Best rate (up to 1 year)
0.60% p.a.1 year
Minimum deposit
$5,000.00
Interest paid to another bank?
yes

Mozo editorial review NAB Term Deposit

Last updated: 20 November 2020.

binocular icon
What's hot
  • 0.60% rate for 13 month to 4 year terms
  • Wide range of term options from 1 month to 5 years
  • Option to have interest paid to another bank
What's not
  • 31 days notice required for customers making early withdrawals
Mozo snapshot

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.


key icon
Key features

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.


snapshot
Who is it good for

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.


snapshot
Any catches

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.


Details

Rates and fees information correct as at 30 November 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 0.10% p.a. ($5,000 to $499,999)

  • 0.10% p.a. ($5,000 to $499,999)

  • 0.25% p.a. ($5,000 to $499,999)

  • 0.30% p.a. ($5,000 to $499,999)

  • 0.30% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.40% p.a. ($5,000 to $499,999)

  • 0.60% p.a. ($5,000 to $499,999)

  • 0.60% p.a. ($5,000 to $499,999)

  • 0.60% p.a. ($5,000 to $499,999)

  • 0.60% p.a. ($5,000 to $499,999)

  • 0.70% p.a. ($5,000 to $499,999)

Other financial bits
  • $5,000.00

  • $499,999.00

Features
  • yes

  • yes

  • SMSF rates for more than $100,000 are negotiable. 31 days notice required for full or partial release before maturity.

  • none

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

Customer Reviews

How are NAB term deposits rated by the Mozo community?

Overall
7.4/10
Price
6.8/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.8/10
Trust
7.7/10

Latest reviews of NAB Term Deposit

  • Overall 4/10
    Not impressed

    We went and seen a financial advisor at NAB he said hed get back to us and never did that was 6 months ago.

    Read full review

    We went and seen a financial advisor at NAB he said hed get back to us and never did that was 6 months ago.

    Price
    2/10
    Features
    4/10
    Customer service
    3/10
    Convenience
    4/10
    Trust
    2/10
    Less
    Fiona, reviewed about 6 years ago
  • Overall 7/10
    Great customer service and products

    I have dealt with this bank for 44 years and am very satisfied with the service.

    Read full review

    I have dealt with this bank for 44 years and am very satisfied with the service.

    Price
    6/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Patricia, Victoria reviewed almost 7 years ago
  • Overall 7/10
    Good service if you are the only one requiring inf

    Information on interest rates a little hard to find on web site. Good customer service at local branch by the one person on the customer service desk, but if she is already busy with a customer, there may be a long wait as other staff are not available to assist.

    Read full review

    Information on interest rates a little hard to find on web site. Good customer service at local branch by the one person on the customer service desk, but if she is already busy with a customer, there may be a long wait as other staff are not available to assist.

    Price
    7/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    7/10
    Less
    Heather, Queensland reviewed almost 7 years ago
  • Overall 8/10
    Doing the best they can for their customers

    The staff are very approachable and I can rely on their professional treatment at our local branch.

    Read full review

    The staff are very approachable and I can rely on their professional treatment at our local branch.

    Price
    8/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Angela, Queensland reviewed almost 7 years ago
  • Overall 9/10
    Secure and meets our needs

    Online banking is easy to use with good security. Peace of mind that it is secure. Staff are knowledgeable and efficient. Reasonable choice of interest payment options. Not always easy to speak to original contact at local branch. Bank interest rates are not very high.

    Read full review

    Online banking is easy to use with good security. Peace of mind that it is secure. Staff are knowledgeable and efficient. Reasonable choice of interest payment options. Not always easy to speak to original contact at local branch. Bank interest rates are not very high.

    Price
    9/10
    Features
    4/10
    Customer service
    8/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Bruce, Western Australia reviewed almost 7 years ago
NAB

About NAB

National Australia Bank is one of the big four banks who provide a large variety of financial products to the Australian Community. In recent times NAB has set itself apart from the other big four banks; by expanding their ATM network, removing many fees and maintaining low standard variable home loan rates. NAB's changes to its financial products have made their home loan, credit card, loans, savings accounts and personal loans more competitive within the banking industry.

See NAB term deposits

AMP Bank

AMP Bank

Term Deposit

0.75% p.a.

$5,000.00

Yes up to $250,000

MyState Bank

MyState Bank

Term Deposit

0.75% p.a.

$5,000.00

Yes up to $250,000

Citi

Citi

Term Deposit

0.45% p.a.

$10,000.00

Yes up to $250,000

MyState Bank

MyState Bank

Term Deposit

0.75% p.a.

$5,000.00

Yes up to $250,000

AMP Bank

AMP Bank

Term Deposit

0.75% p.a.

$5,000.00

Yes up to $250,000

MyState Bank

MyState Bank

Term Deposit

0.75% p.a.

$5,000.00

Yes up to $250,000

Citi

Citi

Term Deposit

0.45% p.a.

$10,000.00

Yes up to $250,000