NAB iSaver

NAB iSaver

Maximum Variable Rate

1.90

Standard Variable Rate

1.20

Manage your savings from a convenient online account with no ongoing fees, plus get an introductory bonus interest rate to help towards reaching your goals

  • No deposit or withdrawal requirements or limits
  • Your interest is calculated daily and paid monthly
  • No minimum balance required

Product details

The NAB iSaver is a high interest earning savings account that operates completely online. You pay no fees and there are no balance or transaction requirements in order to accumulate interest. Apply now and you will get a bonus rate on top of the standard for a fixed period of time.

Get an introductory bonus interest rate with no monthly fees.

Product Name
NAB iSaver
Maximum Variable Rate
1.90% p.a.
Standard Variable Rate
1.20% p.a.
Bonus Variable Rate
0.70% p.a.
Introductory / Bonus Offer Conditions
Introductory rate is valid for first 4 months on balances up to $1,000,000 (above $1,000,000 only earns the standard interest).
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the NAB iSaver account?

Compare the features of the NAB iSaver with other banks’ online savings products to see which one fits in best with what you are working towards:

  • Fees. With NAB’s iSaver you pay no monthly account keeping or maintenance fees.
  • Interest rate. The iSaver is a high interest savings account, applying a variable and competitive rate of interest to your balance no matter how many withdrawals you make or what your balance is.
  • Bonus interest. For balances of less than $1,000,000, a bonus interest rate is added to the standard for the first 4 months after the account has been opened.
  • Interest payments. Your interest is calculated every day and deposited into your account once a month.
  • Linked account. You will need to have a NAB everyday account, such as the NAB Classic or Gold Banking in order to link your savings account. This is the only way in which you can transfer funds into or out of the iSaver account. Keep in mind that there could be monthly fees payable for the use of the transaction account.
  • Accessibility. You are permitted to make transfers using NAB Internet Banking or NAB Telephone Banking as often as you like without incurring any fees.
  • NAB app. The NAB app gives you all the same access as online banking does, plus it helps you to find a branch or ATM in an instant. This is a free app that can be downloaded to an iPhone, iPad, Android mobile device or Windows Phone.
  • Minimum balance. There are no balance requirements for the iSaver Account.

Pros

  • Introductory interest of 1.90% p.a. for first 4 months
  • $0 Account keeping fees
  • Bonus interest rate applies for on balances up to $1,000,000

Cons

  • Interest rate drops to 1.20% p.a. after the introductory period
  • Must link to an NAB everyday account

How do you apply for the NAB iSaver?

If you find that the features of the iSaver from NAB fit in with your banking style, you can apply easily online by completing the online form. Before you are taken to the secure online application page, you just check to make sure that you are able to meet the eligibility requirements:

  • Minimum age. In order to be eligible for this account you must be at least 18 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.

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.

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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2 Responses to NAB iSaver

  1. Default Gravatar
    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?

    • Staff
      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.

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