Direct Crown issue · as at 2 Sept 2026
Kiwi Bonds: the government bond you can buy without a broker
Kiwi Bonds are the only New Zealand government bond sold straight to the public. No sharebroker, no market price, a $1,000 minimum, and a rate that is fixed for the term you pick.
Indicative rate
4.00%
per annum, paid quarterly. Rate varies by term and is reset by New Zealand Debt Management.
- Issuer
- New Zealand Treasury
- Terms available
- 6 months to 4 years
- Minimum investment
- $1,000
- Maximum
- $500,000 per person, per issue
- Interest paid
- Quarterly, net of resident withholding tax
- Credit standing
- Direct Crown obligation
- Tradeable?
- No — not listed on the NZX
- How to buy
- Apply directly to New Zealand Debt Management
Current indicative Kiwi Bond rate
4.00%
Kiwi Bonds are a direct Crown obligation with a $1,000 minimum. Rates are reset by New Zealand Debt Management — we'll email you the current rate card plus the free NZ Bond Buyer's Guide.
How Kiwi Bonds work
Kiwi Bonds are issued by the New Zealand Debt Management office on behalf of the Crown and sold directly to New Zealand residents. They are the simplest entry point into government debt: you apply to New Zealand Debt Management, not through a sharebroker, and there is no secondary market.
Terms run from six months out to four years, interest is paid quarterly, and the rate is fixed for the term you choose. Because Kiwi Bonds are a direct obligation of the Crown they carry the lowest credit risk available in New Zealand dollars — but that safety is priced in, and the rate is usually below what a comparable listed corporate bond pays.
The trade-off is liquidity. Kiwi Bonds are not listed on the NZX, so you cannot sell them to another investor. You can request early repayment, but the Crown is not obliged to grant it, and doing so may cost you interest.
Kiwi Bonds versus a bank term deposit
The credit comparison is straightforward: a Kiwi Bond is a direct Crown obligation, while a term deposit is an unsecured claim on a bank. New Zealand's depositor compensation scheme covers eligible deposits up to a set limit per depositor per institution; the Crown's promise on a Kiwi Bond has no cap.
On rate, banks frequently win. Competitive term deposit specials often sit above the Kiwi Bond rate for the same term, because banks are competing for funding and the Crown is not. If you are chasing the highest number for a one-year term, a term deposit will usually beat a Kiwi Bond.
Where Kiwi Bonds win is the combination of a $1,000 minimum, quarterly income, and no rollover trap — there is no automatic reinvestment at a poor rate to watch for.
Common questions
- What are Kiwi Bonds?
- Kiwi Bonds are fixed-rate savings bonds issued by New Zealand Debt Management on behalf of the Crown and sold directly to New Zealand residents. They are a direct obligation of the New Zealand government.
- What is the minimum investment in Kiwi Bonds?
- $1,000, which is the lowest minimum of any New Zealand government bond. Listed government bonds normally require around $10,000 through a sharebroker.
- Can I cash in Kiwi Bonds early?
- You can request early repayment, but the Crown is not obliged to agree, and early repayment may cost you interest. Kiwi Bonds are not listed, so you cannot sell them to another investor.
- How is interest on Kiwi Bonds paid?
- Interest is paid quarterly and is taxable. Resident withholding tax is deducted at your notified rate before the payment reaches your bank account.
Want a higher yield than a Kiwi Bond without leaving the sovereign end of the market? Look at NZGBs, Kāinga Ora and LGFA, which pay more but require a sharebroker account and expose you to price movement.
Free · no obligation
Kiwi Bonds pay the Crown rate — see what else is on offer
Kiwi Bonds are the safest NZD bond you can buy, and usually the lowest yielding. Leave your details and a licensed broker will send the current Kiwi Bond rate card alongside the listed government and corporate bonds paying more, plus the free NZ Bond Buyer's Guide.
- → The free NZ Bond Buyer's Guide, emailed to you
- → Current indicative yields and offer documents
- → No cost, no obligation, no application made