Savings account vs term deposit
Police Bank Bonus Saver Account vs term deposit
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Interest over 1 year on $50,000
$2,400
4.80% a year, conditions met
$2,500
5.00% a year · paid at maturity
Over 1 year on $50,000, Police Bank Bonus Saver Account pays $2,400 with its conditions met; Police Bank's 12-month term deposit pays $2,500.
Worked out on $50,000 until you pick a balance
Police BankBonus Saver Account
Police BankTerm deposit
Figure by figure
Interest over 1 year
on $50,000
$2,400
with its conditions met
$2,500
paid at maturity
+$100 · More interest over the term
Interest over 1 year without meeting the conditions
on $50,000
$25
at the base rate
$2,500
no monthly conditions
Rate over the term
a year, on $50,000
4.80%
with its conditions met
5.00%
fixed for the term
+0.20 · Higher rate over 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
$10,000
up to $500,000
Who can open it
Anyone 18 or over
Anyone
How they differ
- A savings rate can change at any time. Police Bank Bonus 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 Police Bank shares that one $250,000.
Police 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 maturity1.40%$117
4 monthsPaid at maturity5.25%$875
5 monthsPaid at maturity4.30%$896
7 monthsPaid at maturity4.65%$1,356
9 monthsPaid at maturity5.25%$1,969
1 yearPaid at maturity5.00%$2,500
30 monthsPaid monthly1.10%$1,375
3 yearsPaid half-yearly4.20%$6,300
4 yearsPaid half-yearly4.20%$8,400
5 yearsPaid half-yearly4.20%$10,500
As of 1 November 2026, over 1 year on $50,000, Police Bank Bonus Saver Account pays $2,400 with its monthly conditions met; Police Bank's 12-month term deposit pays $2,500 at 5.00%. 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.