NAB Classic Banking transaction account
Pay $0 monthly fees and enjoy convenient access to your money with Apple Pay, Google Pay and Samsung Pay available.
The NAB Classic Banking account is a transaction account that you can deposit money into, such as your salary, to then use for day-to-day purchases. It has no monthly account keeping fees. It also offers a range of ways to make payments, including via your NAB Visa Debit card, Apple Pay, Google Pay, Samsung Pay, direct debit and BPAY.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
|Product Name||NAB Classic Banking|
|Monthly account fee||$0|
|ATM Withdrawal Fee||$0|
|International ATM Fee||$5|
|International transaction fee||3%|
|Monthly deposit required to waive account fee||N/A|
|Contactless Payments||Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay|
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account allows you to deposit money such as your salary and use it for day-to-day spending and transactions. NAB is the only Big Four bank that doesn’t charge any monthly account keeping fees on its personal transaction account. You don’t need to meet a monthly deposit requirement either. There’s just no account keeping fee to pay.
While this account has no fees for everyday transactions in Australia, there are some fees to watch out for if you’re planning to use the card overseas. You’ll pay a $5 ATM withdrawal fee at non-NAB ATMs overseas and an international transaction fee of 3% p.a. on transactions where a currency conversion is required. If your main priority is a card that you can take when travelling, you can avoid these fees with a few other bank accounts in the market.
If you're looking for an account with flexible payment options, this account offers Apple Pay, Google Pay and Samsung Pay so you can make contactless payments with your phone, watch or wearable device. Although it’s been around for a few years now, there are still several major banks that don’t yet offer Apple Pay. It’s also worth noting that NAB has a lot of bank branches in many locations across the country, which is helpful if you do a lot of your everyday banking in-branch.
$0 monthly account keeping fees
NAB will never charge your transaction account a monthly service fee. It is the only Big Four bank that won't charge you monthly fees regardless of how much you deposit.
$0 minimum deposit requirement
There are no minimum monthly deposit requirements with the Classic Banking account.
$0 overdrawn fees
You won't need to worry about over-drawing on your account or dishonour fees. However, if you have an overdraft facility linked the funds will come out of your overdraft.
Linked Visa debit card
The Classic account comes with a NAB-issued Visa debit card. This card can be used to make purchases at locations where debit cards and Visa credit cards are accepted forms of payment.
Contactless payments – Visa payWave
This debit card feature allows you to make purchases of under $100 without entering your PIN. Simply wave the card at a terminal containing the Visa payWave symbol to make your purchase. Find out why contactless payments are safe here.
Apple Pay, Google Pay and Samsung Pay available
Link your Visa debit card to Apple Pay, Samsung Pay or Google Pay to tap and pay purchases with your phone without your debit card. NAB also offers NAB Pay for Android via the NAB app, which is NAB's own digital wallet solution and is just as secure as using your NAB Visa debit card.
To get started with NAB Pay you'll need the latest version of the NAB app for Android and a mobile running Android 5.1 with built-in NFC. All you'll need to do is click on the NAB pay button at the bottom of the app. For payments more than $100, you'll be asked to enter your PIN. This feature is not available for iPhones.
Your protection against fraud
NAB Defence is NAB's security promise to you. You'll also receive Visa Zero Liability and Verified by Visa which means you'll never be held liable for unauthorised transactions as long as you follow its terms and conditions.
Unlimited access to your money online, over the phone or within a branch
You will have unlimited access to your money through online and phone banking, EFTPOS or at a branch. You can also download the NAB app where you can check your balance instantly with NAB Quick Balance on your phone.
Unlimited NAB ATM withdrawals
Withdrawals made at NAB ATMs are unlimited and free of charge. All Australian debit cardholders can also use Westpac, CBA or ANZ ATMs for free.
Optional linked overdraft account
If you qualify, you could add a personal overdraft to your account to protect you if your purchases are more than the available balance.
Using your bank account overseas or for online shopping
If you use your Visa debit card at an ATM outside of Australia you will be charged $5 for each withdrawal plus the currency conversion fee stated below. You'll be charged $1 for any balance enquiries. Other fees could also be applied by the financial institution that owns the ATM.
There is a 3% charge on the Australian dollar amount for any purchases made in a currency other than the Australian dollar. This usually occurs when you're online shopping and purchasing in another currency.
Link to a NAB savings account
You can link to a NAB savings account to instantly transfer funds to and from each account.
How to apply
If you like the idea of a simple to manage transaction account that does not charge monthly fees, then click "go to site" to begin filling out your application for the NAB Classic account.
There are some eligibility requirements that you should meet before continuing to the secure application page:
- Your age. You must be at least 18 years old if you want to apply for the NAB Classic Banking account online.
- Your residency. You must be currently living in Australia with a verifiable physical address to be considered for a NAB Classic Banking transaction account.
- Are you a United States citizen? If you are a citizen of the United States, NAB is required to obtain your tax identification number or social security number before they may open an account on your behalf.
Once you determine that you are eligible for a Classic transaction account from NAB, gather the following documentation and continue to the application page. These will help in filling out the forms properly and quickly:
- Identification documents. If you are already an account holder with NAB, then a driver's licence or passport should serve as sufficient identification. If not an existing customer, you will need to visit a NAB branch to complete the mandatory 100 points of identification.
- Tax file number (TFN). Although not required by law, by not providing NAB with your TFN at the time of application you could be subjecting your account to the maximum marginal tax rate plus the Medicare levy.
- Account information. If you have an account with NAB already, you should supply them with the account number or your customer number when completing the application.
What happens after I submit my application?
If prepared, it should take less than 5 minutes to complete your application online. After it has been submitted, it will be reviewed within 1 minute and you will be notified if any additional steps need to be taken before they can open your account.
Once the account has been opened, you will receive an email as well as a welcome pack by regular post. Your Visa debit card will be mailed separately or can be picked up at your local NAB branch.
What if I'm a non-resident or not eligible to apply online?
If you're moving to Australia, you can open a NAB account before you arrive. Please get in touch with NAB Migrant Services to get your application started today. If none of the above situations apply to you, please get in touch with NAB directly to discuss your options.