Change my term deposit

Getting early access to your funds

NAB Term Deposits are for savers who are confident they won't need to access their funds during the term of the deposit. If you wish to withdraw money from your term deposit before the end of its term, you'll need to give us 31 days notice. Just bear in mind that accessing your funds before maturity will incur a prepayment cost, which is outlined in our Terms and Conditions.

You can withdraw all or part of your funds after you've provided 31 days notice. If you make a partial withdrawal, your balance must not go below $5,000.

Can I change the instructions on my term deposit?

You may provide us with instructions about the maturity of your term deposit at any time. These instructions can also be updated by contacting us at any stage before your term deposit matures.

Simply call 13 13 12 prior to your investment maturing; or complete our Term Deposit Instructions form (PDF, 227KB) and return it to your nearest NAB branch.

What happens at maturity?

The end of your term

When your term deposit reaches maturity you can:

  • have the funds directly credited to any Australian account you choose
  • reinvest the funds in a new term deposit (either with the interest included, or after you've had the interest paid to you)
  • receive your funds as cash or a bank cheque from any branch.

You can also choose a mix of these options. For example, you might opt to reinvest half of your funds and have the rest paid out as a bank cheque.

How much interest do I earn?

The interest you can earn at the maturity of your Term Deposit is dependent on the length of your term. The amount of interest may be impacted if you choose to withdraw any (or all) of your funds before maturity. View current NAB Term Deposit Interest Rates.

What will happen to my term deposit when it matures?

If you haven’t provided specific instructions for when your term deposit matures, it will automatically be reinvested for the same term at the interest rate applicable on the date of maturity.

You have seven calendar days after your funds are reinvested to make any changes or add/withdraw funds at no cost. Otherwise, you can quickly and easily reinvest your term deposit using the NAB app or NAB Internet Banking. So, there’s no need to go into a branch, making renewals more convenient.

How do I know when my term deposit is due to mature?

Two weeks prior to maturity, you’ll receive a letter notifying you that your term deposit is due to mature. If you’ve opted in for electronic communications, we’ll email you to let you know there’s a letter in your Internet Banking Inbox.

If you haven’t provided specific instructions for when your term deposit matures, it will automatically be reinvested for the same term at the interest rate applicable on the date of maturity.

How do I renew my Term Deposit?

We’ve made it quick and easy for you to reinvest your term deposit online. You can do so via the NAB App or Internet Banking.

NAB App

  • Login to the NAB App
  • Select Manage My NAB Term Deposit
  • Follow the three simple steps and you’re done.

Don’t have the NAB app? Find out more at nab.com.au/mobileapp

NAB Internet Banking

  • Login to your Internet Banking
  • Click on your term deposit, and then click Manage rollover.
  • You can opt to either reinvest the same term or reinvest with a new term.

For terms of 12 months or more, choose when you’d like your interest paid: monthly, quarterly, half yearly, or annually.

Don’t have internet Banking? Find out more at nab.com.au/internet banking

We're ready to help you

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