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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.

Details

Key details

Product Name	NAB Term Deposit
3 month interest rate	3.50%
4 month interest rate	3.60%
6 month interest rate	4.00%
7 month interest rate	4.00%
9 month interest rate	4.00%
12 month interest rate	5.00%
24 month interest rate	4.00%
36 month interest rate	4.00%
48 month interest rate	4.00%
60 month interest rate	4.00%
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.

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.

BPAY available

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 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.

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.

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

Documentation needed:

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.

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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?

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

Jeff Goodall

October 20, 2022

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

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

Jen

June 04, 2022

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

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

john

May 06, 2022

total interest on 60 day term deposit on $400.000 investment

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

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?

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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NAB term deposit

Pros

Cons

Key features

No fees

Tiered interest rates

Daily interest calculation

Choose when to receive interest payments

Choose how to receive interest payments

Minimum deposit of $5,000

Choose any linked account

BPAY available

Account maturity

Early withdrawal available

How to apply

Eligibility

Documentation needed:

What happens after I submit my application?

Your reviews

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