NAB Term Deposit Rates

NAB bankIf you’re looking for a way to invest money for a set period at a fixed interest rate, then you might be interested to learn more about NAB’s term deposits.

Compare Term Deposits

What terms are available on NAB term deposits?

According to NAB, it offers term deposits with terms (the length of time your money is deposited) typically ranging from a minimum of one month to a maximum of five years.

You can use Canstar’s term deposit calculator to help you work out what term length might be suitable. One factor to consider is that longer terms typically come with higher interest rates, but you may have to wait longer to access the maximum interest rate that can come with reaching the maturity date.

When deciding on a term deposit, it’s a good idea to carefully consider the length of the investment term, as some products may charge a fee and require a certain notice period if you need to access your money early.

When is interest paid on NAB term deposits?

NAB’s term deposits offer customers the choice of receiving interest payments at the following frequencies:

  1. Monthly
  2. Quarterly
  3. Semi-annually
  4. Annually/at maturity

It’s worth remembering that the option you select may have an impact on the rate of interest you earn.

Canstar’s term deposit calculator can help you decide how you can maximise the interest paid on your term deposit.

Does NAB have a notice period and charge an early withdrawal fee for withdrawals?

Yes, NAB requires you to provide notice of 31 days if you need to access your money early.

NAB does not charge an early withdrawal fee but an interest rate penalty will apply if you withdraw your money before the end of the term.

NAB’s website and Product Disclosure Statement provide more information on any interest adjustments or other early withdrawal penalties that may apply.

Does NAB charge any other fees for term deposits?

At the time of writing, no additional fees were listed by NAB in relation to its term deposits.

For current information on fees and how they apply, please check the Product Disclosure Statement or contact NAB.

How to apply for a NAB term deposit

Before applying for a NAB term deposit, aim to first compare it against other term deposits on the market to ensure it is the right one for you.

Compare Term Deposits

If applying, consider NAB’s eligibility criteria (below) and what you might need to have on hand, such as:

  • Your TFN (Tax File Number)
  • Proof of ID, such as your driver’s license or passport
  • Personal details, including your residential address, contact information and potentially information on your current job

If you’re applying for a term deposit on behalf of a business, self-managed super fund or other type of entity or organisation, you may need to supply different documents to those listed above. The terms and conditions that apply to your term deposit might be slightly different.

To see if you can apply online for a NAB term deposit, just check to see if ‘apply online’ is ticked in Canstar’s term deposit tables and visit NAB’s website.

Eligibility criteria

According to NAB, when applying for a term deposit, you will need to meet the following eligibility criteria:

  • You must be at least 18 years old
  • You must be an Australian resident
  • You must be investing a minimum deposit of $5,000
  • You must be willing to invest for a time frame within the minimum and maximum terms specified (see above)

What happens to a NAB term deposit when it reaches maturity?

According to NAB, when a term deposit reaches the end of its term; 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.

About NAB

NAB was founded in 1981 and is one of the big four banks in Australia. They serve over 12.7 million customers worldwide and employ over 42,000 people.


Written by: Maddie Clarey | Last updated: November 8, 2018