The NAB Private Tailored Package is an exclusive offer that gives Private Wealth clients access to specialised banking products such as the Gold Banking transaction account. This account arms you with a Gold Visa debit card to make purchases and withdrawals wherever Visa is accepted without having to pay any monthly fees.
Note: The NAB Gold Banking account ceased being available for new applications from 23 April 2012.
What are the features of the NAB Gold banking account?
Compare NAB’s premier transaction account with what you get from other Australian banks to help you find an account that best suits your banking needs:
- Monthly account keeping fees. NAB does not charge a monthly fee for this account.
- Minimum account balance. You are not required to maintain a minimum account balance.
- Accessibility. You have the option of using online and phone banking, EFTPOS, Bank@Post, chequebook and branch banking with this account. It’s also linked to a Gold Visa debit card, which is used to make point-of-sale, online and phone purchases as well as cash withdrawals.
- ATM network. You can use your debit card to make unlimited withdrawals at NAB and rediATMs across Australia. NAB does not charge you for using ATMs outside of this network, but you may be charged fees by the institution that owns the ATM.
- Overseas withdrawals. The Gold Visa debit card can be used at ATMs overseas, but you will be charged $5 per withdrawal and $1 for a balance enquiry. A fee of 3% of the Australian dollar amount is also charged if your transaction is made in a foreign currency. All of these fees are waived when this account is included as a part of the NAB Private Tailored Package.
- Visa payWave. Your Gold Visa debit card has Visa payWave, allowing you to make purchases of under $100 at a terminal without swiping your card or signing your name.
- Visa Entertainment. Your debit card provides access to exclusive deals on events, shows and movies through Visa Entertainment.
- Complimentary insurance. You are given complimentary insurance through the NAB Gold Visa debit card for overseas travel, purchase protection, extended warranty, price protection, interstate flight inconvenience, transport accident and domestic hotel burglary.
- Overdraft. You have the option of adding a personal overdraft to the account, if you qualify.
- Availability. NAB Private Wealth clients with a Private Tailored Package are eligible to open the Gold Banking everyday account.
- $0 monthly account fee.
- $5 fee for overseas ATMs.
- Comes with complimentary insurance such as overseas travel and purchase protection.
- Very low interest rate.
How do I apply for the NAB Gold Banking transaction account?
Private Wealth clients who wish to open a NAB Gold Banking transaction account can either contact their NAB banker or visit a branch. If you are not already a Private Wealth client, you will need to meet one of the following conditions in order to qualify:
- Banking products. You’ll need a combined amount of at least $500,000 invested in one or more NAB banking products.
- Income. An annual gross income of at least $250,000 for individuals or $350,000 for a family.
- Assets. $1 million in assets for personal investment.
Once you have become a Private Wealth customer, you’ll need the following documentation when opening the Gold Banking transaction account:
- Tax file number. Providing NAB with your tax file number (TFN) or TFN exemption code will ensure that you are not charged the highest marginal tax rate on any of your interest earning accounts.
- Identification. Acceptable forms of identification for opening an account include your driver licence, passport or Medicare card.
The NAB Private Tailored Package comes with an annual fee of $750. This fee is charged when you first enter into the package and on the annual anniversary date every year thereafter. This fee gives you access to the Gold Banking transaction account as well as concessions on some lending products and interest rates.
What's changed about this account?
This account was no longer available for new applications from 23 April 2012. From 10 August 2012, NAB Choice Package customer could not ask for their NAB Gold Banking account to be included as part of their home loan package. However, these changes do not apply to NAB Private Tailored Package customers.
How do the overseas ATM work?
From 10 August 2012, overseas fees apply to standalone NAB Gold Banking accounts including accounts that are linked to the NAB Choice Package. Overseas ATM fees will not apply to NAB Gold Banking accounts that are linked tot he NAB Private Tailored Package.
I would have overseas travel insurance when I buy airfares with gold visa debit card. How about if I would buy all holidays, included accommodation and so on?
The following insurance policies are available on your card:
- NAB Gold Overseas Travel Insurance
- NAB Gold Purchase Protection Insurance
- NAB Gold Extended Warranty Insurance
- NAB Gold Visa Debit Price Protection Insurance
- NAB Gold Visa Debit Interstate Flight Inconvenience Insurance
- NAB Gold Visa Debit Transport Accident Insurance
- NAB Gold Visa Debit Domestic Hotel Burglary Insurance
It is activated when prior to the commencement of your overseas journey,you have paid a minimum of $500 in pre paid overseas transport costs on your eligible card.
For more information, please see this PDS.
Is the gold card open to U18 who travel internationally?
This product is no longer offered on its own. It is bundled with a NAB home loan offer.
With no bank fee options available (ie; PC banking) why would you remain in a situation to be forced into having a minimum in your account to avoid banking fees? Is it because you don’t like the restriction of online banking only? or is there another reason that I don’t see?
The trade-off here is a host of features. And the minimum balance or $10 criteria is a pretty obvious way to pay (although I don’t actually know to what extent NAB makes a profit or loss on this offer) for these extra features.