What is NAB's best term deposit rate?

NAB's best term deposit rate is 5.30% p.a. for 12 months (5.20% p.a. for 24 months). The minimum deposit is $5,000 and interest is paid at maturity for terms up to 12 months.

What is the minimum deposit for a NAB term deposit?

NAB requires a minimum deposit of $5,000 to open a term deposit. There is no published maximum for standard personal term deposits.

Can I withdraw a NAB term deposit early?

Yes, but 31 days notice is required for early withdrawal and a penalty (reduction in interest rate) applies. NAB will contact you before maturity to arrange renewal or payout instructions.

NAB Term Deposit Review (2026)

Rates and details verified 3 October 2026

Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.

Best rate

5.30%

p.a. for 12 months

Minimum deposit

$5,000

to open

Early withdrawal

31 days

notice required

About NAB Term Deposits

National Australia Bank (NAB) is one of Australia's four major banks and offers term deposits from 1 month to 5 years. The current best rate is 5.30% p.a. for a 12-month term (24 months earns 5.20% p.a.), competitive with CommBank but below challenger bank rates from Judo Bank (5.45%) and AMP Bank (5.40%).

Like other big-four banks, NAB's short-term rates (3 and 6 months) trail those available from challenger banks. For customers who value the convenience of an existing NAB relationship, the 12-month rate is competitive within the big-four peer group.

Current Term Deposit Rates

Term	Rate (p.a.)	Notes
3 months	3.35%	At maturity, $5k–$99,999
6 months	3.50%	At maturity
12 months	5.30%	At maturity
24 months	5.20%	Annually for terms over 12 months

Check NAB's website for the latest rates before investing.

Pros and Cons

Pros

✓ 5.30% p.a. for 12 months (5.20% for 24 months) — competitive big-four rate
✓ Existing customers can open via NAB Internet Banking
✓ Government deposit guarantee up to $250,000
✓ No establishment or management fees
✓ Wide branch and ATM network

Cons

✗ Short-term rates (3m: 3.35%, 6m: 3.50%) low vs challengers
✗ 12-month rate below Judo (5.45%) and AMP (5.40%)
✗ 31 days notice for early withdrawal; penalty applies
✗ $5,000 minimum deposit

How It Compares

AMP Bank Term Deposit (GO)
5.40% (12 months) — $5k min — highest 12m rate
Judo Bank Personal Term Deposit
5.45% (12 months) — $1k min
ING Term Deposit
5.30% (12 months) — $10k min
CommBank Term Deposit
5.30% (12 months) — special offer, $5k min
NAB Term DepositReviewed here
5.30% (12 months) — $5k min — big-four peer to CommBank
Westpac Term Deposit
5.20% (12 months) — with online bonus, $5k min

→ Compare all term deposits

Related guides

View NAB Term Deposit →

Information verified 3 October 2026. Rates and offers subject to change. Confirm current rates on NAB's website before investing. This is not financial advice.