Term Deposit

With a NAB Term Deposit, you'll enjoy...

Competitive, fixed interest rates, based on the term you choose ^{View disclaimer *}
No monthly account fees or application fee
Having your interest paid monthly, quarterly, half-yearly or annually (if you invest for 12 months or more)
The ability to choose a term to suit your needs – from 30 days to five years
Reinvest your term deposit at maturity via the NAB app or NAB Internet Banking

Ready to apply? You’ll need…

A minimum opening deposit of $5,000
To be at least 18 and a permanent Australian resident
To have your Tax File Number handy

1.25 % p.a.

90 day term

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This option gives you a competitive rate, while offering the flexibility of a shorter term.

1.30 % p.a.

5 month term

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If you’re happy to lock it away for a bit longer, make your money work even harder for you.

1.20 % p.a.

12 month term

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Simply want to lock your money away for a year and forget about it? This is the rate you’ll get.

Monthly account fee

$0
Application fee

$0

The above rates are based on an investment of between $5,000 and $499,999

See all of our term deposit rates

Step 1
Apply online now – it takes less than 10 minutes
Step 2
Once you’ve applied, you’ll receive a confirmation email from us
Step 3
You then need to transfer funds via BPAY® to your new NAB Term Deposit within three business days
Step 4
You’ll receive a lodgement letter, confirming the details of your NAB Term Deposit, within five to seven business days
Step 5
If you’re new to NAB, you’ll also need to pop into your nearest NAB branch and complete a 100-point ID check

Apply now

What is a NAB Term Deposit?

A term deposit is a form of savings account that's set up with specified terms. You choose how much you’d like invested in the account – with a minimum deposit of $5,000. You also choose a term length, with options ranging from 30 days to five years. During this time, if you choose not to withdraw your funds, you’ll enjoy competitive, fixed interest rates. If you choose to withdraw some (or all) of your funds early, this will change the amount of interest you receive, and you’ll need to give 31 days’ notice.

The end of your term is known as maturity. At this point you can choose to withdraw some (or all) of your funds or you can choose to have your Term Deposit rolled over into another term.

How will my interest be calculated and paid?

Interest is calculated daily and paid when your term deposit matures. For terms of 12 months or more, you can elect to have your interest paid monthly, quarterly, half-yearly or annually – whichever works best for you.

What if I need access to my funds before my term deposit matures?

You’ll need to give us at least 31 days’ notice – unless you’re experiencing hardship – which you can do by popping into your nearest NAB branch or giving us a call on 13 13 12 from 8am - 7pm Mon-Fri, or 9am - 6pm on weekends (AEST/AEDT). Just bear in mind that accessing your funds before maturity will incur a prepayment cost, which is outlined in our Terms and Conditions.

What happens to my term deposit at maturity?

If you haven’t provided specific instructions for when your term deposit matures, it will automatically be rolled over 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 reinvest your term deposit using the NAB app or NAB Internet Banking quickly and easily. So, there’s no need to go into a branch, making renewals more convenient.

See Manage My NAB Term Deposit for more information on how to reinvest your term deposit online.

I’m already a NAB customer. Can I apply through my NAB Internet Banking?

Yes, you can. We’ll simply open your NAB Term Deposit in the same name (or names) as the NAB account you deposit the money from.

I want to make a deposit over $250,000. What do I need to do?

If you'd like to apply for a higher term deposit amount please call us on 13 13 12 from 8am - 7pm Mon-Fri, or 9am - 6pm on weekends (AEST/AEDT). Or visit your nearest NAB branch.

What are the details I need to transfer my opening deposit via BPAY®?

We’ll give you the Biller Code and your Customer Reference Number when you submit your online application. Just be aware that the institution you’re transferring your funds from may charge a fee, and bear in mind any transfer limits you may have with the account you’re transferring from.