NAB Term Deposit Application and Interest Rates

National Australia Bank or commonly known as NAB is the fourth largest bank in Australia and the 17th largest bank in the world in terms of market capitalization and number of customers.

NAB operates in 10 countries and serving 8.3 million customers worldwide. It was founded in 1893 and the current location of its headquarter is at Melbourne, Australia.

NAB has different products and services for its customers and one of those is term deposit. In this post, you will know how to apply for their term deposit and the corresponding interest rate that you can receive.

NAB Term Deposit Interest Rates

Perhaps you already know that a term deposit is a kind of deposit account that pays an interest rate plus the principal after the maturity date or when the term period has elapsed. It gives higher interest than a regular savings account, that’s why many people are putting their money into this kind of deposit.

The interest that you can get from term deposit depends mainly on two things: the amount you invested and the term you choose. As these two things become higher, the interest that you will receive will be higher also.

In the table below, you will see the interest rate for term deposit of NAB on different terms or periods as of this writing.

Interest paid at maturity / annually
$5,000-
$19,999
$20,000-
$49,999
$50,000-
$99,999
$100,000-
$499,999
30 days
3.15% pa 3.15% pa 3.15% pa 3.15% pa
60 days 3.15% pa 3.15% pa 3.15% pa 3.15% pa
90 days* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
4 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
5 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
6 months* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
7 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
8 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
9 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
10 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
11 months 4.00% pa 4.00% pa 4.00% pa 4.00% pa
12 months* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
24 months* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
36 months* 5.10% pa 5.10% pa 5.10% pa 5.10% pa
48 months* 5.20% pa 5.20% pa 5.20% pa 5.20% pa
60 months* 5.30% pa 5.30% pa 5.30% pa 5.30% pa

 Interest paid half-yearly

$5,000-
$19,999
$20,000-
$49,999
$50,000-
$99,999
$100,000-
$499,999
12 months*
4.95% pa 4.95% pa 4.95% pa 4.95% pa
24 months* 4.95% pa 4.95% pa 4.95% pa 4.95% pa
36 months* 5.05% pa 5.05% pa 5.05% pa 5.05% pa
48 months* 5.15% pa 5.15% pa 5.15% pa 5.15% pa
60 months* 5.25% pa 5.25% pa 5.25% pa 5.25% pa

 Interest paid quarterly

$5,000-
$19,999
$20,000-
$49,999
$50,000-
$99,999
$100,000-
$499,999
12 months*
4.90% pa 4.90% pa 4.90% pa 4.90% pa
24 months* 4.90% pa 4.90% pa 4.90% pa 4.90% pa
36 months* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
48 months* 5.10% pa 5.10% pa 5.10% pa 5.10% pa
60 months* 5.20% pa 5.20% pa 5.20% pa 5.20% pa

 Interest paid monthly

$5,000-
$19,999
$20,000-
$49,999
$50,000-
$99,999
$100,000-
$499,999
12 months*
4.90% pa 4.90% pa 4.90% pa 4.90% pa
24 months* 4.90% pa 4.90% pa 4.90% pa 4.90% pa
36 months* 5.00% pa 5.00% pa 5.00% pa 5.00% pa
48 months* 5.10% pa 5.10% pa 5.10% pa 5.10% pa
60 months* 5.20% pa 5.20% pa 5.20% pa 5.20% pa

NAB

How to Apply for a NAB Term Deposit

Applying for NAB term deposit can be done online or by calling NAB. If you are already a NAB customer, it is faster to apply through NAB Internet Banking. You can save your time if you are going to fund your term deposit from your NAB account.

Applying online will only take less than 10 minutes for term deposits from $5,000 – $250,000 and you don’t need to be already a NAB customer. If you want to invest for a higher term deposit amount, you may call NAB at 13 13 12 from 7am-9pm AEST from Monday to Friday and 8am-9pm AEST on weekends, or you may visit your nearest NAB branch.

In addition, you will need to have access to BPAY® in order to deposit funds into your new NAB Term Deposit account. To be able to do this, you should be over 18 years old and a permanent or temporary Australian resident to apply online.

If you are already a NAB customer, your NAB Identification Number (NIN) is needed during application. You must supply your personal contact details, including your email address and the details of the joint account holder for joint accounts.

A Tax File Number is not mandatory but you may be asked to provide it. If you cannot provide it, NAB will deduct Pay as You Go Withholding Tax on the interest that you will earn. After completion of your application, an email will be sent to you confirming that your application was received by NAB.

You should deposit the money within 3 business days using BPAY using the Biller Code and Customer Reference Number provided to you at the submission of your online application.  After NAB received the money, they will open your account and send you another confirmation email.

Within 5 to 7 days, you will receive a mail in the post confirming the details of your term deposit, and a Welcome Pack to provide you with other necessary information like the Terms and Conditions.

Final Note

A term deposit is one of the safest investments because it is guaranteed by the government of Australia. You will not lose your investment if you put it in term deposit.

Source: NAB

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