NAB term deposit

Last updated: Mar 27, 2020

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 1.1% p.a.

Interest rate

12 months interest rate

$5,000

Minimum opening deposit

Account keeping fee

Details

Product Name	NAB Term Deposit
3 month interest rate	0.80%
4 month interest rate	0.80%
6 month interest rate	0.80%
7 month interest rate	0.90%
9 month interest rate	0.90%
12 month interest rate	1.10%
24 month interest rate	1.00%
36 month interest rate	1.00%
48 month interest rate	1.00%
60 month interest rate	1.10%
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.

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

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.

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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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14 Comments

Frank
June 19, 2019

Please advise interest rate for term deposit 4 months.

Reply
- finder 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
  
  Reply
dennis
April 1, 2019

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

Reply
- 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
  
  Reply
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?

Reply
- finder 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
  
  Reply
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

Reply
- finder 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
  
  Reply
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.

Reply
- 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
  
  Reply
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

Reply
- finder 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
  
  Reply
Thi
October 11, 2016

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

Reply
- finder 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
  
  Reply

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