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.
Did you know? Citi deposit accounts were closed and moved to similar NAB branded accounts on 24 February 2024
NAB savings accounts, transaction accounts and term deposits
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.
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.
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%.
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.
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.
NAB offers many different ways to do your banking.
Bank branches
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.
ATM network
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.
Bank@Post
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
Pros
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.
Negatives
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.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
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
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 634 Finder guides across topics including:
Will I be able to continue making cheque payments from my NAB retirement account
Finder
AngusSeptember 19, 2024Finder
Hi Ray, the NAB retirement account doesn’t appear to include any cheque facilities as standard. Note that cheque payments are being progressively removed in Australia and they won’t exist at all by 2027, so no matter which account you pick, you’ll need to move to direct debits or bank transfers at some point in the near future, no matter which account you’re using.
kevinMay 20, 2024
How do I open up another a\c, I wish to have another a\c to place my pension.
Finder
SarahMay 24, 2024Finder
Hi Kevin,
If you have access to internet banking, you should be able to open an account within that platform. If not, you can contact NAB on 13 22 65 for customer support.
kevinMay 20, 2024
Hi, i have an existing a\c but would like to open another, I am on a disability pension, aged 62. Do you offer an a\c for people like myself,, I wish to transfer my fortnightly payments from centre link into a new a\c. ANZ has a specific a\c for people like myself, I think it would be much easier to start a new a\c with you.
Finder
SarahMay 30, 2024Finder
HI Kevin,
You can contact NAB directly for customer support on this query – you can reach them on 13 22 65.
Best of luck!
BradMarch 22, 2023
Hi – I want to open a saver account in my SMSF.
I have $250k to invest / put on deposit.
Am I able to open an account in my smsf name and get the 4.25% interest rate?
Thanks
Brad
Finder
RajMarch 27, 2023Finder
Hi Brad,
Based on NAB’s SMSF cash products portfolio, they don’t offer a savings products where you can earn the 4.25%. However, they offer SMSF term deposits if it interests you or check our SMSF bank accounts page for other SMSF banking products.
Thanks
Raj
RichaDecember 14, 2021
Why does the retirement account show a maximum rate of .25% and a .01% minimum rate?
Finder
AlisonJanuary 26, 2022Finder
Hi Richa,
The maximum rate represents the highest possible rate that you can get from NAB’s Retirement account.
You earn 0.25% when your balance is above $250,000.
You earn 0.15% when your balance is $50,000 to $249,999.
You earn 0.01% when your balance is $10,000 to $49,999.
I hope this helps.
Cheers,
Alison
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Will I be able to continue making cheque payments from my NAB retirement account
Hi Ray, the NAB retirement account doesn’t appear to include any cheque facilities as standard. Note that cheque payments are being progressively removed in Australia and they won’t exist at all by 2027, so no matter which account you pick, you’ll need to move to direct debits or bank transfers at some point in the near future, no matter which account you’re using.
How do I open up another a\c, I wish to have another a\c to place my pension.
Hi Kevin,
If you have access to internet banking, you should be able to open an account within that platform. If not, you can contact NAB on 13 22 65 for customer support.
Hi, i have an existing a\c but would like to open another, I am on a disability pension, aged 62. Do you offer an a\c for people like myself,, I wish to transfer my fortnightly payments from centre link into a new a\c. ANZ has a specific a\c for people like myself, I think it would be much easier to start a new a\c with you.
HI Kevin,
You can contact NAB directly for customer support on this query – you can reach them on 13 22 65.
Best of luck!
Hi – I want to open a saver account in my SMSF.
I have $250k to invest / put on deposit.
Am I able to open an account in my smsf name and get the 4.25% interest rate?
Thanks
Brad
Hi Brad,
Based on NAB’s SMSF cash products portfolio, they don’t offer a savings products where you can earn the 4.25%. However, they offer SMSF term deposits if it interests you or check our SMSF bank accounts page for other SMSF banking products.
Thanks
Raj
Why does the retirement account show a maximum rate of .25% and a .01% minimum rate?
Hi Richa,
The maximum rate represents the highest possible rate that you can get from NAB’s Retirement account.
You earn 0.25% when your balance is above $250,000.
You earn 0.15% when your balance is $50,000 to $249,999.
You earn 0.01% when your balance is $10,000 to $49,999.
I hope this helps.
Cheers,
Alison