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.

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.

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 - 9pm 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.

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.

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.

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

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.

If your business has surplus funds, why not put them to work? Earn interest with a secure return with a business term deposit.