Understanding interest payment dates for term deposits

Your interest payment date can change depending on:

• whether the interest payment date falls on a business day
• the number of days in that particular month 
• the date your term deposit started.

Business day payments

Interest is only paid on business days. If your payment date falls on a non-business day, we’ll pay your interest on the next business day. Your future interest payment dates won’t change unless we let you know otherwise. 

When your term deposit starts near the end of the month

If you choose an early interest payment, we usually pay you on the same date you opened your term deposit. But if you open your term deposit near the end of the month (for example, on the 29th, 30th, or 31st), your payment date may change. This is because some months have fewer days. If your usual date doesn’t exist in a shorter month, we’ll pay you on the last calendar day of that month. Once this happens, future payments will continue on the new date. If the new date falls on a non-business day,  your payment will be temporarily moved to the next business day.

Example of interest payment dates near the end of the month

Here’s an example of interest payment dates if you open a two-year term deposit on 31 August 2024 and choose monthly payments.

• Your first interest payment will be on 30 September, as September has only 30 days. 
• After that, interest will be paid on the 30th of each month (unless it falls on a non-business day).
• In February, interest will be paid on the 28th, as February has fewer days.
• From then on, payments will be made on the 28th of each month (unless it falls a non-business day).
• Your term deposit will mature on 31 August 2026, and we’ll pay it out on that date. 

Maturity date 

Your maturity date is not affected by your interest payment cycle. You can view your maturity date in the BNZ app, Internet Banking, or on your term deposit confirmation.