Term deposits 

Available via NAB?

Minimum deposit


Maximum deposit

$1,999,999 without contacting the bank

Available terms

One month to five years 

Interest paid

monthly, quarterly, half-yearly, annually, or at maturity

Fees for early withdrawal 

Term lengths

NAB offers term deposits allowing customers to lock away their cash from as little time as a month and as long as five years, earning interest monthly, quarterly, half-yearly, annually, or at maturity.

The bank offers term deposits with maturity dates in monthly increments up to two years, from which point they are offered in yearly increments. 

Deposit size

The minimum deposit a customer can lock away in an NAB term deposit is $5,000. Those using internet banking can deposit as much as $250,000. The bank’s regular rates apply to term deposits worth up to $1,999,999. It asks hopeful customers to get in touch for deposits greater than that. 

Penalties for early withdrawal

Anyone wishing to withdraw a NAB term deposit before it reaches maturity must give the bank 31 days' notice. They’ll also forfeit a portion of the interest that would have otherwise been payable. 

If a customer withdraws part or all of their term deposit before maturity, interest will be reduced on the amount they withdraw. The reduction will be based on the portion of the term remaining according to the percentages shown below:

Percentage of term remaining 

Percentage of interest paid 

0% to <20%


20% to <40%


40% to <60%


60% to <80%


80% to <100% 


For example, if you placed $100,000 into a term deposit for a 12 month term with 3% p.a. interest paid at maturity, and withdrew your funds after 200 days (just under seven months).

At the time of the withdrawal, you would have accrued $1,643.84 of interest ($100,000 * 3% * 200/365 days).

You would have withdrawn with 45.2% of the term remaining, which means 40% of the total interest is payable = $657.54. 

Thus, you would receive $100,657.54 back ($1,643.84 - $657.54 + $100,000).