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We are currently carrying out updates and improvements to our online banking and new account application form so these services will be unavailable over this long weekend. We will be back online at 8am Tuesday the 23rd April which is the first business day after Easter. If you have any questions about the changes, you can check out our information page at
0800 22 44 33 8am - 6pm weekdays

Satisfyingly good terms

Investing in our term deposits is a great way to get some predictability back into your savings without sacrificing performance, so that you know exactly where you stand. Your deposits also go to support the New Zealand food and agribusiness sector which contributes to feeding kiwis and the world.

Regular interest payments

Option for regular interest payments on terms over 1 year

Reinvest automatically

Option to reinvest automatically when your term matures

Maturity email alerts

So you can start planning your next move

Low minimum investment

Open a Term Deposit with only $1,000

3.30% p.a.

6 months

$1,000 minimum deposit
Option to reinvest on maturity.

3.35% p.a.

1 year

$1,000 minimum deposit
Option to reinvest on maturity.

4.00% p.a.

5 years

$1,000 minimum deposit
Option to reinvest on maturity.


Our rates

Personal, Trust, Children's & Business accounts up to $5m

Terms Standard
Account fees
1 month 2.00%
- - - $1,000 None
3 months 2.80%
- - - $1,000 None
6 months 3.30%
- - - $1,000 None
9 month 3.30%
- - - $1,000 None
1 year 3.35%
$1,000 None
15 months 3.25%
- $1,000 None
18 months 3.55%
$1,000 None
2 years 3.55%
$1,000 None
3 years 3.70%
$1,000 None
4 years 3.80%
$1,000 None
5 years  4.00%
$1,000 None

All interest rates on this page are percentage per annum (p.a.) and are shown before the deduction of taxes.

Early withdrawal fees may apply. Refer to the RaboDirect Terms & Conditions for more information. 
^ Standard Interest payments are paid at maturity only for terms up to 18 months, and annually and at maturity for terms of 2 years or more. RaboDirect does not currently offer a compounding interest option for Term Deposits. The interest rates listed here are for deposits up to $5 million. For rates on deposits over $5 million please call us on 0800 22 44 33.

NoticeSaver What about NoticeSaver?

NoticeSaver is another option for savings you don't need to access immediately, much like a Term Deposit. 

The difference is that there is no minimum balance so you can add to your balance at any time, and withdraw your money by giving 60 days’ notice prior to each withdrawal. The interest rate is variable and is calculated daily and paid monthly.


Learn more about NoticeSaver

Frequently Asked Questions

How many Term Deposits can I have?


During the initial account opening process you are only able to set up one Term Deposit, however, once you receive your Welcome Pack and PIN you are then able to login and create as many Term Deposits as you wish.

When is interest paid?

Interest is calculated daily and paid at maturity for terms of 1-9 months.

For terms of 1-5 years, you can choose to have interest paid monthly, quarterly, six monthly (excluding the 15 month term) or annually.

Interest is paid back to the RaboDirect savings account that originally credited the term deposit. We are not able to pay interest back into the investment or directly to the nominated account.

Can interest be compounded?

We do not offer compounding interest payments. Interest is paid back to the RaboDirect savings account that credited the term deposit.

However, if you are investing in a term of 1 year or less you can choose to automatically reinvest the term deposit at maturity and capitalise the interest. The interest will automatically be added to the original sum and incorporated in the new term investment.

How do I invest over $5,000,000?


Please call our friendly Customer Contact Centre on 0800 22 44 33, between 8am and 6pm weekdays. They will advise the best available rate and create the term deposit on your behalf.

My funds haven't cleared. Can I still set up a Term Deposit?


Yes. You can reserve a term deposit using uncleared funds providing the funds clear within three business days. The interest rate will be held and the term deposit will start once the funds clear. But don’t worry, if rates go up, we will honour the new rate. While the funds are clearing you will earn interest at our RaboSaver rate. 

If your transfer is dishonoured, the term deposit request will be cancelled and one of our friendly contact centre consultants will contact you.   

How do I change my reinvestment instructions?

  1. Log into your RaboDirect account
  2. Click ‘Term Deposits’
  3. Click the ‘Actions’ button next to your term deposit
  4. Select ‘Change Reinvestment Option’ 
  5. Choose your new reinvestment instructions
  6. Confirm the change using your Digipass
You can make changes up until the last business day before maturity.

What if my tax rate changes during the Term Deposit?

Tax will be deducted at your new tax rate when the next interest payment is made. For example, if you have a 6 month term deposit and change your tax rate part way through, tax will be deducted at your new rate when the interest is paid at maturity. It is not possible to deduct tax at two separate rates for one interest payment.

Can I add funds to a Term Deposit?


Once the term deposit is set up, the details such as the amount, term and interest rate are locked in. You can always open additional term deposits with any balance of $1,000 or more.

I need access to my funds. Can I break my Term Deposit?

We may, at our discretion, allow you to break the term deposit and return the funds to your RaboDirect savings account.

Call us on 0800 22 44 33 or send a secure message with details of the term deposit you wish to break.

To send a secure message, log into RaboDirect and click 'My Rabo' then 'Create new message'. 

We will then contact you to advise if the investment can be broken and if a fee will apply. 

Once we have approved your request to break, and provided you with a break quote, confirmation from you to proceed must be received by 12.00pm on a business day to ensure it is broken that day. 

The funds should be available in your RaboDirect savings account by 5.00pm that evening. From there, you can transfer them back to your nominated account online by clicking 'Transfers'.  

How to open a Term Deposit account

Opening a Term Deposit is easy and can be completed online. New RaboDirect customers should follow the three steps below.

1. Apply for a Term Deposit

Go to our 'Apply Now' page and complete the online Term Deposit application form. Be sure to have your ID documents handy. Click here to learn more about becoming a RaboDirect customer.

2. Receive your welcome pack

Once you have applied and verified your nominated account, we will courier a Welcome Pack to your home address. You’ll be able to log in to your new account using the details in the welcome pack.

3. Log in and start saving

The final step is to transfer the funds for the Term Deposit into your new RaboSaver account. Once they are cleared your Term Deposit will be set up.

Feel good about your savings