Topics
Introduction
You may notice some changes to the way you view, manage, and use your BNZ Term PIE and Term Deposit accounts, from 16 February 2026.
Below is a list of Frequently Asked Questions (FAQs) providing more details. You’ll find questions relating to Term Deposit accounts in the top section and questions relating to BNZ Term PIE accounts below this.
BNZ Term Deposits
You can view a summary of the Term Deposit account changes on our public notice.
I opened my Term Deposit on the 29th, 30th, or 31st of the month and get interest monthly. Why is my interest not paid on the same date every month?
Your interest payment date depends on the date the Term Deposit was opened, the number of days in that particular month, and the payment date being a business day.
For example, if your first payment was on 31 August, your next payment date would be 30 September, as September only has 30 days.
In this case, payments would then be made on the 30th of each month until the Term Deposit reaches February, where it would be moved to the 28th (except leap years).
Payments would then be made on the 28th of the following months until maturity.
Interest is only paid on business days. This means that if your interest payment date falls on a non-business day, you’ll be paid the next business day. This doesn’t change any future interest payment dates.
How do I view the latest version of the standard terms and conditions for my Term Deposit?
You can view the current terms and conditions on our website at bnz.co.nz/standardterms
For more information on the changes to our T&Cs, please see our public notice.
Why do the transactions in my Term Deposit transaction history look different now?
There are three kinds of transactions:
- ‘Gross’ is the total interest earned before tax.
- ‘Tax’ is how much was deducted to pay your tax on the interest.
- ‘Net’ is the amount paid to your nominated account.
Non-compounding transactions
When you earn interest on non-compounding Term Deposits before they mature, you’ll see three transactions: ‘gross’, ‘tax’, and ‘net’.
When a non-compounding Term Deposit matures, you’ll see the same interest transactions, and then a final payout of the principal amount originally invested. You’ll receive the ‘net’ interest and the principal amount as separate transactions in your nominated account.
Compounding transactions
For compounding Term Deposits, there are two transactions when earning interest: ‘gross’ and ‘tax’.
When a compounding Term Deposit matures, the interest compounds first and you’ll see the same interest payments of ‘gross’ and ‘tax’. The final maturity amount will then be the principal amount invested, with the interest added and the tax deducted. This will be paid to your nominated account as one transaction.
When am I able to change my payout account details?
You can change your payout account details up until the day before your Term Deposit matures.
If your maturity date was 27 August, you could make changes up until 26 August.
After this time, your selection will be locked in and can’t be changed.
How do I provide instructions for my Term Deposit at maturity?
If you use Internet Banking or the BNZ app, you can change what happens when your Term Deposit matures up until the day before it’s due to mature.
You can do this by selecting the Term Deposit, then selecting ‘Change what happens at maturity’.
If you use Internet Banking for Business or the BNZ Business app, you’ll need to contact us to make changes, and you can do this up until the day before your Term Deposit is due to mature.
Do these changes apply to my Term Deposit?
We offer different types of Term Deposits, and not all of them will be impacted by these changes. If you don’t notice any of the above changes, don’t worry – your Term Deposit is likely not impacted.
To check if your Term Deposit is impacted, you can count the number of digits in your account number
- Impacted accounts will have ten digits + five digits i.e. 1234567890-12345
- Accounts which are not impacted will have six digits + four digits i.e. 123456-1234
You can always reach out to us if you’re unsure.
BNZ Term PIE
You can still view your BNZ Term PIE accounts and update your PIR on internet banking channels. You may notice the following changes:
I opened my BNZ Term PIE on the 29th, 30th, or 31st day of the month. Why is my regular distribution not always paid on the same date each period?
Your regular distribution date depends on the date the investment was opened, the number of days in that particular month, and the distribution date being a business day.
For example, if you opened your investment on 31 July then your first distribution would be on 31 August, and your next distribution date would be 30 September, as September only has 30 days.
In this case, distributions would then be made on the 30th of each following month, unless the BNZ Term PIE investment reaches February, where the distribution date would be moved to the 28th (except leap years).
Distributions thereafter would then be made on the 28th of the following months until maturity.
Distributions are only paid on business days. This means that if your regular distribution date falls on a non-business day, you’ll receive your distribution the previous business day. This doesn’t change any future distribution dates.
The special distribution for tax purposes will still happen on or around 31 March each year.
How do I view the latest version of the BNZ Term PIE Product Disclosure Statement?
The current Term PIE product disclosure statement and other documents can be found at Term PIE documents - BNZ
We’ll communicate the changes to you when the new product disclosure statement takes effect on 1 April 2026.