Our competitive fixed term deposit interest rates are calculated on a daily basis and interest can be paid at regular intervals or on maturity to any account of your choice.* Learn more about fixed-term deposits in our helpful guides and information section.
|1 month||1.00% p.a.
|2 months||1.00% p.a.|
|3 months||2.15% p.a.
|4 months||2.20% p.a.|
|5 months||2.30% p.a.
|6 months||2.50% p.a.
|9 months||2.65% p.a.
|12 months||2.70% p.a.
|18 months||2.70% p.a.
|24 months||2.75% p.a.
|36 months||2.75% p.a.
|48 months||2.75% p.a.
|60 months||2.75% p.a.
> Interest is calculated on a daily basis
> Investors are advised of their options prior to maturity
> Maximum deposit $1 million per member
> Minimum deposit is $1,000 for adults and $500 for children under 18 years old
> These are indicative rates only and may be subject to change without notice
> If an early withdrawal is approved by NZCU Baywide, a reduced rate of interest will apply as follows:
a) If a term deposit is withdrawn, in full or in part ,within the first 30 days, 0% interest will be applied to the withdrawn portion.
b) Where the deposit is withdrawn, in full or in part, before the maturity date but after the first 30 days, a reduced interest rate will be applied calculated using the advertised rate at the time the term deposit was opened, for the actual period of time the money was invested (as determined at our discretion), less 2%. The applicable interest rate will not reduce below 0%.
Making an early withdrawal
NZCU Baywide may approve an early withdrawal of funds from a term deposit. If approved, customers are only eligible for one withdrawal per investment per term. Early redemptions incur a penalty interest rate. The penalty is a reduced interest rate which will be the advertised rate at the time the investment was opened, for the length of the time the money was invested (rounded down to the closest applicable rate), minus 2%.
If a sum was originally invested for a period of two years but was redeemed after six months, the interest rate would be calculated using the six month rate as it was advertised at the time the account was opened, less 2%.
At the time the customer invested their funds, the following rates were advertised:
6 months 2.50% p.a.
The customer opted to invest their funds for 24 months at a rate of 2.75% p.a. After 6 months they decide to break the investment and withdraw the funds. As the actual period of the investment has only been 6 months, the rate applied is the 6-month rate as it was advertised at the beginning of the investment. A 2% penalty interest is also deducted from the rate. The withdrawn investment is calculated using a rate of 2.50% - 2%, which equals 0.50% p.a.
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^Source: as published on www.interest.co.nz as at 13 September 18.
The current Credit Risk Statement, Product Disclosure Statement and other disclosure statements are available here or from any of our branches.