National Australia Bank Term Deposit

A term deposit investment is an easy way to keep your savings safe, while at the same time making sure that they continue to grow, investing your savings in a term deposit you can even create a new income stream. However, to make sure can make the most from your term deposit investment and that your savings really are safe, you need to make sure you choose the right term deposit account and to help with your comparisons, you may want to consider the National Australia Bank term deposit account.

Features of a NAB Term Deposit Account

The National Australia Bank is one of Australia’s Big Four banks, but just because NAB is one of the country’s biggest banks, it doesn’t mean that their term deposit accounts are perfect for your needs. Instead, choose a NAB term deposit account based on whether their features meet your needs:

Your choice of terms from one month to five years. Just because you can’t afford or don’t feel comfortable in investing for a long period of time, doesn’t mean you can’t enjoy the benefits of a term deposit account. You can choose any term which suits you and your needs, you might invest your house deposit for one month while you wait for settlement of the sale, or invest some of your savings for 12 months to keep them safe (from being spent) while you take a gap year after school.
Choose your interest returns as income or a lump sum. When you invest more than $5,000 for more than 12 months you can choose to have your interest paid monthly, quarterly, six monthly or yearly. This can supplement your income and ease the stretch of not having access to your investment. Alternatively, if you want to earn the highest interest rate on your investment and you can live without an interest income, you can choose to have all your interest paid at maturity.
A minimum investment amount of $1,000. Having a minimum investment amount of just $1,000 the National Australia Bank term deposits are very accessible for young people who are looking for a way to boost their savings, for those looking to enter the investments market but not sure where to start, or those with only a little of their savings to spare and who want to make the most of it.
The option to trade up your interest rate during your term. The NAB term deposits have a unique feature where you have the opportunity to take advantage of an interest rate rise which occurs during your term. Ordinarily you have to lock away your investment and your interest rate from the beginning of the term, bargaining on the fact that rates won’t rise above your own during that term. However, NAB will let you trade up your interest rate if they raise their SVR during your term, with conditions which depend on your term and investment amount.
Apply over the phone or in branch for free. To open and use a NAB term deposit is entirely fee free and you have the option to complete an application over the phone, or visit a branch to discuss your investment options in person.

Compare the NAB term deposit interest rates:

Interest rate examples on a $5,000 investment, with interest paid at maturity.
You can earn 3.15% interest on a one month investment.
You can earn 6.00% interest on a one year investment.
You can earn 6.75% interest on a five year investment.

Benefits of Flexibility in a Term Deposit

The National Australia Bank term deposits have flexibility in their choices and during their terms and not all term deposit providers offer such flexibility. While a term deposit is a fixed investment, you may be able to benefit from the flexibility of a NAB term deposit and being investing where you previously thought it impossible:

The flexible choices help you make the right decision from the start. Investing your money in a fixed term deposit is an important decision because to make the most out of your investment you need to leave your funds locked away. Therefore, if you have the choice of terms, investment amounts and interest payment options, you can choose the variables of a term deposit account which best suit you, and which give you the best chance to keep your money invested and earning maximum interest.
You have the option to upgrade your interest rate. This can be a useful feature of a term deposit account for you to have if you are worried about missing out on future rate rises. You need to state in your application you want to include the trade up feature in your National Australia Bank term deposit account, but you then have the option to upgrade to a higher interest rate if rates rise during your term. It is also quite likely that rates will rise if you are locking in a deposit for a medium to long term investment as official rates are only just beginning to return to normal levels and still have a way to go.

To compare more of the top term deposit accounts available, or to start an application for a NAB term deposit account, view the Savings Account Finder™ comparison tables here; you can compare the best term deposits in Australia and follow our secure links directly to the providers’ websites to find out more or sign up today.