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Term deposit calculator

Find out how much interest you can earn from your term deposit using our term deposit calculator.

A term deposit is a type of high interest savings account that is closed for withdrawals or deposits for the length of time that you choose. Interest is calculated at a fixed rate, and any payments made while the term is in place are made to a separate account, allowing you to know precisely how much you will earn based on your deposit amount.

If you have a particular goal in mind that you are trying to reach, a term deposit calculator can help you determine how much you need to deposit and for how long, in order to reach that goal.

Being that the rates are fixed, and not subject to change while your money is invested, it is easy to determine how much interest you will earn by using the term deposit calculator.

Term deposit calculator

*Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.

How do I use the term deposit calculator?

With the right information in front of you, it should be easy for you to use the term deposit calculator to determine how much interest you will earn, or how much you need to deposit in order to reach your earning goal.

Fill in the relevant fields with the correct information and within seconds you will have the details you need to help you decide which term deposit to choose:

  • Deposit amount. This is the amount of money you plan to invest into the term deposit account.
  • Term length. In this field you will put the number of months you will be investing for.
  • Interest rate. Input the listed interest rate for the term deposit you are investigating. Pay attention to the details, as in most cases that amount will be different depending on a number of factors. These include the length of term, how much you invest and how often you are receiving interest payments.
  • Fees. This field will be left at zero for most term deposits, but you should always check to ensure that there is no establishment or ongoing fees with the account you are looking into. If there are, you will need to insert them into the appropriate field that indicates how often they are paid.

Compare NZ term deposit rates now

Example: Saving for a down payment

Myra is trying to save money in order to put a down payment on a new home in 3 years.

So far, she has been able to save $5,000 with the help of various high interest savings accounts, but now believes that she will get a better return on her investment with a term deposit. Since she is now earning a steady income that covers her expenses, she is confident that she will have no reason to need those savings before the 3-year term ends.

The first term deposit that Myra looks into is offering interest at a fixed rate of 3% per annum (p.a.) for a 3-year term deposit. Since she has no intention of spending the interest before the term expires, Myra is able to get that higher rate by choosing the maturity payment only option.

Using the calculator, Myra is able to determine that she will earn $450 in interest when that term deposit matures.

* This is a fictional, but realistic, example.

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