NAB Term Deposit

NAB Term Deposit

Min. Opening Deposit

5,000

Account Keeping Fee

0

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

  • Stability of a fixed interest rate
  • Minimum amount starting from $5,000
  • Invest from 7 days to 5 years
  • You can choose to have the funds credited to any bank account in Australia

Product details

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.

With this flexible high interest savings account, you set the terms that will help you to reach your goals.

Product Name
NAB Term Deposit
1 month interest rate
1.50%
3 month interest rate
2.10%
4 month interest rate
1.75%
6 month interest rate
2.10%
9 month interest rate
1.80%
12 month interest rate
2.40%
24 month interest rate
3.10%
36 month interest rate
3.20%
48 month interest rate
2.75%
60 month interest rate
2.80%
Min Deposit
$5,000
Joint Application
Yes
Minimum Age Requirement
18
Covered by Government Guarantee
Yes (Up to $250,000 per person, per institution)

What are the features of the NAB Term Deposit?

When looking at the various term deposit accounts offered by Australian banks it is important that you carefully compare these features that NAB provides in order to help you in deciding which one will best assist you in meeting your financial plans:

  • Fees. There are no monthly or establishment fees charged to you for this term deposit.
  • 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 be locked into a better rate for the length of your term.
  • Interest calculation. Interest on your balance is calculated at the end of each day.
  • Interest payments. For terms of one year or longer, you can choose to have the interest payments made monthly, bi-annually or annually. Note that by choosing interest payments with more frequency, the rate may be slightly reduced. All terms are also available to have the interest payments made at maturity.
  • Receiving interest payments. With the exception of interest paid at maturity, payments will be made into any Australian bank account you choose, or as a cheque or cash at any NAB branch.
  • Minimum deposit. You must be able to deposit at least $5,000 in order to open a NAB Term Deposit.
  • Linked account. You will need to nominate an account where your initial deposit can be transferred from and interest payments can be made into. This account can be held by NAB or any other Australian financial institution.
  • BPAY. You will need to have access to BPAY in order to deposit funds into the term deposit account.
  • Account maturity. At maturity you can opt  to have all of the funds moved to your nominated account, reinvested into a new term deposit, or receive the entire balance from a NAB bank as cash or a cheque. If you do not provide NAB with instruction on what to do when your term reaches maturity they will automatically roll it into a new term of the same length, but at the prevailing interest rate.
  • Early withdrawal. If you need to withdraw all or a part of your term deposit before maturity, you must give NAB at least 31 days prior notice. This could result in a reduction of the interest paid to you as well as other fees. If a partial withdrawal results in a balance below $5,000, the account will be closed and all monies returned to you.

Pros

  • There is $0 application fee required.
  • $0 service account fee needed.

Cons

  • Minimum investment of $5,000.

How do I apply for a NAB Term Deposit?

If NAB’s term deposit offers the rates and benefits that you need to reach your savings goal, you can apply now by clicking on “Go to Site”. Before you access their secure application page, ensure that you are eligible to apply for this account:

  • 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.
  • Depository requirements. A minimum of $5,000 is needed before the account is activated.

There is also documentation you will need to have available in order to ensure that your application is filled out correctly:

  • Tax file number. Although not mandatory, a tax file number (TFN) or exemption code will prevent your interest earnings from being taxed at the highest marginal rate.
  • Identification. Acceptable forms of identification include your passport, driver’s licence or Medicare card.

Once your application has been submitted, NAB will send an email to the address you provided confirming its receipt. Unless they request more information from you, you will have three business days to make your initial deposit using the Biller Code and Customer Reference Number provided when you submitted your application online. Once those funds have been transferred with success another confirmation email will be sent, along with a welcome pack to your physical address.

 

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2 Responses to NAB Term Deposit

  1. Default Gravatar
    Thi | October 11, 2016

    We have $110,000 to invest or deposit what is the maximum interest we can get with your bank

    • Staff
      Clarizza | October 11, 2016

      Hi Thi,

      Thanks for your question.

      Just to confirm, we are an Australian comparison website and as such, provide general advice only. Regarding the maximum interest you can get with your deposit, in a term deposit the interest rate varies between terms. For example, with the NAB Term Deposit, if you keep your funds locked away for a 1 month term, you will receive 1.50% interest on your balance. If you keep your funds locked away for a 24 month term deposit, you will receive 3.10% interest on your balance.

      Currently, NAB offer 3.20% interest rate on a 36 month term deposit – the highest available on this product.

      Regards,
      Clarizza

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