Savings account vs term deposit
People First Bank Dream Fund vs term deposit
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Compare on
Interest over 1 year on $50,000
$2,775
5.55% a year, conditions met
$2,600
5.20% a year · paid at maturity
Over 1 year on $50,000, People First Bank Dream Fund pays $2,775 with its conditions met; People First Bank's 12-month term deposit pays $2,600.
Worked out on $50,000 until you pick a balance
People First BankDream Fund
People First BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,775
with its conditions met
+$175 · More interest over the term
$2,600
paid at maturity
Interest over 1 year without meeting the conditions
on $50,000
$5
at the base rate
$2,600
no monthly conditions
Rate over the term
a year, on $50,000
5.55%
with its conditions met
+0.35 · Higher rate over the term
5.20%
fixed for the term
Asked of you each month
- A balance that ends the month 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
$5,000
The same on both
Nothing to compare in these: both say the same.
- AnyoneWho can open it
How they differ
- A savings rate can change at any time. People First Bank Dream Fund'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 People First Bank shares that one $250,000.
People First Bank 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 maturity3.00%$250
4 monthsPaid at maturity4.85%$808
5 monthsPaid at maturity4.00%$833
7 monthsPaid at maturity5.45%$1,590
8 monthsPaid at maturity4.50%$1,500
9 monthsPaid at maturity5.10%$1,912
10 monthsPaid at maturity4.50%$1,875
11 monthsPaid at maturity4.50%$2,063
1 yearPaid at maturity5.20%$2,600
3 yearsPaid annually5.25%$7,875
4 yearsPaid annually5.25%$10,500
5 yearsPaid annually5.25%$13,125
As of 2 November 2026, over 1 year on $50,000, People First Bank Dream Fund pays $2,775 with its monthly conditions met; People First Bank's 12-month term deposit pays $2,600 at 5.20%. 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.