How much interest could you earn on $22.3m Lotto winnings?

On Wednesday last week, a young Central Otago man won a life-changing $22.3 million when he struck the Lotto Powerball prize.

That much money can lead to a lot of possibilities, one of which is putting it into a term deposit.

But which New Zealand bank will you get the best return from your investment?

On a five-year term deposit – the maximum you can get – Industrial and Commercial Bank of China (New Zealand) Limited (ICBC) offers the best interest rate at 4.30 per cent.

After five years in an ICBC term deposit, interest earned after tax (0.33 per cent) will net you $3,213,914.

If five years is too long, Heartland Bank offers the best 12-month term deposit interest rate at 3.60 per cent.

The winning ticket was sold on MyLotto and is the largest prize won this year so far. It is also the largest Powerball prize ever won on MyLotto.

The winning numbers were 4, 12, 18, 27, 33, 35, with a bonus number of 19 and a Powerball of 8.

The man who won the ticket told the Herald it wasn't until Thursday evening that he thought to check his ticket.

"I hadn't heard anything about it to be honest. I was hanging out with my best mate after work when I remembered I'd bought a ticket, so figured I might as well check it," the winner said.

"I watched the numbers circle off on my ticket. After the first couple I thought that's pretty lucky. Then I saw all six numbers circled and lined up in a row and didn't really know what to think – then the Powerball came as well.

"I said, 'Mate – I think I've won Powerball… is this real?'".

The winner said securing his future was on the forefront of his mind.

"I want to buy a house with some land, maybe a boat. The big thing for me is making sure I really set myself up for the future – this prize is an unbelievable opportunity and I am going to make the most it," he said.

Five-year term deposit interest rates from New Zealand's other banks:

RaboDirect – 4.20 per cent
TSB – 4.15 per cent
KiwiBank – 4.10 per cent
ANZ – 4 per cent
ASB – 4 per cent
BNZ – 4 per cent
Heartland Bank – 4 per cent
Westpac – 3.65 per cent​