NAB Classic Banking

NAB Classic Banking

Fee Free Deposit

0

Account Keeping Fee

0.00
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You can look forward to $0 monthly fees with convenient, unlimited access to your money.

  • $0 monthly fees, $0 overdrawn fees, $0 minimum deposit
  • Tap and Pay with your Android Phone using NAB Pay
  • Unlimited access to NAB and RediATMs, the 2nd biggest ATM network in Australia

Product details

Manage your money effectively with a NAB Class banking account. It doesn't charge monthly fees with the flexibility of making withdrawals and deposits whenever you like. You can enjoy the freedom of using your NAB bank account however you like. The introduction of NAB Pay for Android means you'll never have to carry your card around again.

The NAB ATM network also includes the RediATM network. In total it's ranked as Australia's second biggest network of ATMs so you'll never be stranded without funds.

Product Name
NAB Classic Banking
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.01%
Details
$0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs.
Joint Application
Yes
Fee Free Deposit p.m.
$0
Overseas ATM Withdrawal Fee
$5
Overseas Eftpos Fee
$0
Phone Banking
Yes
Fees
$0
Internet Banking
Yes

What are the features of the NAB Classic Banking account?

NAB Classic Banking provides you with a number of features and benefits that make it worth a second glance when searching for the right transaction account.

$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. Though 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.

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 it's terms and conditions.

Tap and Pay with your Android phone

Using this is just as secure as using your NAB Visa debit card. To get started you'll need: the latest version of the NAB app for Android, a mobile running Android 4.4 (KitKat) 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.

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 and RediATM withdrawals

Withdrawals made at NAB ATMs or RediATMs are unlimited and free of charge. If you must use an ATM outside of this network, the issuing bank may charge you a fee for the service. The NAB and RediATM network is the second, biggest network in Australia.

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 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.

Currency conversion

There is a 0.00% p.a. charge on the Australia dollar amount for any purchases that is 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.

Pros

  • $0 Overdrawn fees
  • Tap and Pay with your Android Phone using NAB Pay
  • $0 Account keeping fees
  • Protected by NAB Defence with Visa Zero Liability

Cons

  • NAB Pay not available for iPhone
  • $0 international transaction fees apply
  • $5 Overseas ATM withdrawal fee

How do I apply for the NAB Classic Banking?

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 make sure that you meet before continuing to the secure application page:

Eligibility to apply online

  • 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 in order 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.

Documents for your online application

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 in order 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 apply?

If prepared, it should take less than five minutes to complete your application online. After it has been submitted, it will be reviewed within one 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 e-mail 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.

If you are looking for home loan or personal loan with NAB, we suggest having a look at this page. They’ll explain what options are available to you as well as your eligibility to qualify for a loan. However, you may be interested about pensioner loans.

For purchases, the foreign currency transaction fee is 0.00% p.a. of the Australia dollar transaction amount. For ATM withdrawals, the above fee applies plus $5 per withdrawal, plus the local ATM operator may charge its own fee. According to forums, the NAB Visa Debit card can be used in Cuba.

NAB can assist you with setting up an account, though it’s recommended that you apply within a branch.

100 points of ID usually involve submitting a number of documents worth different points values. Usually you’ll have to supply at least one primary document, which can include a birth certificate, passport or driver’s licence. You’ll also usually have to submit secondary documents, which include student cards, bank statements, medicare cards, EFTPOS cards and other documents such as school records. For more information about the requirements NAB specifically has please contact them directly.

This can be done by speaking to NAB directly, provided you have an NAB Tailored Home Loan or NAB Portfolio Facility. There are no fees for this account if the account is your Classic Banking account.

Please be mindful that finder.com.au is is a comparison service, we’re not affiliated with NAB. Please contact NAB directly to enquire about this.

You can schedule transfers online – you can withdraw cash at anytime from an ATM but you’ll need to make sure you have enough funds in your NAB Classic banking account.

Yes, if you wish to use a NAB Visa Debit card you will need to hold an eligible NAB transaction account.

There is no opening account fee for the NAB Classis Banking.

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54 Responses

  1. Default Gravatar
    LynAugust 9, 2017

    Hi, am I understanding correct that NAB do not have a banking app for iphone and can you set up a direct debit with this account?

    • Staff
      RenchAugust 9, 2017Staff

      Hi Lyn,

      Thanks for your inquiry. Please note that we are not affiliated with NAB or any company we feature on our site and so we can only offer you general advice.

      Unfortunately, this feature is not available for iPhones. The latest version of the NAB app is only available for Android, a mobile running Android 4.4 (KitKat) 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.

      And yes, you can set up a direct debit with this account.

      I suggest contacting NAB directly for further inquiries.

      Cheers,
      Rench

  2. Default Gravatar
    steveAugust 3, 2017

    Does this apply to a business savings account as well with no fees?

    • Staff
      ArnoldAugust 3, 2017Staff

      Hi Steve,

      Thanks for your inquiry.

      Yes, as long as you open a NAB Class banking account. You will incur no monthly account fees and $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs.

      Hope this information helped.

      Cheers,
      Arnold

  3. Default Gravatar
    MichaelJuly 25, 2017

    I want to apply for a Classic Banking account & they have asked for my postal address but not a P O Box number. My postal address is only a P O Box so what am I supposed to do to continue with my application?

    • Staff
      ArnoldJuly 25, 2017Staff

      Hi Micheal,

      Thanks for your inquiry.

      You may proceed with your application using your PO box number. I would suggest clarifying with NAB that your postal address is your PO Box number.

      Hope this information helped.

      Cheers,
      Arnold

    • Default Gravatar
      July 25, 2017

      It wont let me put my P O box no. in??? What do I do?

    • Staff
      ArnoldJuly 25, 2017Staff

      Hi Michael,

      Thanks for your inquiry.

      On the application page, you may try entering your physical residential address manually by clicking on the link below the box provided. (please see image) Click here

      You may also enter your work address in order to proceed with the application.

      Hope this information helped.

      Cheers,
      Arnold

  4. Default Gravatar
    NushJuly 12, 2017

    Are there any hidden fees involved with this card if all transactions are done in Australia with AUD (direct debits, fund transfers etc.)? Also is the interest paid by the bank on a yearly basis? Also could you please confirm that there’s no minimum deposit required to obtain fee free bank account?
    Thanks.

    • Staff
      DanielleJuly 16, 2017Staff

      Hi Nush,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      According to NAB, there are no fees for transactions made in AUD, interest is paid monthly on the last business day and there is no minimum deposit you need in the Classic Banking account for it to be fee free.

      I hope this helps.

      Cheers,
      Danielle

  5. Default Gravatar
    JarrydMarch 14, 2017

    Can you use this account for a business?

    ie open it under business name and have multiple cards?

    • Staff
      MayMarch 14, 2017Staff

      Hi Jarryd,

      Thank you for your question.

      I’m afraid that the NAB Classic Banking account can only be under a personal name and not a business name. Although on this page you would be able to compare the transaction accounts that can be applied under a business name.

      Hope this helps.

      Cheers,
      May

  6. Default Gravatar
    onkarMarch 6, 2017

    Can I open a classic NAB banking account on a working holiday visa?

    • Staff
      AnndyMarch 7, 2017Staff

      Hi Onkar,

      Thanks for your question.

      Yes, you may apply for NAB Classic Banking Transaction account as long as you meet its eligibility criteria which include residency in Australia with a verifiable physical address.

      You may also check this page to compare other bank accounts available to foreigners.

      Cheers,
      Anndy

  7. Default Gravatar
    JoelFebruary 2, 2017

    Can you open up a savings account without an everyday bank account? If so, which bank offers it?

    • Staff
      AnndyFebruary 2, 2017Staff

      Hi Joel,

      Thanks for your question.

      Yes, there are savings accounts which you don’t have to link to a transaction account. Please check your options here.

      Cheers,
      Anndy

  8. Default Gravatar
    LorenDecember 30, 2016

    What is the minimum age to open an account? i have a 14yr old son

    • Staff
      MayDecember 30, 2016Staff

      Hi Loren,

      Thanks for your question.

      When applying online for the NAB Classic banking account, the applicant must be at least 18 years old. In case you may like to reconsider comparing kids bank accounts, you can click this page.

      Hope this helps.

      Cheers,
      May

  9. Default Gravatar
    StephenDecember 14, 2016

    With the NAB Classic VISA Debit Card account does the card carry the “Cirrus”, “Maestro” or “Plus” symbol?

    • Staff
      MayDecember 14, 2016Staff

      Hi Stephen,

      Thanks for your question.

      Just to confirm, are you asking if the card has a “Cirrus”, “Maestro” or “Plus” logo on it? If so, I’m afraid, no. The card has a “Visa” logo on the front only and can be used anywhere where the visa is accepted.

      Cheers,
      May

  10. Default Gravatar
    MikeOctober 14, 2016

    how do I create a sub account so that I can use it as a holding account for such things as PAYG, GST etc

    • Staff
      ClarizzaOctober 17, 2016Staff

      Hi Mike,

      Thanks for your question.

      Unfortunately, NAB do not offer sub accounts. You can however open as many NAB Classic Banking Transaction accounts as you like without incurring any fees.

      Regards
      Clarizza

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