3.80 % p.a.
NAB Term deposits | Competitive, fixed term interest rates - NAB
What is a term deposit?
A term deposit is a type of savings account that lets you invest your money for a set period at a fixed interest rate. Because your rate is locked in when you open the account, you'll know exactly how much interest you'll earn over the term.
How does it work?
Interest is calculated daily and paid at maturity (for terms up to 12 months), or monthly, quarterly, half-yearly or annually (for terms longer than 12 months). A term deposit can be a good option if you want a predictable return and the certainty of knowing what you'll earn on your savings.
Why choose a term deposit?
A NAB Term Deposit helps you reach both long or short term savings goals by offering a locked in interest rate, and a range of fixed terms to choose from.
What you’ll get
Best for
Secure your savings with a fixed interest rate
Lock in a competitive rate and let your money do the rest with a fixed interest rate term deposit. It’s a simple and reliable way to grow your savings over time.
Featured rates
9 month term
12 month term
5.30 % p.a.
A fixed interest rate, paid at maturity. Interest rates vary based on the term you choose.
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 1.40% p.a. | Interest paid At maturity |
| 60 days | Interest rate 1.65% p.a. | Interest paid At maturity |
| 90 days | Interest rate 3.35% p.a. | Interest paid At maturity |
| 4 months | Interest rate 3.35% p.a. | Interest paid At maturity |
| 5 months | Interest rate 3.40% p.a. | Interest paid At maturity |
| 6 months | Interest rate 3.50% p.a. | Interest paid At maturity |
| 7 months | Interest rate 3.60% p.a. | Interest paid At maturity |
| 8 months | Interest rate 3.70% p.a. | Interest paid At maturity |
| 9 months | Interest rate 3.80% p.a. | Interest paid At maturity |
| 10 months | Interest rate 3.85% p.a. | Interest paid At maturity |
| 11 months | Interest rate 3.85% p.a. | Interest paid At maturity |
| 12 months | Interest rate 5.30% 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 5.30% p.a. | Half-yearly interest 5.25% p.a. | Quarterly interest 5.20% p.a. | Monthly interest 5.20% p.a. |
| 24 months | Annual Interest 5.00% p.a. | Half-yearly interest 4.95% p.a. | Quarterly interest 4.90% p.a. | Monthly interest 4.90% p.a. |
| 36 months | Annual Interest 3.80% p.a. | Half-yearly interest 3.75% p.a. | Quarterly interest 3.75% p.a. | Monthly interest 3.75% p.a. |
| 48 months | Annual Interest 3.80% p.a. | Half-yearly interest 3.75% p.a. | Quarterly interest 3.75% p.a. | Monthly interest 3.75% p.a. |
| 60 months | Annual Interest 3.80% p.a. | Half-yearly interest 3.75% p.a. | Quarterly interest 3.75% p.a. | Monthly interest 3.75% 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.
How do I apply for a term deposit online?
Check your eligibility
What you’ll need
Ready to apply?
Start saving today.
What happens at maturity?
The end of your fixed term is known as 'maturity' or the ‘rollover’ period. If your term length is greater than 28 days, you’ll receive a notification two weeks before maturity via your nominated communication channel, letting you know that your term deposit is due to mature.
From the maturity date, you’ll have seven calendar days (including the maturity date) to make any changes to your deposit. 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 rollover and even add funds to your term deposit at maturity using NAB Internet Banking or the NAB app.
If you’re a secondary account holder or have third party access to the deposit, then you’ll need to use NAB Internet Banking.
If your term deposit is scheduled to mature on a non-banking day, your maturity instructions may be processed on the next business day.
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.
Other changes during maturity
During the maturity period you can also:
- update your interest rate or pricing
- withdraw funds (once per day)
- close your term deposit
- update your linked (disbursement) account details
- add funds to your term deposit.
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, 85KB) and return it to your nearest NAB branch.
What happens if I need to withdraw early?
If you need to withdraw all or part of your NAB Term Deposit funds before the maturity date (also known as prepayment), you’ll need to provide us with 31 calendar days' notice. For partial withdrawals, your balance must not go below $5,000.
Please visit your local branch or call 13 13 12 to provide your notice. If your notice falls on a day that isn’t a Banking dayA banking day is any day that isn't a weekend or an Australia-wide public holiday. All deposit and withdrawal transactions made on a non-banking day or after payment cut off times may be counted on the next banking day. If the account qualifies for bonus interest, we’ll calculate it using the daily closing balance throughout the month. , we’ll process your withdrawal on the next banking day.
Withdrawing your funds earlier than your maturity date may result in a reduction of interest, which is outlined in our terms and conditions. If you’re experiencing hardship, please get in touch to discuss whether an earlier withdrawal may be possible.
For more information, please read our term deposit disclosure.
Frequently asked questions
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You won’t be able to add funds once your term deposit is in its fixed term. Funds can only be added at setup or during the seven-day maturity period, with the following conditions:
- Funds can only be added once during the amendment period.
- The added amount must match your agreed/proposed value.
- You can’t add funds if you’ve already made a withdrawal during this period.
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Yes, you can open a joint term deposit with another person. If you’re looking to open a term deposit with someone else, please give us a call on 13 13 12 or visit a NAB branch. Learn more about joint banking.
If someone is pressuring you to combine your money into a joint account, this could be a form of financial abuse. We’re here to help with confidential support. You can learn more about our Extra Care support services or speak to us for assistance.
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If you need a term deposit for business purposes, you can explore our term deposits for business banking.
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You can view your NAB Term Deposit letters digitally through NAB Internet Banking. Learn how to access your statements and letters online.
If you’d prefer to receive paper copies again, you can update your settings in Internet Banking.
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When applying online or in a branch, you can fund your term deposit immediately from an existing NAB account. Alternatively, once your term deposit has been opened, you can transfer funds from a NAB account or an account held with another bank or financial institution. If you open your term deposit in a branch, you can also provide the funds using a cheque.
Funds transfer to a new term deposit must be made in a single payment. Keep in mind that if you are transferring funds from another bank or financial institution, their daily transfer limits and processing timeframes may apply and could affect how much you can send at one time.
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You'll need to fund your term deposit in one single payment within seven calendar days, inclusive of the start date. If your term deposit is not funded in that time, your term deposit may automatically close.
Funds transfers made on non-banking days won’t be processed until the following banking day, and will appear in your term deposit the day after.
Term deposit vs a savings account
When it comes to growing your savings, both term deposits and savings accounts let you earn interest on your money over time. However there are benefits and considerations to keep in mind for both products. It's worth considering how accessible you need your funds to be, how long you plan to save, and the level of certainty you're looking for in your returns.
Term deposit
Advantages
Savings accounts
Advantages
Limitations
Limitations
Is a term deposit right for you?
To see how the differences between a savings account and a term deposit can play out, let's look at an example of two savers investing $10,000 over 12 months to put towards a future goal.
Sarah is saving for a dream holiday to Europe in 12 months. She chooses a high-interest savings account because she wants the flexibility to access her money if she needs to. The account starts with an interest rate of 5.00% p.a., but six months later the rate drops to 4.00% p.a. Because of the rate change, Sarah earns about $450 in interest over the year, taking her balance to around $10,450.
For Sarah, the main benefit is flexibility. She can access her money if an unexpected expense comes up and continue adding to her savings whenever she likes. However, because savings account rates can change over time, the amount of interest she earns isn't guaranteed.
Michael is saving for a home deposit and knows he won't need the money for a year. He puts his $10,000 into a 12-month term deposit with a fixed rate of 5.00% p.a. Because his rate is locked in for the full term, he earns the full $500 in interest and finishes the year with $10,500.
For Michael, the main benefit is certainty. He knows exactly how much interest he'll earn and won't be affected if rates fall during the year. The trade-off is that he can't access or add more money during the term, which means less flexibility if his circumstances change.
Depending on your goal and when you’ll need access to your funds, it’s always worth taking the time to research different account options. Learn more about how to make the most of your savings.
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 for financial advisers
The NAB Cash Manager is the ideal cash management account to manage cashflow for investments such as self-managed super funds, shares and property.
Help and support
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Important Information
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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.