NAB Term Deposit

My Dad is 99, frail and blind. He needed his term deposit redeemed to pay for entry to an aged care facility, and he signed a redemption request which I attempted to lodge at the Hastings branch for him. The form is quite clear in that it says it needs to be lodged only. However, after a 20 minute wait in a queue I was told no way. We need to… Read more

see your Dad with his ID. I explained he had been hospitalized and sick and was not fit to travel nor stand in a queue and I was advised that the branch does have chairs. How kind. Perhaps they have ambulances too. I was told that there is no other solution and to be on my way and that they would not process the redemption. They then locked that account and sent letters to it that cannot be accessed. I assume they are thinking I am stealing his money. However, if they would bother to look, they can see the redemption request dictates that the money goes to an account in his name. I have proceeded with complaints to NAB that have all been ignored, and am now with AFCA and no response there yet either. They have a month to respond before AFCA will do anything. Perhaps we need to engage a solicitor. So my message is this, if you can afford to wait more than a month for your money, and want to be treated like a criminal for helping your parent, then NAB is the bank for you.

Prior to a large term deposit maturing, I received an email stating, essentially, that if I did nothing, it would be rolled over on the same term and conditions (except that the rate could be slightly different.) Happy with this, I did nothing. Five months later, I discovered it had been rolled over at 1.5%. They claimed one of the many emails… Read more

they sent me referred to an "indicative" rate of 1.5%. Whatever that is. They were correct but I did not see it at the time and even if I had, I probably would have ignored it. I have term deposits with 2 other banks and they do not behave in this dishonest manner. Lost interest and penalty for pulling out is going to cost me over $20000.

Terrible – When you need urgent withdraw, they asking for too much information, screw nab

No online support once your term is fixed – I have used numerous Term Deposits with Banks, and all let you decide what you want to do at the maturity date online. I used NAB for the 1st time for a term deposit and when your money comes close to maturity, you cannot change it. Not before, not after, as they roll over your money into another term deposit of their making. (NAB even has the… Read more

gall to express that since I havent nominated what to do with my money, they have rolled it over, but, there is no way to change the maturity instructions). you have to go into the bank. At first, I thought I must have it all wrong, but 2 NAB staff agreed, this is the system. you have to come into the bank. Many customers come into the bank to get their money back, and the system simply wastes the 'Tellers' time, it even takes them 5 minutes, and my time, 15 minutes in the line. So, to get your money, you have to go to the bank. I believe the wording on their website for Term Deposits is teetering on being illegal, as it gives the impression thay you have a chance to change your maturity instructions online. I am so surprised, that after the Royal Commission, they still try not to release your money. (By the way, the bank staff were brilliant).

Obtaining a treasury rate for larger term deposit – It is very easy to get a treasury rate for larger term deposits, I just rang the NAB 131312 number, (apparently you have to ring after 11am for treasury rates) , the operator puts you on hold, they ring treasury, they give you the term 3 /6 / 12 months and their equivalent treasury rates and approval number. You can quote the approval number and… Read more

get the term deposit reinvested .Within 5 minutes they very efficiently give you a term deposit rate from treasury and an approval number.

In comparison to other banks they make this very easy and the rate they gave was also the best..so all in all it was a painless process and worth it..

Good – it's great to be able to deal with staff in the branch to set this up. nab offers special rates on their "blackboard" terms, if you want a different period of time for your term deposit the rates tend to be pretty bad. there are no fees on the term deposit. i've never had any problems good term deposit rates as long as you choose one of the… Read more

blackboard special periods of time. rates are available online which makes it easy to compare interest rates. i like that i can give td instructions over the phone when the term deposit is due to mature