National Australia Bank (NAB) is one of four leading financial institutions in Australia. Founded in Australia in 1893, NAB has now become an important part of the global banking industry, serving over 12 million customers around the world. When you deposit up to $250,000 in a NAB savings account, your money is protected as a part of the Australian Government guarantee.
NAB Bank Account Offer
$0 monthly account-keeping fee. Unlimited standard NAB electronic transactions. Tap and pay with your NAB Business Visa Debit and your smartphone using Apple Pay, NAB Pay, Samsung Pay or Google Pay.
- Monthly account fee: $0
- Linked debit card: Visa
- ATM withdrawal fee: $0
- Overseas EFTPOS fee: 3%
Compare NAB accounts below
Rates accurate as at: July 11th, 2020
About NAB
Whether you prefer to keep track of your savings online, or like to have branch access, NAB has a savings account designed for you. With competitive and bonus interest rates plus no monthly fees, you are given the opportunity to stockpile money for that rainy day purchase.
- NAB's SWIFT code: NATAAU3303M
What about the mobile app?
Image Source: App Store| Payments | View Transaction Details | Manage Your Cards |
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Back to topWhat transaction accounts are offered by NAB?
- NAB classic banking. A transaction account with no monthly minimum or fees that comes equipped with a Visa debit card for easy access to your money. If you qualify you can also add a personal overdraft for when you run short of money.
- NAB retirement account. For Australians over the age of 55 you get the convenience of a transaction account with the applied interest of a savings account. Interest rates are tiered, providing you with a higher rate for higher account balances.
- NAB personal overdraft. A linked transaction account that provides you with the flexibility to spend more money than you have in your NAB classic banking account. You can withdraw extra money up to an approved amount, provided you pay an overdraft line fee every 6 months.
You can apply for a limit from $500. If you don't have an overdraft set up on your account and wish to overspend, NAB can set up a temporary overdraft for your account, depending on your cash flow patterns. If the NAB system deems to be able to pay it back, then you may be able to use this facility and occasionally obtain a negative balance.
What high interest savings accounts are offered by NAB?
- NAB reward saver. Earn bonus interest on your savings balance when you make at least one deposit each month without making any withdrawals. This is an account that is free from any monthly fees, yet awards you with unlimited access to your money.
- NAB iSaver. This is an online account where you earn a competitive interest rate on the balance regardless of your transaction history. You benefit even more the first four months with a special introductory bonus rate on the entire balance up to $1 million.
- NAB cash manager. The cash manager is ideal for personal or investment cash, offering a competitive interest rate. You will need at least $5,000 to open the account but once open there is no minimum balance to maintain.
Back to topWhat term deposits are offered by NAB?
A term deposit is a commitment from you to not withdraw any savings until the time limit is reached. With NAB this can be anywhere from seven days to five years. The initial investment must be at least $5,000 and the interest is calculated on a daily basis with your choice of receiving it monthly, quarterly, bi-annually or annually.
Back to topWhat are the positives and negatives for banking with NAB?
Positives
- Initial deposit. You can begin most of the NAB accounts with no minimum balance.
- Fees. Take advantage of no fees to help towards building your savings.
- Bonus interest. Boost your savings with an introductory bonus interest.
- Visa debit card. Transaction accounts come with a free debit card that allows you to make purchases as if with cash.
- Contactless payments using your phone. NAB offers Apple Pay, Samsung Pay, Google pay and NAB Pay on a range of its transaction accounts.
Negatives
- Restrictions. In some cases you will need to meet certain requirements in order to be eligible for bonus interest.
- Linked account. You may be subjected to fees if you link your savings with a NAB Gold banking account.
How do I apply for NAB savings accounts?
You need to compare the accounts offered by NAB with others to make sure they suit your personal financial needs and your unique situation. If you decide one of the NAB accounts suits your needs, Australians who are 18 years of age or older can apply for NAB savings accounts online. It typically takes ten minutes to complete the application, or shorter if you already hold an account with NAB.
- Identity verification. If you are new to NAB you will have to visit a branch once the application has been submitted to complete the 100 points of identification.
- Other documentation. You may need to give NAB your tax file number (TFN) when you apply, and if you are a NAB customer, your NAB ID.
- Residency. In order to qualify for a NAB savings account you will need to be an Australian permanent resident.
It is a good idea to compare savings accounts across different banks before making your final choice. This gives you a clearer picture of all the features and benefits that could help you with your saving needs.
I have two investments coming due. $20,000 and $200,000 what is the best interest rate you can offer.
Hi Trudi,
Thanks for reaching out.
The interest rate that you can get depends on the type of account you want to get.
If you are looking for a high-interest savings account, you can compare your options on this page. You can earn up to 3.05% p.a. subject to certain conditions and eligibility criteria. You can take advantage of the savings calculator on top of the page to see which account can give you the highest interest earning for a particular time period.
Alternatively, you may also consider getting a term deposit account. You may also use the term deposit calculator on the page to see which account can give you high interest earning for a specific time period.
Cheers,
Anndy
Why can’t I transfer money between my classic account and my personal accounts through my internet banking which I just set up. Also why can’t I pay a bill with my classic account online
Hi Senol,
Thank you for your question.
If you have recently set-up your NAB internet banking, please make sure that you have linked your Classic, personal and credit card accounts to your Internet Banking profile.
Kindly note that in order to pay NAB Credit cards not linked to your Internet Banking profile, or Credit Cards at other financial institutions, you must use BPAY® (accessed via the BILL payment function).
You can read Nab Internet Banking guide on this link.
I hope this has helped.
Best regards,
Liezl
Hi NAB/finder.com team,
I need help please.
1. How to close/delete some of my NAB bank accounts that already created?
2. About NAB Reward Saver, is there any minimum amount has to be deposited each month after the first month deposit?
3. How do you count the bonus interest?
Thank you
Hi Guen,
Thanks for your question.
You need to visit a NAB branch to close an account.
For NAB Reward Saver, you’ll receive up to 2.55% p.a. (standard rate plus bonus rate) when you make at least one deposit of any amount and no withdrawals for the month.
Cheers,
Anndy
Deposits more than 5 times to my rewards savers but never withdraw will I’ll be able to earn interests?
Hi Edau,
Thanks for your question.
For NAB Reward Saver, you’ll get the bonus interest rate when you make at least one deposit and no withdrawals in the month.
Since you deposited into your account and did not make any withdrawals, you’ll be eligible to receive the 2.70% p.a. interest rate.
Cheers,
Anndy
I need to find an account that does not charge international withdrawal fees. Any suggestions, please.
Hi Romei,
Thank you for your enquiry.
Please check out this link for accounts with linked debit card that offers no overseas ATM withdrawal fees.
I hope this helps.
Kind regards,
Jason
Who is the banking manager at the NAB in Thorn Street Ipswich Branch?
Hi Philip,
Thanks for your question.
Unfortunately this information is not available to the public, we’d recommend that you speak to the branch directly.