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Our verdict

Get more out of your retirement money with a no-fee and hassle-free transaction account.

This account has tiered interest, so you'll receive a higher interest rate if you have a larger deposit.

Pros

No monthly fees
Linked Visa debit card
Unlimited, free access to NAB ATM network

The NAB retirement account is an everyday account for older Australians that charges no monthly account keeping fees and offers interest on your funds. This account comes with a linked debit card so you can access your money whenever you need it. The interest rates below are for balances below $10,000.

Details

Key details

Product Name	NAB Retirement Account
Maximum Variable Rate	2.15% p.a.
Standard Variable Rate	0.15% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	55

Key features

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Minimum balance

You are not required to maintain a minimum balance with this account.

Monthly account keeping fees

You will never be charged any monthly account keeping fees for the NAB Retirement Account.

Accessing your account

Account access is provided to you with internet banking, phone banking, inside a NAB branch, ATMs, EFTPOS, and an optional chequebook. All of these methods of making transactions, including Bank@Post are provided to you free of charge.

Linked debit card

The Retirement Account comes with a linked Visa debit card to use when making purchases and ATM withdrawals.

Visa payWave

Your Visa debit card will come with the payWave feature which allows you to make purchases in person of under $100 without having to swipe your card.

ATM network

Pay no withdrawal fee at more than 7,000 NAB ATMs. Australian debit card holders can also access Westpac, ANZ and CBA ATMs for free.

ATM overseas

With your Visa debit card you are permitted to make overseas withdrawals at an ATM for $5 each transaction. An enquiry into your account balance costs $1 each.

Currency conversion

You will also be charged 3% of the Australian dollar amount for any purchase or withdrawal that is made in a foreign currency.

Availability

In order to qualify for this account you need to be receiving a government pension or Centrelink payments.

Tiered interest rates

This is also an interest-earning account, with rates tiered to give higher balances a better return on the investment.
Balances between $10,000 to $49,999 will earn 1.35%.
Balances between $50,000 to $249,999 will earn 1.85%.
Balances above $250,000 will earn 2.15%.

Interest payments

The interest rates are calculated on your daily balance and paid into the account quarterly.

Overdraft facility

If you qualify, you are permitted to link an overdraft facility to this account to protect you in case your purchase needs exceed your available balance.

How to apply

Eligibility

If the no fees and easy access that this account offers suits your banking style, than you can apply for the Retirement Account by calling the bank or visiting your nearest branch. Before you get started they are going to want to confirm that you are able to meet the following eligibility requirements:

Minimum age. You must be over 55 years of age.
Residency requirements. In order to be eligible for the Retirement Account you must be an Australian resident with an Australian mailing address.

Depository requirements. You will not be asked to make a minimum opening deposit.

Documentation needed

NAB also makes the recommendation that you have the following documentation with you when applying for this account:

Tax file number. You will not be obligated to provide your tax file number (TFN) or exemption code, but if you don't NAB may deduct withholding tax from your interest earnings at the highest marginal rate.
Identification. If you are new to NAB you are going to need to provide 100 points of identification. This could include your passport, driver's licence and rates notice.
Other identification. In order to prove your eligibility you will need to present your senior's card if available or your concession card.

What happens after I submit my application?

Your retirement account will be opened once all of your submitted information has been verified. In most cases this will mean that you can start making deposits immediately. The linked Visa debit card will also be issued to you, but you will need to activate it before the first use.

Sources

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Liz

March 05, 2024

I get 2% from my ordinary savings account with NAB regardless of how much is in the account . Is there any advantage in getting a NAB retirement account as it looks like you only get 1.35 or 1.85 unless he amount in there

Sarah Megginson Finder

March 06, 2024

Hi Liz,

The account currently offers up to 2.15% interest.

If you’re interested in a higher interest rate, you can get fee-free high interest savings accounts that return up to 5.5%.

See some of the current options here.

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stephen

February 17, 2023

how often do i receive a mailed out statement and is there a cost if i need a cheque book

Raj Lal Finder

March 22, 2023

Hi Stephen,

Thanks for contacting Finder.

You would need to contact NAB bank to enquire about statements being sent out and the cost of a cheque book.

Thanks

Raj

Bob Nicolson

April 02, 2019

What is the ABN of the NAB Retirement Account?

My NAB Branch is at Strathalbyn SA is this the address of the Fund?

Mai Finder

April 03, 2019

Hi Bob,

Thank you for your question.

National Australia Bank Limited’s (NAB) ABN is 12 004 044 937. About the fund address, you may want to contact NAB to check to guarantee that you will have the correct address based on your NAB Retirement account.

Hope this helps.

Kind Regards,

Mai

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Stephen

October 18, 2018

Is a NAB retirement account ever viewed as a superannuation product within an SMSF or is it always viewed as a joint savings account?

Jhezelyn Finder

October 23, 2018

Hello Stephen,

Thank you for your comment.

The NAB Retirement account is not a superannuation account and is also not a joint savings account. You may instead refer to our list of superannuation accounts. You can use our comparison table to compare super funds accounts based on performance, fees, and insurance options. Then click the ‘More info’ feature to compare admin fees, the number of members in each super fund.

Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

Regards,

Jhezelyn

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Raymond

January 25, 2017

Self funded retiree with no government pension or Centrelink payments, can l still qualify for a NAB Retirement Account?

Jason Finder

January 25, 2017

Hi Raymond,

Thank you for your enquiry.

In order to qualify for the NAB Retirement account, you need to be receiving a government pension or Centrelink payments.

However, you may apply for NAB Classic Banking account instead. You may also check out these fee-free bank account options to learn how you can further save on your financial transactions.

I hope this helps.

Kind regards,

Jason

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NAB Retirement Account

Pros

Key features

Minimum balance

Monthly account keeping fees

Accessing your account

Linked debit card

Visa payWave

ATM network

ATM overseas

Currency conversion

Availability

Tiered interest rates

Interest payments

Overdraft facility

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

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