Savings account vs term deposit
P&N Smart Saver Account vs term deposit
vs
Compare on
Interest over 1 year on $50,000
$2,675
5.35% a year, conditions met
$2,650
5.30% a year · paid at maturity
Over 1 year on $50,000, P&N Smart Saver Account pays $2,675 with its conditions met; P&N's 12-month term deposit pays $2,650.
Worked out on $50,000 until you pick a balance
P&NSmart Saver Account
P&NTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,675
with its conditions met
+$25 · More interest over the term
$2,650
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$250
at the base rate
$2,650
no monthly conditions
Rate over the term
a year, on $50,000
5.35%
with its conditions met
+0.05 · Higher rate over the term
5.30%
fixed for the term
Asked of you each month
- A deposit of at least $100
- No withdrawals
Nothing
the money stays put
Getting the money out
Any time
a withdrawal can cost that month’s bonus
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
$5,000
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. P&N Smart Saver Account'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 P&N shares that one $250,000.
P&N Term Deposit at every term
The rate the balance above gets at each term, and the interest it pays over that term.
2 monthsPaid at maturity1.60%$133
4 monthsPaid at maturity4.30%$717
5 monthsPaid at maturity4.80%$1,000
7 monthsPaid at maturity4.40%$1,283
8 monthsPaid at maturity3.70%$1,233
9 monthsPaid at maturity3.80%$1,425
10 monthsPaid at maturity3.60%$1,500
11 monthsPaid at maturity3.70%$1,696
1 yearPaid at maturity5.30%$2,650
2 yearsNot offered——
5 yearsPaid annually3.35%$8,375
As of 2 November 2026, over 1 year on $50,000, P&N Smart Saver Account pays $2,675 with its monthly conditions met; P&N's 12-month term deposit pays $2,650 at 5.30%. 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.