NAB increases balance cap on iSaver account
New customers will now earn bonus interest on balances up to $20 million.
Got $20 million? NAB's iSaver account could be somewhere to store your cash, at least for a few months.
NAB today announced that new customers who open an iSaver account will be eligible to earn the introductory bonus interest on balances up to $20 million, up from the previous threshold of $1 million.
The iSaver account pays a base standard variable interest rate of 1.20% p.a and a bonus rate of 0.70% p.a. fixed for the first four months, resulting in a maximum rate of 1.90%.
Previously, customers would earn the bonus interest rate for the first four months only on their balance under $1 million - anything over this would simply earn the base interest rate.
Unlike other savings accounts which enforce monthly deposit requirements and withdrawal restrictions, NAB has no set requirements in place for earning interest on this account.
However NAB has made the bonus rate applicable to new iSaver account holders only - so you cannot simply keep re-opening accounts to earn the high rate.
If you're thinking of opening a new account or switching banks, take advantage of finder.com.au’s ultimate bank account comparisons guide to find the one that's right for you.
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