Earn a fixed interest rate for a fixed period of time. Choose from flexible terms starting from 30 days to 5 years, with guaranteed returns and competitive rates.
Competitive rates for every term length
5 Days
$100 minimum
7 Days
$2,100 minimum
Easy to open and manage your term deposits online through our secure client portal.
Flexible payment options to reinvest or pay out at maturity.
Fixed returns to suit your saving goals, from 30 days to five years.
Pay your interest directly into your nominated bank account.
A term deposit could be a good option if you have more than $5,000 to deposit and you want it to earn a fixed interest rate over a fixed period.
This is suitable if you do not require your funds immediately. You can ask to make an early withdrawal by giving us 31 days' notice or by applying for an exceptional circumstance break.
If your income tax rate is 30% or higher, a PIE alternative like our Milford Term Fund may provide better after-tax returns.
You can open a term deposit with a minimum deposit of $5,000 and you can choose a term from 30 days to five years. You can also manage your investments online at any time.
Depending on the term, interest can be paid daily.
interest are daily.
Choose the monthly interest option to enjoy a regular income from your term deposit, paid directly into your bank account. To do this, you'll need to deposit $10,000 or more for at least six months.
Eligible Milford deposits are protected by the Depositor Compensation Scheme (DCS), a New Zealand Government scheme covering up to $100,000 per customer in the unlikely event a deposit taker goes out of business. Find out more and see all Milford accounts that are covered.
A flexible savings account with the opportunity to earn reward interest monthly.
A PIE alternative to a term deposit for those on a 30% or higher tax rate.
Milford's Terms and Conditions apply. Maximum amount across all term deposits held either solely or jointly with any person is $10 million. Rates not available to financial institutions.