NAB can help you reach your savings goals with flexibility.
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.
Everyday Transaction Account Offer
Enjoy $0 monthly account fees on the NAB Classic Banking account.
- Linked NAB Visa Debit card
- Free use at over 3,400 NAB and rediATMs Australia-wide
- New NAB Mobile Banking app
- Tap and pay with your card or phone – with NAB Pay for Android or
NAB PayTag for iPhones
- Protection against fraud with NAB Defence
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
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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. 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.
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.
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.Back to top
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.
- 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.