In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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NAB term deposit

NAB Term Deposit
Interest rate 12 months interest rate
Up to 4.7% p.a.
Minimum opening deposit
$5,000
Account keeping fee
$0

Summary

NAB offers Australians a term deposit to suit any savings goal, whether it’s next week or five years down the road.

The flexible NAB Term Deposit allows you to earn a fixed rate of interest on your savings for the short and long term. You can use the interest earned to augment your income now, or choose to have it help grow your savings by having it added at maturity.

Pros

  • $0 Account keeping fees
  • Wide ranges of terms from 7 days to 5 years
  • Linked account required from NAB or any other Australian financial institution

Cons

  • 31 days advance notice required in case of withdrawing funds before maturity
  • Minimum investment of $5,000.

In this guide

  • Review
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name NAB Term Deposit
3 month interest rate 3.50%
4 month interest rate 3.60%
6 month interest rate 3.80%
7 month interest rate 3.80%
9 month interest rate 4.00%
12 month interest rate 4.70%
24 month interest rate 4.00%
36 month interest rate 3.80%
48 month interest rate 3.80%
60 month interest rate 3.80%
Minimum Opening Deposit $5,000
Minimum age requirement 18
Government guarantee Yes

Eligibility

Minimum Age Requirement 18
Joint account availability Yes
Min Deposit $5,000
Available to children Not available for children

Key features

No fees

There are no monthly or establishment fees charged to you for this term deposit.

Tiered interest rates

The interest rates for a term deposit with NAB are fixed and competitive, growing in value as you choose longer terms. They also have special rates, or "blackboard specials" periodically, allowing you to lock in a better rate for the length of your term.

Launch term deposit calculator


How to apply

If NAB's term deposit offers the rates and benefits that you need to reach your savings goal, you can apply online in under 15 minutes. Before you access NAB's secure application page, ensure that you are eligible to apply for this account and have the necessary documents handy.

Eligibility

  • Minimum age. You must be 18 years or older to qualify for this term deposit.
  • Residency requirements. Both permanent and temporary residents are eligible to apply provided that they are able to show a valid Australian residential address.

Your reviews

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Avatar

denish

December 29, 2022

Do I need to pay commission if I pay term deposit through finder? Are there options to payout monthly interest instead of waiting until maturity? Any other charges I should be aware of?


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Alison Banney Finder

February 22, 2023

Hi Denish,

No, you are not charged anything to compare products via Finder. Finder is a completely free service to use!

For terms above 12 months you can choose to receive your interest annually, bi-annually, quarterly, monthly or at maturity.

Thanks,

Alison


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Jeff Goodall

October 20, 2022

Which Bank has the best interest rate of a Term deposit account.


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Alison Banney Finder

February 23, 2023

Hi Jeff,

You can compare current term deposit rates here: https://www.finder.com.au/term-deposits

Thanks,

Alison


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Jen

June 04, 2022

What are your current interest rates on term deposits of 6, 9, and 12 mths on $75,000


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Alison Banney Finder

June 20, 2022

Hi Jen,


Below are NAB’s term deposit rates for a $75,000 balance (as of 20 June 2022):


6 months: 0.30% p.a.

9 months: 0.50% p.a.

12 months: 2.25% p.a.


Thanks,

Alison


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john

May 06, 2022

total interest on 60 day term deposit on $400.000 investment


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Alison Banney Finder

May 13, 2022

Hi John,


NAB Term Deposit offers 0.05% p.a. for 60 day term. The interest is paid after the term matures.


With a balance of $400,000 you’d earn $33.33 in interest.


Higher rates are available for longer term lengths.


Thanks,

Alison


Avatar

Jose

March 16, 2022

If I open this type of account for 6 months and I deposit 6,000. One month later, I want to deposit another 2,000. Will the total amount be available to withdraw once the 6 months of the first deposit is due?


Avatar

Alison Banney Finder

May 01, 2022

Hi Jose,


If you are referring to the NAB term deposit, I’m afraid you won’t be able to deposit additional money into the account. This is a term deposit that you can only add money at the start and wait for it to mature.


If you wish to learn more, you can read our term deposit guide.

I hope this helps.


Regards,

Joshua


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