Product details
The NAB iSaver Account offers a bonus interest rate of 2.55% 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.
This account offers the bonus interest for balances up to $20,000,000.
- Product Name
- NAB iSaver
- Maximum Variable Rate
- 2.55% p.a.
- Standard Variable Rate
- 0.50% p.a.
- Bonus Variable Rate
- 2.05% p.a.
- Introductory / Bonus Offer Conditions
- Introductory rate is valid for first 4 months on balances up to $20,000,000 (above $20,000,000 earns the standard interest rate).
- 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:
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 2.55% for 4 months
This account offers an introductory bonus rate of up to 2.55% for the first 4 months after opening the account. This includes a bonus rate of 2.05% p.a. on top of the standard variable rate. After this period you'll earn the standard variable interest rate of 0.50% 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
Pros
- Introductory interest of 2.55% 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 0.50% p.a. after the introductory period
- Must link to an NAB everyday account
How do you apply for the NAB iSaver?
If the NAB iSaver is right for you, you can apply online in a matter of minutes.
Eligibility to apply
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 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.
Documentation required
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.
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?
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
After 4 months of iSaver introduction rate, are you able to renew for a further 4 months 2.55% rate?
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
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?
Hello Susan,
Thank you for your inquiry.
The current standard variable rate of this product is 1.05% per annum with bonus of 0.85% for the first 4 months, making it 1.90% per annum as introductory rate.
You can check this page to see other high-interest offers that you may qualify for. We have a calculator at the top of the our comparison table for ease of reference.
It is worth reminding to review their account opening requirements and Product Disclosure Statement, prior application.
Hope this helps.
Cheers,
Jonathan
If a portion of money is withdrawn or transferred within the term of the deposit, is there a penalty on interest earnt?
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.