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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.
- Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay
- Monthly fees: $0
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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
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What 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.
- 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.
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.
What 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.
What are the positives and negatives for banking with NAB?
- 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.
- 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.
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NAB Classic Banking with Platinum Visa Debit Card
The Nab Platinum Visa debit card is packed with premium features, such as cashback offers and access to the NAB Concierge Service.
NAB Retirement Account
Make the most your fixed retirement funds by using them through an account that won't charge you any fees.
NAB Personal Overdraft
NAB Personal Overdrafts give you extra money attached to your NAB transaction account to use for day to day spending or personal investments.
NAB Cash Manager
The Cash Manager is a no fee interest bearing interim investment account for SMSFs, trusts and personal applicants.
NAB term deposit
With NAB, you are given an opportunity to actively grow your savings using terms that meet your needs.
NAB iSaver Account Review
The NAB iSaver is a simple way to manage your savings without worry. Sign on now and get the added benefit of an introductory bonus rate.
NAB Reward Saver account
You'll get an incentive to save with bonus interest from the NAB Reward Saver account.
NAB Classic Banking Transaction Account
With simplicity and no account fees, you are able to manage your every purchases and cash withdrawals.
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