What a term deposit really pays after tax
A free NZ term deposit calculator that takes RWT off each interest payment, compares every standard term at your rate, and tells you the rate you would need to hit a target.
From the ideas board: a term deposit calculator that answers the question banks' own tools skip, which is what you actually keep after resident withholding tax.
What it does
- After-tax figures. Put in the deposit, the advertised rate and the term. You get gross interest, the RWT deducted at your rate (10.5% to 39%, the 33% default when you have not told the bank a rate, or 45% with no IRD number), net interest and the value at maturity.
- Paid out or reinvested. Pick monthly, quarterly, six-monthly, annual or at-maturity payments, and whether each payment is paid to you or added back to the deposit. The payment-by-payment table shows every date and amount.
- Every term at once. A comparison table re-runs your deposit over 3 months to 5 years so you can see what a longer lock-in is worth.
- The rate you would need. Give it a target amount and it works out the lowest advertised rate that reaches it after tax.
Interest accrues daily on a 365-day year, the way ANZ and Kiwibank describe it. Banks differ on whether the maturity day earns interest and how they round, so a quote can land a few cents away. PIE term deposits are taxed at your PIR instead, and the page points you to the PIR calculator for those.