Start a Term Deposit

A term deposit is a great way to invest your money for a set term at a fixed interest rate to get a better return on your money. To request a new term deposit you'll need a National Bank Everyday or Savings account with a minimum of $5,000.

Follow our simple step-by-step guide to starting a term deposit or print this guide and read it later.

Step 1 Getting started

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When you log in to Online Banking you’ll arrive at a page showing your account balances. From the options at the top of the page click the Apply & Open menu and select Term Deposit Request.

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Step 2 Enter the details of your term deposit

You'll arrive at the Term Deposit Request screen showing your accounts and current term deposit rates. To create a term deposit you will need to:

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Select the account that will fund the term deposit by clicking in the small circle beside the account name.

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Enter the amount you would like to put into the term deposit (minimum $5,000).

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Select the duration of the term deposit from the drop-down menu.

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You can then choose whether you want the interest payments to go back into the term deposit or into one of your National Bank accounts on Online Banking.

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You can also decide whether the principal (the amount of the initial deposit) is reinvested at the end of the term or put into your account.

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When you have entered all of the details click Next.

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Step 3 Confirm the details of your term deposit

You'll arrive at the Term Deposit Request Confirmation screen where you can check that the details you entered on the previous screen are correct.

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Before you can confirm the term deposit you must read the Investment Statement and the Term Deposit Terms and Conditions by clicking on the link.

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Once you have downloaded and read the terms and conditions you need to show you have done this by clicking in the tick box.

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When you're sure all the details are correct and you've read the fine print and ticked the box, click Confirm & request.

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Step 4 Get confirmation

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All done! You'll get a message saying that your Term Deposit Request has been sent to the Bank successfully and is subject to your funding account having sufficient Available Funds. A Term Deposit confirmation letter will be sent to you once your request is approved and processed. Now you can create another transaction, check your account balances or log off if you're finished.

Now you've seen how simple it is, have a go at learning how to set up a New Bill Payment or create an Automatic Payment.

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Can I open a term deposit in Online Banking?

Yes, you can request to open a new term deposit in Online Banking by selecting 'Term Deposit Request' from the Apply & Open menu. The minimum term deposit amount is $5,000. This is subject to you having available cleared funds in your account on the date of your request.

What rate and term of a term deposit will I be offered and can I specify the Maturity Instructions for my new term deposit?

You can view our current term deposit rates in Online Banking by selecting 'Term Deposit Request' from the Apply & Open menu. You can also let us know if you would like to add your interest payment to a term deposit or credit it to an account and if you would like for your term deposit principal amount to be reinvested or direct credited to an account.

How soon will my new term deposit be available?

You will receive confirmation of your term deposit details via a Bank Mail message in Online Banking. Your new term deposit will also be displayed in the Home screen of your Online Banking.

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