NAB iSaver Account Review

Earn 0.8% for 4 months with this flexible savings account from NAB.

The NAB iSaver Account offers a bonus interest rate of 0.8% for 4 months. There's no transaction fees and no account keeping fees, and you can make as many withdrawals from the account as needed while still earning interest.

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Shirley Liu

Last Updated Dec 31, 2020

0.80% p.a.

Maximum variable rate

0.3%p.a.

Base interest rate

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Product Name	NAB iSaver
Maximum Variable Rate	0.80% p.a.
Standard Variable Rate	0.30% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Pros

Introductory interest of 0.8% p.a. for first 4 months
$0 Account keeping fees
Bonus interest rate applies for on balances up to $20,000,000
Make withdrawals and still earn interest

Cons

Interest rate drops to 0.3% p.a. after the introductory period
Must link to an NAB everyday account

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

This account offers the bonus interest for balances up to $20,000,000.

Key features

No monthly fees

With NAB's iSaver you pay no monthly account keeping or maintenance fees.

Unlimited free transactions

Move funds in and out of the account as needed, without incurring fees, and keep earning interest on your balance.

No minimum balance

There are no balance requirements for the iSaver Account, but there is a $20,000,000 maximum balance.

Earn up to 0.8% for 4 months

This account offers an introductory bonus rate of up to 0.8% for the first 4 months after opening the account. This includes a bonus rate of 0.5% p.a. on top of the standard variable rate. After this period you'll earn the standard variable interest rate of 0.3% p.a. on your account balance.

No conditions for receiving bonus interest

There are no minimum balance requirements and no deposit requirements for receiving the introductory bonus interest rate for the first 4 months, making this account super flexible. You can withdraw money from the account and still earn interest.

Interest calculated daily

Your interest is calculated every day and deposited into your account once a month. Because it's calculated daily, this means you'll benefit from compound interest.

Link to a NAB transaction account

This account must be linked to a NAB transaction account. If you need to access the money in your iSaver Account, you can transfer the money to your linked NAB transaction account using Internet or mobile banking.

Online and app access

You can make transfers using NAB Internet Banking or NAB Telephone Banking as often as you like. Plus, the free NAB app for iPhone, iPad, Android or Windows Phone gives you all the same access as online banking does, as well as the NAB's ATM locator feature

Compare other NAB products

How to apply

If the NAB iSaver is right for you, you can apply online in a matter of minutes.

Eligibility

Before proceeding with the application, take a look at the following eligibility requirements:

Minimum age. In order to be eligible for this account you must be at least 16 years of age.
Residency requirements. Australian residents are eligible to apply for this account as well as individuals who are coming to Australia with a valid visa to study, work or live. For those individuals who are applying from outside of Australia, or who have been in the country for less than six weeks, there is a separate application form to fill out.

Depository requirements. There is no minimum amount you need to deposit in order to open this account.

Documentation needed

In addition to making sure you are eligible for the account you should also check that you have the following documentation readily available in order to help provide the correct information on the application:

Tax file number. You are under no obligation to provide your tax file number (TFN) or TFN exemption code, but by doing so you are ensuring that the withholding tax applied on your earned interest is the correct amount.
Identification. Existing NAB customers will need to provide details from a photo identification document to continue with the application while new customers will be asked to pay a visit to a local NAB branch and complete a standard 100 point ID check.
Transaction account. You are required to have a NAB transaction account in order to open the iSaver. Be prepared to provide the account name, BSB and account number on the application.

What happens after I submit my application?

After your application has been submitted and the information confirmed by NAB, you will receive a welcome pack at the address you provided containing information about your new account. If necessary, you will be asked to stop by a branch to complete certain information.

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8 Comments

John
April 4, 2019

Can you advise the cost of transfer of transferring say $50,000.00 to a Singapore bank account with another bank from a NAB savings account.

Can you advise how much for an internet transfer and an over the counter transfer of $50,000.00?

Reply
- finder Customer Care
  
  Jeni
  April 6, 2019
  
  Hi John,
  
  Thank you for getting in touch with Finder.
  
  For this large sum money transfer, it is best that you contact NAB directly for a more accurate info on this matter.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
Ray
November 17, 2018

After 4 months of iSaver introduction rate, are you able to renew for a further 4 months 2.55% rate?

Reply
- finder Customer Care
  
  Jhez
  November 30, 2018
  
  Hello Ray,
  
  Thank you for your comment.
  
  Please note that the 4-month 2.55% p.a. interest rate is an introductory offer. The interest rate is the total of 0.50% p.a.Standard Variable Rate and 2.05% p.a. Bonus Variable Rate. Unfortunately, the introductory offer of 4 months is not renewable.
  
  Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
  
  Regards,
  Jhezelyn
  
  Reply
Susan
October 16, 2017

I have funds on I-saver account. What is the maximum interest % I am earning on this account at the moment? Can you do better?

Reply
- Jonathan
  October 16, 2017
  
  Hello Susan,
  
  Thank you for your inquiry.
  
  The current standard variable rate of this product is 1.05% per annum with a bonus of 0.85% for the first 4 months, making it 1.90% per annum as an introductory rate.
  
  You can see other high-interest savings account that you may qualify for. We have a calculator at the top of our comparison table for ease of reference. Once you have chosen a particular account, you may then click on the “Go to site” button to be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
  
  It is worth reminding to review their account opening requirements and Product Disclosure Statement, prior to application.
  
  Hope this helps.
  
  Cheers,
  Jonathan
  
  Reply
Frank
February 19, 2016

If a portion of money is withdrawn or transferred within the term of the deposit, is there a penalty on interest earnt?

Reply
- finder Customer Care
  
  Shirley
  February 22, 2016
  
  Hi Frank,
  
  Thanks for your question.
  
  If you withdraw or transfer money out of your term deposit before it’s maturity, an interest penalty generally applies.
  
  For exact penalties applied to your situation, please speak to NAB directly.
  
  Hope this helps.
  
  Reply

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