The highest 12-month term deposit rate we track rose to 5.65% on 30 October 2026, above anything we recorded in the month before.
Who is paying it
Gateway Bank's 12-month Package TD pays 5.65%, the highest 12-month term deposit rate among the products we compare. As the name suggests, it is a package rate: it comes as part of a wider package with the bank, not as a standalone term deposit. Other high rates come with conditions of their own, such as a minimum or maximum deposit, an offer open only to new customers, or interest paid only at maturity. The bank's product page sets out the conditions in full, and the term deposit comparison shows how the rate sits against the rest of the table.
How it compares with last month
Before this, the highest 12-month term deposit rate we recorded in the past month was 5.60%, on 2 October 2026. We record the top rate each day but not which product paid it, so we cannot say who held the top spot before. Nor can we say why rates moved. That is for the banks to explain.
The rest of the market
One product at the top says little about the market as a whole. On the same day, the average 12-month term deposit rate was 4.99%, across 162 products from 70 providers. The Rate Tracker charts the average and the range day by day.
How we measure it
Every figure here comes from the rates banks, building societies and credit unions publish each day through the Consumer Data Right, the same data behind the term deposit comparison and the Rate Tracker. Each product counts once in each average, at the rate it pays for that term, so a provider that publishes several balance tiers does not count several times. A move smaller than two basis points is reported as unchanged: an average over this many products drifts by that much as products enter and leave the market. The figures describe what was advertised on the day, not what any one saver would be paid, and they are general information rather than a recommendation.