Get the Finder app 🥳

Connect your accounts & save

NAB term deposit

Last updated:  

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 1% p.a.

Interest rate

60 months interest rate

$5,000

Minimum opening deposit

$0

Account keeping fee

Details

Product NameNAB Term Deposit
3 month interest rate0.60%
4 month interest rate0.60%
6 month interest rate0.65%
7 month interest rate0.70%
9 month interest rate0.70%
12 month interest rate0.85%
24 month interest rate0.90%
36 month interest rate0.90%
48 month interest rate0.90%
60 month interest rate1.00%
Minimum Opening Deposit$5,000
Minimum Age Requirement18
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.

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

14 Comments

  1. Default Gravatar
    Frank
    June 19, 2019

    Please advise interest rate for term deposit 4 months.

    • Avatarfinder Customer Care
      Jhez
      June 19, 2019

      Hi Frank,

      Thank you for your comment.

      According to our page, the 4-month interest rate for term deposit is 2.05%, and this is paid at maturity only.

      Regards,
      Jhezelyn

  2. Default Gravatar
    dennis
    April 1, 2019

    what is the monthly amount on term deposit $5,000 @2.5%

    • Default Gravatar
      Nikki
      April 2, 2019

      Hi Dennis,

      Thanks for getting in touch! The 2.5% interest is only set and computed on the maturity date or 9 months after your term deposit and the final computation will be given by NAB. To obtain more information on this, we suggest contacting NAB directly.

      Hope this clarifies!

      Best,
      Nikki

  3. Default Gravatar
    Christine
    April 23, 2018

    What is 2.8% of $4000? If its worked on p.a., how much interest will I get on maturity in 4 months?

    • Avatarfinder Customer Care
      Jhez
      April 24, 2018

      Hello Christine,

      Thank you for your comment.

      According to the Term Deposit Saving Calculator, 2.8% of $4000 in 4 months if compounded annually is $0.00, if compounded monthly is $37.46, if compounded daily is $37.51.

      If you’re interested on NAB term deposit, please note that the minimum deposit is $5,000. Please refer to the other details above.

      Regards,
      Jhezelyn

  4. Default Gravatar
    John
    October 11, 2017

    I have self managed super account
    What is the best fixed term interest rate that you can offer for 6 Months

    • Avatarfinder Customer Care
      Harold
      October 11, 2017

      Hi John,

      Thank you for your inquiry.

      Here’s a self-managed super fund (SMSF) term deposit that could be the solution on what you need.

      I hope this information has helped.

      Cheers,
      Harold

  5. Default Gravatar
    MinD
    September 29, 2017

    Hi. In case a foreigner (non-resident) , can I apply for Term Deposit account in Australian banks. And how is taxable rate that have to pay for interest amount ? Tks.

    • Default Gravatar
      Arnold
      September 30, 2017

      Hi MinD,

      Thanks for your inquiry

      Most banks will let non-residents open a term deposit even though you’re not a resident of Australia. However, not supplying a Tax File Number could trigger an automatic tax with-holding of approximately 48%, so if the applicant doesn’t have a TFN, it may not be tax-effective to open a term deposit in Australia. Banks should also have an exemption code that they can put in their system to override this for non-residents so that they’re taxed at the foreign resident marginal tax rates instead.

      For more information please check out this page

      Hope this information helps

      Cheers,
      Arnold

  6. Default Gravatar
    A
    April 22, 2017

    Hi, I was wondering which formula does NAB use to calculate their interest for term deposits? Simple or compound interest?

    E.g.
    Simple interest = amount invested x rate % per annum x number of days/365
    or
    Compound interest = amount invested (1 + rate per annum/payment freq )^ (payment freq x number of days/365

    • Avatarfinder Customer Care
      Dee
      April 24, 2017

      Hi A,

      Thanks for your question.

      Term deposits generally use compounding interest.

      Kindly note that the term deposit calculator on our page doesn’t take into account any loyalty bonuses. We also display the interest rate that is paid at maturity and assume base rate.

      Cheers,
      Anndy

  7. 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

    • Avatarfinder Customer Care
      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

Ask a question
Go to site