NAB term deposit
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.
Up to 0.45% p.a.
60 months interest rate
Minimum opening deposit
Account keeping fee
|Product Name||NAB Term Deposit|
|3 month interest rate||0.20%|
|4 month interest rate||0.20%|
|6 month interest rate||0.30%|
|7 month interest rate||0.30%|
|9 month interest rate||0.35%|
|12 month interest rate||0.40%|
|24 month interest rate||0.40%|
|36 month interest rate||0.40%|
|48 month interest rate||0.40%|
|60 month interest rate||0.45%|
|Minimum Opening Deposit||$5,000|
|Minimum Age Requirement||18|
|The rates displayed above are interest rates paid at maturity only. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.|
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.
Daily interest calculation
Interest on your balance is calculated at the end of each day.
Choose when to receive 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.
Choose how to receive 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 of $5,000
You must be able to deposit at least $5,000 in order to open a NAB Term Deposit.
Choose any 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.
You will need to have access to BPAY in order to deposit funds into the term deposit account.
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 available
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.
How to applyIf 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.
- 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.
- 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.
What happens after I submit my application?
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.