Cash Rate

Reserve Bank of New Zealand

NZ 6-month term deposit rate

View on New Zealand desk

3.45%

−0.01 pp last change (May 31, 2026)

As of Jul 31, 2026 | Monthly

Mean
6.31%
Median
5.44%
Min
0.82% Jan 31, 2021
Max
18.00% Jul 31, 1987
DateRate
Jul 31, 20263.45
Jun 30, 20263.45
May 31, 20263.46
Apr 30, 20263.46
Mar 31, 20263.46
Feb 28, 20263.46
Jan 31, 20263.46
Dec 31, 20253.46
Nov 30, 20253.46
Oct 31, 20253.48
Sep 30, 20253.78
Aug 31, 20253.80
Jul 31, 20253.91
Jun 30, 20253.91
May 31, 20254.01
Apr 30, 20254.03
Mar 31, 20254.26
Feb 28, 20254.39
Jan 31, 20254.85
Dec 31, 20245.05
Nov 30, 20245.16
Oct 31, 20245.27
Sep 30, 20245.67
Aug 31, 20245.74

About the six-month term deposit

Weighted-average six-month term-deposit rate from the RBNZ retail survey (B3, INR.MBI05.T07). Latest month: 3.45% for Jul 31, 2026.

From Mar 31, 1965 to Jul 31, 2026 (561 months): mean 6.31%, median 5.44%; low 0.82% (Jan 31, 2021), high 18.00% (Jul 31, 1987). Published average, not an offer from any one bank.

Source: RBNZ Retail interest rates (B3), series INR.MBI05.T07. Licence: RBNZ statistics terms: republication permitted with attribution to the Reserve Bank of New Zealand (terms). Files: data/raw/hb3.xlsx.

Reading this series

New Zealand's six-month term deposit rate is a retail savings benchmark from the Reserve Bank's B3 retail interest-rate survey, series INR.MBI05.T07. It is a weighted average of the advertised six-month term-deposit rates offered by surveyed institutions, compiled monthly, so the headline figure is the latest survey month and not a rate any single bank promises. The survey is a comparable reference across the market; offers you see may differ by institution, balance and term.

The chart shows the monthly survey history and the table lists the same values in reverse date order. The "versus the previous reading" line compares the latest month with the one before it, and the mean, median, low and high summarise the run in this build. Range buttons only shorten the window, and Chart and Table present one series in two forms. Because it is a published average, the rate can lag changes in wholesale funding costs and the official cash rate, and it can move when institutions reprice rather than when policy changes.