NZ investors are turning to smaller lenders as term deposit rates hit their highest levels in over a year — with offers the big four can’t match. This comparison pulls rates directly from official bank sites and trusted aggregators to cut through the marketing noise. The current market spans from 1.70% to 5.00% across all providers and term lengths, so there’s real variation worth understanding before you lock anything in.

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Highest advertised rate: up to 5.30% p.a. ·
Top short-term rate (30 days): 1.90% p.a. (ANZ) ·
Minimum investment (SBS Bank): $1,000 ·
Minimum investment (Westpac): $5,000 ·
Top comparison site: MoneyHub NZ (under 4% p.a.)

Quick snapshot

1Confirmed facts
2What’s unclear
  • Rates above 5% reported in some searches — not verified for NZ-based institutions
  • Whether specific senior or high-value tiers apply beyond standard published rates
  • Exact timing of next OCR review and its directional impact on deposits
3Timeline signal
  • Opes Partners updated rates on 23 April 2026 (Opes Partners)
  • Term Deposit Rates published market range on 22 April 2026 (Opes Partners)
  • Interest rates are ever-changing — always confirm with your bank before locking in (Opes Partners)
4What’s next
  • Rates have stabilised at competitive levels after 2024-2025 increases
  • Longer terms (3-5 years) offer higher yields but less flexibility
  • PIE term deposits may offer tax advantages for eligible investors
Metric Value
Top aggregator rate Under 4% p.a. (MoneyHub)
Highest 60-day rate 2.00% p.a. (ANZ)
SBS min deposit $1,000
Westpac 4 months 3% p.a.
NZ market rate range 1.70% to 5.00%
Heartland 3-year rate 4.15%
Heartland 5-year rate 4.35%
ASB 5-year rate 5.00%

Which NZ bank has the highest interest rate?

The short answer is that it depends entirely on your term length — no single bank dominates across every duration. For medium-to-long terms, smaller and mid-tier lenders consistently outperform the big four, while the major banks tend to lead only on short-term and brand familiarity.

Short-term rates (30-90 days)

Short-term deposits carry the lowest rates in the market. ANZ offers 1.90% for 30-day terms, but that figure drops further for terms under 30 days across most providers. The pattern here is straightforward: the less time you’re committing, the less the bank pays you to hold your money. If you need short-term access, the gap between the best and worst short-term rates is relatively narrow, making minimum deposit requirements and flexibility more important differentiators than raw yield.

Westpac offers 2.85% for 3-month terms, while