Weighted-average six-month term-deposit rate from the RBNZ retail survey (B3, INR.MBI05.T07). Latest month: 3.45% for 31 Jul 2026.
From 31 Mar 1965 to 31 Jul 2026 (561 months): mean 6.31%, median 5.44%; low 0.82% (31 Jan 2021), high 18.00% (31 Jul 1987). Published average, not an offer from any one bank.
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.
About this desk
The New Zealand desk is the deepest in the build: it leads with the RBNZ Official Cash Rate, then the floating first-mortgage rate, the 90-day bank bill and the six-month term deposit, followed by peer official rates. The OCR is a policy rate; the mortgage and deposit rates are RBNZ retail survey averages, and the bank bill is a wholesale market yield. Together they show the policy setting and the rates New Zealanders actually face, all from central-bank tables.
All desks carry the same series in a different order, so the numbers do not change when you switch. Values are republished from RBNZ files with attribution and without alteration. The mortgage and deposit figures are survey averages, not offers, and they lag changes in the OCR. Nothing here is financial advice, and readings may lag their source.