National Australia Bank (NAB) is one of Australia's Big Four banks. Take a look at the different NAB savings accounts and bank accounts in the table below to find the right one for you.
NAB savings accounts, transaction accounts and term deposits
Quick facts about NAB
- National Australia Bank (NAB) is one of four leading financial institutions in Australia known as the Big Four banks.
- Its main competitors are Westpac, ANZ and CommBank which, along with NAB, make up the Big Four.
- NAB has more than 12 million customers around the world.
- When you deposit up to $250,000 in a NAB deposit account, your money is protected as a part of the Australian government guarantee.
- NAB is Australia's largest business bank and a popular choice for small and medium Australian businesses.
- NAB is the only Big Four bank that doesn't charge account-keeping fees on its transaction account.
- NAB owns ubank and digital bank 86 400.
Different accounts offered by NAB
Being one of the biggest banks in Australia, NAB offers a large variety of bank and savings accounts, which are listed in the tables above. Here's a brief overview of the main personal accounts offered by NAB. If you're after a retirement or business specific account, take a look at the table of accounts above.
NAB Classic Banking
This is NAB's main everyday transaction account. It has no monthly account-keeping fee and no monthly deposit conditions to meet to avoid the fee either. It comes with a Visa debit card for easy access to your money.
Read our full review of the NAB Classic Banking Account.
NAB Classic Banking with Platinum Visa Debit card
This is the same account as the Classic Banking account, but it comes with a Platinum Visa Debit Card instead of a standard debit card. This account has a $10 monthly account fee; however, it also has extra perks and benefits including no international transaction fees and cashback on contactless purchases.
Read our full review of the NAB Classic Banking with Platinum Visa Debit Card.
NAB Reward Saver
Earn bonus interest on your savings balance when you make at least 1 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. It currently offers a total bonus rate of 5%.
Read our full review of the NAB Reward Saver Account.
This is an online savings account with an introductory bonus rate of 5% for the first 4 months with no conditions to meet. After the introductory period is up, this rate will drop to the base rate.
Read our full review of the NAB iSaver Account.
NAB Term Deposit
The NAB Term Deposit offers fixed term lengths from 7 days to 5 years, with a fixed interest rate for the duration of the term length. Your 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.
Read our full review of the NAB Term Deposit.
Different ways to bank with NAB
NAB offers many different ways to do your banking.
NAB has more than 1,000 bank branches across Australia, with 40+ in Brisbane, 80+ in Sydney and 100+ in Melbourne. Customers can go into a NAB branch for general day-to-day banking, to deposit cash or cheques, to open or close accounts or to get help and assistance. Ubank customers can also use NAB branches, as ubank has no branches of its own.
There are more than 4,000 NAB ATMs around Australia. NAB has been reducing its ATM network for the past few years, as more people turn to online banking instead of cash. In 2019, NAB closed down almost 2,000 ATMs across Australia. At eligible NAB ATMs, you can deposit cash and cheques as well as make standard withdrawals. NAB also offers some contactless ATMs, which allow customers to withdraw cash using their phone instead of their debit card.
If you need to deposit cash into your account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
NAB Internet and mobile banking
NAB Internet banking allows you to review transactions and balances, pay bills, transfer money between accounts, make BPAY payments, view and download statements or open new NAB accounts. You can also temporarily block your account or your debit card if you've misplaced it. NAB Defence is NAB's online security system, which will monitor your transactions for any that seem suspicious.
The NAB app is available for free on the Google Play or App Store. You can check your balance, set up your PayID for instant transfers, transfer between accounts or Pay Anyone, and block your card if needed.
Contactless payment options
NAB offers Apple Pay, Google Pay and Samsung Pay to customers with a NAB debit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items, instead of using your physical debit card.
Pros and cons of banking with NAB
- Bank account with no fees. NAB is the only Big Four bank to offer a transaction account with no monthly account-keeping fee.
- Variety of account types. NAB offers a few different bank account options and savings account options, instead of just the one.
- Platinum Visa debit card. You have the choice of upgrading to a Platinum Visa Debit Card, which offers extra perks like no international transaction fees and cashback offers.
- Contactless payments using your phone. NAB offers Apple Pay, Samsung Pay and Google Pay.
- Bank branches and ATMs. NAB has lots of branches and ATMs across the county, so you shouldn't struggle to find a bank branch or ATM when you need one.
- Less competitive. NAB's savings account rates are less competitive than others in the market.
- Fewer app features. The NAB App has fewer digital saving and budgeting features compared to other banks.
How to apply for a NAB account online
You can apply for a new NAB account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
- You're over 18 years old
- You're an Australian resident for tax purposes
- You have an Australian phone number and residential address
- Personal details like your name, date of birth, residential address, phone number and email address
- ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
More guides on Finder
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 Cash Manager
The Cash Manager is a no fee interest bearing 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 can manage your purchases and cash withdrawals.
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