Savings account vs term deposit
Gateway Bank Goal Saver vs term deposit
4.60% a year
5.60% a year for 1 year
Compare on
Interest over 1 year on $50,000
$2,300
4.60% a year, conditions met
$2,800
5.60% a year · paid at maturity
Over 1 year on $50,000, Gateway Bank Goal Saver pays $2,300 with its conditions met; Gateway Bank's 12-month term deposit pays $2,800.
Worked out on $50,000 until you pick a balance
Gateway BankGoal Saver
Gateway BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,300
with its conditions met
$2,800
paid at maturity
+$500 · More interest over the term
Interest over 1 year without meeting the conditions
on $50,000
$50
at the base rate
$2,800
no monthly conditions
Rate over the term
a year, on $50,000
4.60%
with its conditions met
5.60%
fixed for the term
+1.00 · Higher rate over the term
Asked of you each month
- A balance at least $250 higher than it started
Nothing
the money stays put
Getting the money out
Any time
no notice needed
Locked for 1 year
31 days’ notice to break it early, usually at a lower rate
Can the rate change?
Yes, at any time
the bank sets it
No
fixed for 1 year
Minimum to open
None
$1,000
up to $1,000,000
Who can open it
Anyone 18 or over
Anyone
How they differ
- A savings rate can change at any time. Gateway Bank Goal Saver's figure holds today's rate for 1 year.
- A term deposit's rate is fixed for the term, but the money is locked in: breaking it early needs 31 days' notice and usually costs some of the interest.
- Both are covered by the Financial Claims Scheme, up to $250,000 per person at each bank. Money in both at Gateway Bank shares that one $250,000.
Gateway Bank Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
4 monthsPaid at maturity0.70%$117
5 monthsPaid at maturity0.70%$146
7 monthsPaid at maturity1.20%$350
9 monthsPaid at maturity5.45%$2,044
11 monthsPaid at maturity1.10%$504
1 yearPaid at maturity5.60%$2,800
18 monthsPaid at maturity0.65%$488
3 yearsPaid at maturity1.60%$2,400
4 yearsPaid at maturity0.65%$1,300
5 yearsPaid at maturity0.65%$1,625
As of 9 November 2026, over 1 year on $50,000, Gateway Bank Goal Saver pays $2,300 with its monthly conditions met; Gateway Bank's 12-month term deposit pays $2,800 at 5.60%. Figures are the bank's published rates, worked out on the balance above as simple interest. Each row says which figure is higher; it doesn't say which one suits you.