Making changes to your term deposit

Accessing your money before maturity

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. 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 given 31 days notice. If you make a partial withdrawal, your balance must not go below $5,000.

Changing instructions on your term deposit

You can give us instructions about what you want to do with your term deposit when it matures at any time. You can make changes to those instructions at any time before maturity.

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.

 

Choosing a maturity option

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.

Interest earned at maturity

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.

Automatic reinvestment

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.

Maturity notices

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 NAB 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 to renew your term deposit

You can easily reinvest your term deposit online via the NAB app or NAB Internet Banking.

NAB app (for terms up to 12 months)

  1. Select your term deposit.
  2. Tap on Modify term.
  3. To reinvest with the same term, check your new rate and then tap Confirm. For a new term, choose a new term or select Custom maturity date.
  4. Check your new rate and tap Confirm.
  5. You’ll be sent a confirmation letter.

NAB Internet Banking (for any term)

  1. Select your term deposit and then tap Manage rollover.
  2. To reinvest with the same term, check your new rate and tap Confirm. For a new term, tap Modify and choose a new term or select Custom end date.
  3. For terms of 12 months or more, choose when you would like your interest paid - monthly, quarterly, half-yearly or annually.
  4. Check your new rate and tap Confirm.
  5. You’ll be sent a confirmation letter.

Don’t have NAB Internet Banking? Register today

Or follow our helpful videos to learn how to renew your term deposit online.

Important information