NAB cuts term deposit rates as savings squeeze tightens

By Peter Terlato · · 2 min read
Fact Checked
Advertiser disclosure
Man walking past NAB logo in city

NAB has trimmed its term deposit rates once more, continuing a downward spiral that began even before the Reserve Bank of Australia’s first cash rate cut in February 2025.

Effective Monday 28 April 2025, NAB reduced interest rates across most of its term deposit options for balances between $5,000 and $1,999,999. The cuts impact both short-term and long-term deposits, further tightening returns for Aussie savers.

Here’s a quick look at the latest NAB term deposit rate changes:

Term
 New rate
 Previous rate
30 days
 1.25% p.a.
 –
60 days
 1.45% p.a.
 –
90 days
 2.90% p.a.
 3.00% p.a.
4 months
 3.05% p.a.
 –
5 months
 3.15% p.a.
 –
6 months
 3.20% p.a.
 3.30% p.a.
7 months
 4.20% p.a.
 4.25% p.a.
8 months
 3.40% p.a.
 3.50% p.a.
9 months
 3.40% p.a.
 3.50% p.a.
10 months
 3.50% p.a.
 3.60% p.a.
11 months
 3.50% p.a.
 3.60% p.a.
12 months
 3.90% p.a.
 4.00% p.a.
13–23 months
 3.80% p.a.
 4.00% p.a.

Customers choosing half-yearly, quarterly or monthly interest payments will also see cuts. However, NAB’s 24-month and longer term deposit rates remain unchanged.

Compare term deposit interest rates

Why term deposit rates are falling

The latest term deposit cuts are part of a broader shift that's been building since late 2024. Even before the Reserve Bank of Australia (RBA) trimmed the cash rate in February 2025, banks had been steadily winding back deposit rates in response to slowing inflation, and growing signs of economic softness.

Mozo’s live blog reported that the big four banks slashed savings and term deposit rates throughout January and February, with bonus savings accounts losing up to 0.50% p.a. in some cases. Regional and smaller banks followed, often cutting even more aggressively to stay competitive. Economists and markets also point to further RBA cuts this year, putting even more pressure on deposit returns.

In short: Banks are getting ahead of cheaper funding and depositors are feeling the pinch.

What savers can do now

If you’re facing shrinking returns, there are other options to explore:

  • Employ unique strategies: Term deposit laddering allows you to split your money across different terms to balance access and better rates.
  • Switch to savings: Some high-interest savings accounts still offer competitive rates, especially if bonus conditions are met.
  • Compare rates regularly: With banks adjusting offers quickly, checking interest rates could help you lock in a better deal.
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 91 term deposits using the filters.
Last updated 5 December 2025 Important disclosures

Term deposit comparisons on Mozo

Government Deposit Guarantee: Funds protected up to $250k
  • Promoted

    Term Deposit

    Best rate
    4.45 % p.a.
    for 1 year
    ($1,000 to $2,000,000)
    Next best option
    4.40 % p.a.
    for 5 years
    ($1,000 to $2,000,000)
    Go to site
    • 0.05% added loyalty bonus at renewal
    • Option to have interest paid to another bank
    • Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.
  • Promoted

    Special Term Deposit

    Best rate
    4.40 % p.a.
    for 8 months
    ($10,000 to $1,000,000)
    Next best option
    4.20 % p.a.
    for 1 year
    ($10,000 to $1,000,000)
    Go to site
    • Offer available until 31 Dec 2025 or until limited allocation is reached
    • Minimum deposit of $10,000
    • Interest paid on maturity

  • Term Deposit

    Best rate
    4.45 % p.a.
    for 1 year
    ($1,000 to $2,000,000)
    Next best option
    4.40 % p.a.
    for 5 years
    ($1,000 to $2,000,000)
    Go to site
    • 0.05% added loyalty bonus at renewal
    • Option to have interest paid to another bank
    • Winner of the Mozo Experts Choice Awards 2025^ for Term Deposits.

  • Special Term Deposit

    Best rate
    4.40 % p.a.
    for 8 months
    ($10,000 to $1,000,000)
    Next best option
    4.20 % p.a.
    for 1 year
    ($10,000 to $1,000,000)
    Go to site
    • Offer available until 31 Dec 2025 or until limited allocation is reached
    • Minimum deposit of $10,000
    • Interest paid on maturity

  • Standard Term Deposit

    Best rate
    4.35 % p.a.
    for 6 months
    ($1,000 to $1,000,000)
    Next best option
    4.30 % p.a.
    for 4 months
    ($1,000 to $1,000,000)
    Go to site
    • Choose from terms starting at 1 month, up to 3 years
    • Interest paid monthly, annually or at maturity (term dependent)
    • Option to have interest paid into another bank account

  • Term Deposit

    Best rate
    4.30 % p.a.
    for 4 months
    ($5,000 to $1,000,000)
    Next best option
    4.15 % p.a.
    for 11 months
    ($5,000 to $1,000,000)
    Go to site
    • Terms range from 2 months to 5 years
    • Interest paid at maturity or regularly (monthly, quarterly, or annually)
    • No monthly account fees

  • Term Deposit

    Best rate
    4.00 % p.a.
    for 5 years
    ($5,000 to $100,000)
    Next best option
    4.00 % p.a.
    for 4 years
    ($5,000 to $100,000)
    Go to site
    • Term deposits available for 3, 6 or 12 months
    • No monthly account fees
    • Minimum deposit of $5,000
Showing 5 results from 91 term deposits. Use the filters to see more

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's term deposit rates