellow colour code is for those under 4% and these have been reducing from the long end. Bolded rates are the "best-bank," the highest carded rate from any bank at this time. The blue-coded rates are those under 3%. We might start to see some 5% rates appearing soon if the rates pressure is sustained.
This table only lists institutions covered by the Depositor Compensation Scheme.
| for a $25,000 deposit June 24, 2026 |
Rating | 3/4 mths |
5/6/7 mths |
8 - 11 mths |
1 yr | 18mth | 2 yrs | 3 yrs |
| Main banks | ||||||||
| ANZ | AA- | 3.00 | 3.45 | 3.55 | 3.70 | 3.90 | 4.00 | 4.40 |
 |
AA- | 3.00 | 3.45 | 3.55 | 3.90 | 4.00 | 4.20 | 4.50 |
 |
AA- | 3.00 | 3.45 | 3.60 | 3.90 | 4.00 | 4.20 | 4.50 |
 |
A | 3.10 | 3.45 | 3.55 | 3.90 | 4.25 | 4.50 | |
 |
AA- | 3.00 | 3.45 | 3.60 | 3.90 | 4.00 | 4.30 | 4.30 |
| Kiwi Bonds. 'risk-free' | AA+ | 2.25 | 2.50 | 3.00 | ||||
| Rating | 3/4 mths |
5 / 6 / 7 mths |
8 - 11 mths |
1 yr | 18mth | 2 yrs | 3 yrs | |
| Other banks | ||||||||
| Bank of Baroda | BBB- | 3.20 | 3.60 | 3.60 | 3.90 | 4.00 | 4.20 | 4.50 |
| Bank of China | A | 3.20 | 3.65 | 3.70 | 3.85 | 4.00 | 4.20 | 4.50 |
| Bank of India | BBB- | 3.05 | 3.45 | 3.45 | 3.70 | 3.90 | 4.25 | 4.25 |
| China Constr. Bank | A | 2.70 | 3.20 | 3.20 | 3.20 | 3.25 | 3.25 | 3.45 |
| Co-operative Bank | BBB+ | 2.90 | 3.50 | 3.50 | 3.90 | 4.00 | 4.30 | 4.60 |
| Heartland Bank | BBB | 3.00 | 3.50 | 3.60 | 3.90 | 4.00 | 4.30 | 4.50 |
| ICBC | A | 3.25 | 3.70 | 3.80 | 3.95 | 4.10 | 4.40 | 4.65 |
 |
A | 3.10 | 3.65 | 3.65 | 3.95 | 4.00 | 4.40 | 4.55 |
 |
BBB | 3.00 | 3.45 | 3.60 | 4.50 | 4.00 | 4.20 | 4.50 |
 |
BBB+ | 3.00 | 3.45 | 3.50 | 3.90 | 4.00 | 4.20 | 4.50 |
| Non-Bank Deposit Takers | Rating | 3/4 mths |
5 / 6 / 7 mths |
8 - 11 mths |
1 yr | 18mth | 2 yrs | 3 yrs |
| Community institutions with DCS protection | ||||||||
| First Credit Union | BB | 3.30 | 3.65 | 3.70 | 4.00 | 4.10 | 4.30 | |
| Heretaunga Bldg Society | 3.05 | 3.55 | 4.00 | 4.35 | ||||
| Nelson Building Society | BB+ | 2.75 | 3.50 | 3.60 | 4.00 | 4.10 | 4.30 | 4.55 |
| Police Credit Union | BB+ | 3.00 | 3.45 | 3.55 | 3.70 | 3.80 | 4.00 | |
| UnityMoney | BB | 3.00 | 3.45 | 3.40 | 3.35 | 3.50 | 3.55 | 3.55 |
| Wairarapa Bldg Society | BB+ | 3.10 | 3.55 | 3.65 | 4.00 | 4.10 | 4.35 | |
| Finance companies with DCS protection | ||||||||
| Christian Savings | BB+ | 3.00 | 3.50 | 3.65 | 3.95 | 4.05 | 4.30 | 4.60 |
| Finance Direct | 3.95 | 4.10 | 4.75 | 4.80 | 4.85 | |||
| General Finance | BB | 3.50 | 3.80 | 4.00 | 4.55 | 4.80 | 4.80 | 4.90 |
| Gold Band Finance | BB- | 3.90 | 4.00 | 4.50 | 5.80 | 6.00 | 4.90 | |
| Liberty Financial | BBB | 3.30 | 4.00 | 4.00 | 4.40 | 4.50 | 4.60 | 4.70 |
| Mutual Credit Finance | B+ | 3.80 | 4.30 | 4.50 | 4.60 | 4.80 | ||
| Welcome | 4.00 | 4.20 | 4.40 | 4.65 | 4.80 | 4.85 | ||
| Xceda Finance | B+ | 3.90 | 4.00 | 4.25 | 4.65 | 4.65 | 4.80 | |
Term deposit rates
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Daily swap rates
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