NAB Reward Saver account
- Maximum variable rate
- 4.75% p.a.
- Base interest rate
- 0.10% p.a.
- Minimum deposit
- $1
Our verdict
Earn up to 4.75% p.a. when you make no withdrawals and at least 1 deposit by the second last banking day of the month.
This account offers a variable interest rate of 4.75% p.a. (consisting of a 0.1% p.a. standard variable interest rate and a 4.65% p.a. variable bonus interest rate) each month you make no withdrawals and at least 1 deposit by the second last banking day of the month. There’s no set amount you need to deposit, so this condition should be easy to meet.
If you do make a withdrawal or fail to deposit, you’ll earn the standard rate of just 0.1% p.a. for that month. So make sure you only deposit what you don’t plan to spend.
Pros
-
Earn up to 4.75% p.a. on your entire balance, with no balance cap
-
$0 monthly account fee
-
Make 1 deposit of any amount during the month to earn bonus interest
-
Track your savings goals in the NAB app
Cons
-
To earn bonus interest, you can't make any withdrawals
Details
Key details
| Product Name | NAB Reward Saver |
| Maximum Variable Rate | 4.75% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 14 |
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Your reviews
Alison Finder
Editorial Manager, Money
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Sarah Megginson Finder
June 10, 2024
Hi Fay,
Yes that’s correct; you’ll earn next to no interest that month if you do make a withdrawal.
You can review a number of different account options that offer bonus interest without a withdrawal penalty.
Hope this helps!
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John
August 08, 2023
I am a NAB customer holding different types of accounts and products with them. I’ve been living overseas the last few years, and want to open a reward saver account so i can transfer savings from my existing classic account. I’m not sure why i need to be an Australian resident to apply, when I still have all these existing NAB accounts open. Even if i did earn interest on the account, I would still declare this through my AUS annual tax return, so i find it difficult to understand why i can’t open the account while i’m living abroad.
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joseph.delaney@bigpond.com
June 08, 2023
to get 4.5% the max amount to deposit $49.999. what if I got $200.000 to deposit. How would I do that.
Alison Banney Finder
June 22, 2023
Hi Joseph, different rates apply to different balances. Currently this account has a variable interest rate of 4.75% p.a. for balances between $50,000 and $250,000.
Victor
March 10, 2023
What I about if I am from other country is it possible for me to invest?
Alison Banney Finder
March 13, 2023
Hi Victor,
You need to be an Australian resident with an Australian residential address to open this account.
Thanks,
Alison
John
March 10, 2023
What is the maximum amount that can be deposited into the account? And is the money at call at any time?
Raj Lal Finder
March 22, 2023
Hi John,
The maximum amount you can deposit into the NAB Reward Saver Account is $49,999. The account does have conditions to meet for you to earn the bonus interest including making no withdrawals each month and at least 1 deposit throughout the month.
Thanks
Raj
Fay Berriman
April 01, 2024
If from my Reward Saver i make a withdrawal at the beginning of the month (ie after the previous months interest has gone in) Do I lose the entire interest for the month I made withdrawal
Thankyou