What is a term deposit?

Term deposits are a type of savings account that lets you invest funds for a specific term at a fixed interest rate. Interest is calculated daily and paid at maturity (for terms up to 12 months), or monthly, quarterly, half-yearly or annually (for terms over 12 months).

NAB Term Deposit benefits

A NAB Term Deposit helps you reach your savings goals by offering a higher interest rate and a range of fixed terms to choose from.

Choose a fixed term to suit your needs

Get competitive, fixed interest rates based on the term you choose (available from 7 days to five years).

No monthly account and application fees

With no application or monthly account fees, all your savings get put to good use.

Reinvest your term deposit via the NAB app

We’ve made it quick and easy for you to renew, with no need to visit a branch. Learn how to manage your rollover.

Term deposit rates

These tables show the fixed term rates for deposits greater than 30 days of between $5,000 (the minimum opening balance) and $1,999,999.

Terms up to 12 months

Fixed term Interest rate Interest paid
30 days
Interest rate
1.20% p.a.
Interest paid
At maturity
60 days
Interest rate
1.45% p.a.
Interest paid
At maturity
90 days
Interest rate
2.75% p.a.
Interest paid
At maturity
4 months
Interest rate
2.90% p.a.
Interest paid
At maturity
5 months
Interest rate
2.90% p.a.
Interest paid
At maturity
6 months
Interest rate
3.00% p.a.
Interest paid
At maturity
7 months
Interest rate
3.80% p.a.
Interest paid
At maturity
8 months
Interest rate
3.10% p.a.
Interest paid
At maturity
9 months
Interest rate
3.15% p.a.
Interest paid
At maturity
10 months
Interest rate
3.25% p.a.
Interest paid
At maturity
11 months
Interest rate
3.30% p.a.
Interest paid
At maturity
12 months
Interest rate
3.70% p.a.
Interest paid
At maturity

Terms over 12 months

Fixed term Annual Interest Half-yearly interest Quarterly interest Monthly interest
12 months
Annual Interest
3.70% p.a.
Half-yearly interest
3.65% p.a.
Quarterly interest
3.65% p.a.
Monthly interest
3.65% p.a.
24 months
Annual Interest
3.40% p.a.
Half-yearly interest
3.35% p.a.
Quarterly interest
3.35% p.a.
Monthly interest
3.35% p.a.
36 months
Annual Interest
2.90% p.a.
Half-yearly interest
2.90% p.a.
Quarterly interest
2.85% p.a.
Monthly interest
2.85% p.a.
48 months
Annual Interest
2.90% p.a.
Half-yearly interest
2.90% p.a.
Quarterly interest
2.85% p.a.
Monthly interest
2.85% p.a.
60 months
Annual Interest
2.90% p.a.
Half-yearly interest
2.90% p.a.
Quarterly interest
2.85% p.a.
Monthly interest
2.85% p.a.

For term deposits equal to or greater than $2 million please call us on 13 13 12 from Monday to Friday, 8:00am to 7:00pm (AEST/AEDT).

Or visit a NAB branch.

Please note that terms greater than 2 years, for new NAB Term Deposits, are only available through our online application form for individual customers. You may only rollover an existing term deposit, for a term greater than 2 years, using the self-serve channel on Internet Banking or the NAB App, subject to eligibility. Opening or rolling over a term deposit, for a term greater than 2 years, is not available in branch or via phone.

Earning interest at maturity

The interest you can earn on your term deposit depends on: 

  • the length of your term
  • any (or all) withdrawal of funds before maturity.

Selecting account for interest payments

If the term is less than 12 months, you’re not required to select an account for interest accrual. We’ll pay interest into your term deposit account at maturity.

  • get interest paid monthly, quarterly, six monthly, annually, and at maturity.
  • choose a separate NAB or non-NAB account for interest payments.
  • only principal will be held in the term deposit account.

What to know before you apply online

This product has a fixed term. However, you can access your money early by giving us 31 days’ notice, which may incur a prepayment cost. Find out more in our terms and conditions.

If you think you’ll need quick access to your money, then compare our savings accounts now.

What you’ll need

  • A minimum deposit of $5,000

  • Your tax file number (TFN) to avoid withholding tax on the interest you earn

  • If you’re new to NAB, have your passport, driver’s licence, or Medicare card (for applicants aged 18 and under) handy.

  • If you’re unable to apply online call 13 13 12 or visit a branch

Check your eligibility

  • 14 years or older

  • You're a permanent Australian resident

  • You're applying for a single or joint deposit account

  • The application is not for your business

Fund with BPAY®

We’ll give you the Biller Code and your Customer Reference Number when you apply. You may be charged a fee to transfer the funds by your institution and there may be a payment limit. There is a $500,000 limit for BPAY transactions if you pay from your NAB account and have SMS Security, and may need to make multiple payments if the Term Deposit balance exceeds $500,000. Processing times may apply.

Are you a personal customer and ready to apply online?

Start your savings plan today. Applying online only takes about 10 minutes. If you're not eligible to apply online, call us on 13 13 12 from Monday to Friday, 8:00am to 7:00pm (AEST/AEDT). Or visit a NAB branch.

Your business deserves the best. Discover Term deposits for business banking.

Apply

Options at maturity

The end of your fixed term is known as 'maturity'. If your term length is greater than 28 days, two weeks before maturity you’ll receive a letter via your nominated communication channel notifying you that your term deposit is due to mature. Here are some options to explore when your term deposit reaches maturity.

Renewal

Reinvest the funds in a new term deposit (either with the interest included, or after the interest is paid to you). It’s quick and easy to roll over and even add funds to your term deposit at maturity using NAB Internet Banking or the NAB app.

Learn more about managing your term deposit

Withdrawal

To withdraw money from your term deposit before the end of its term, you'll need to give us 31 days’ notice – unless you’re experiencing hardship. Accessing your funds before maturity will incur a prepayment cost, which is outlined in our terms and conditions.

Withdraw all or part of your funds after the 31 days’ notice. For partial withdrawals, your balance must not go below $5,000.

Automatic reinvestment

If you haven’t provided maturity instructions for your term deposit, subject to the terms and conditions, it will be automatically reinvested for the same term at the interest rate applicable on the date of maturity. After reinvestment, you have seven calendar days to make changes or add/withdraw funds at no cost.

Get started with the term deposit application checklist

Changing instructions on your term deposit

At any time before maturity, you can change/modify existing maturity instructions for your term deposit. To change your instructions, call 13 13 12 or complete our term deposit instructions form (PDF, 226KB), opens in new window and return it to your nearest NAB branch.

Help and support

Use our helpful guides and support services to help manage all of your banking more easily.

Other accounts to consider

Looking for some other savings account options to go with your Term Deposit?

NAB Reward Saver

Grow your savings faster with a higher interest rate, if you're a motivated saver.

NAB iSaver

Enjoy flexibility with your savings while still earning interest. Receive the fixed bonus margin for the first four months on your first new account for balances up to $20m.

Cash management account

The NAB Cash Manager is the ideal cash management account to manage cashflow for investments such as self-managed super funds, shares and property.

Get in touch

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Visit a NAB branch

Visit us in person at your nearest NAB branch or business banking centre.

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Important Information

Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the NAB Term Deposit Terms and Conditions. Target Market Determinations for these products are available at nab.com.au/TMD. NAB products issued by NAB.

See our indicator rates for deposit products.

BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.