Features of your NAB Term Deposit

  • 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

What you'll need to apply

  • A minimum opening deposit of $5,000

  • To be at least 18 and a permanent Australian resident

  • To have your Tax File Number handy

Choose a fixed term that works for you

0.45 % p.a.

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

0.60 % p.a.

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

0.70 % p.a.

12 month term

View disclaimer 1

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

What is a term deposit

Term deposits are a form of savings account. Your term deposit funds are invested for a specified term at a fixed interest rate.

When you apply, you choose how much you'd like to invest and how long you want the money invested. The minimum deposit amount is $5,000 and term lengths range from 30 days to five years. The interest rate you earn depends on the length of the fixed term you choose.

If you choose to withdraw some (or all) of your funds early, a reduction of interest will apply. Unlike a regular savings account, you must provide 31 days notice to withdraw your funds.

The end of your term is known as 'maturity'. At maturity you can:

  • choose to withdraw some (or all) of your funds or
  • choose to 'reinvest' your term deposit for a new term.

WHAT TO EXPECT WHEN YOU APPLY

  • Step 1

    Apply online now – it takes less than ten 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

Keep your finger on the pulse with the NAB app


Reinvesting

We’ve made it quick and easy for you to reinvest your term deposit via the NAB app. So, there’s no need to go into a branch, making renewals more convenient. Once you’re logged in, select ‘Manage Your Term Deposit’, follow the three simple steps and you’re done.

Learn how to manage your term deposit online.

Frequently asked questions

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.

Learn how to manage your term deposit.

I am already a NAB customer. What’s the fastest way to apply for a term deposit?

NAB customers can use Internet Banking to apply for a term deposit:

1. Log in to NAB Internet Banking

2. Select ‘Personal banking’ under the Apply/Offers menu

3. Select NAB Term Deposit

What is the maximum amount I can deposit?

The maximum amount you can deposit depends upon whether you apply online or via NAB Internet Banking.

Maximum deposits are:

Online application: $499,999

NAB Internet Banking: $250,000

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

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

We’ll give you the Biller Code and your Customer Reference Number when you submit your online application.

Keep in mind that the institution you’re transferring your funds from may charge a fee, and they may have a payment limit in place. If you’re paying from your NAB account and have SMS Security, then there is no limit on BPAY® transactions.

If you can’t transfer the whole amount due to BPAY® limits, then you may need to make the payment over multiple days.

Looking for a Term Deposit to manage your business savings?

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

Still have questions?

Call us on 13 22 65

Other options to consider

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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.

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NAB Reward Saver

Grow your savings faster with bonus interest for regular deposits and no withdrawals.

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NAB Classic Banking account

Meet your account for everyday transactions. Easy access to your money with no monthly account fees.

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