NAB Term Deposit Review (2026)
Rates and details verified 18 May 2026
Rates can change without notice. Last verified: 18 May 2026 (AEST). Please confirm details on the bank’s official page.
Best rate
5.20%
p.a. for 12 or 24 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 5.20% p.a. for both 12-month and 24-month terms, 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 | 5.20% | 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
- ✓ 5.20% p.a. for 12 and 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
- Judo Bank: 5.45% for 12m, $1k min — highest 12m rate
- AMP Bank: 5.40% for 12m, $5k min
- ING: 5.30% for 12m, $10k min
- CommBank: 5.20% for 12m (special offer), $5k min
- NAB: 5.20% for 12m, $5k min — big-four peer to CommBank
- Westpac: 5.10% for 12m (with online bonus), $5k min
Information verified 18 May 2026. Rates and offers subject to change. Confirm current rates on NAB's website before investing. This is not financial advice.