If you want some flexibility when locking your savings away, then the NAB Term Deposit could be worth a look. There are several term options to pick from, ranging from as short as 30 days all the way up to five years. With NAB, you can snag rates of up to 0.70% depending on your term length.
The NAB Term Deposit allows savers to stash any amount between $5,000 and $500,000, although the interest rate they’ll earn varies according to how long they’ve chosen to lock away the money for. Fixed rates start at 0.10% for a 1-month term and go up to 0.60% for a 1 year term or 0.70% for a 5-year term.
With the NAB Term Deposit, you can opt to have your interest paid into another bank of your choice, either as direct credit, cheque or cash. And if you pick a term of 12 months or longer, you’ll also be granted the flexibility to have your interest paid monthly, quarterly, half-yearly or annually to suit your savings needs.
Just bear in mind you’ll need to give NAB at least 31 days notice before making an early withdrawal. This term deposit also has an automatic rollover feature, so be sure to either opt out or check that the rates for that term are still competitive before letting it roll over.
The NAB Term Deposit suits committed savers looking to grow balances between $5,000 and $500,000. In particular, it could be great for those who want a variety of options when it comes to accessing the interest earned.
Beware of withdrawing funds from your term deposit before maturity date. Not only will you need to give NAB at least 31 days notice, but you’ll also be hit with a prepayment cost.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.