Product details
NAB's iSaver online savings account gives you free transactions and has no requirements for earning interest. Base and introductory bonus interest deliver effective returns, and you can keep using your funds without affecting your interest rate or worrying about monthly or transaction fees.
You'll receive an introductory bonus rate for the first 4 months, for a boost to your savings goals.
- 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 $20,000,000 (above $20,000,000 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:
No monthly fees
With NAB’s iSaver you pay no monthly account keeping or maintenance fees.
Free transactions
Move funds in and out of the account as needed, without incurring fees, and keep earning interest on your current balance
No minimum balance
There are no balance requirements for the iSaver Account, but there is a $20,000,000 maximum balance.
Effective base interest rates
Earn 1.20% p.a. base interest on your account balance.
Fixed bonus margin
Earn 0.70% p.a. bonus interest for the first 4 months after the account is opened.
No conditions for receiving fixed interest
There are no minimum balance requirements and no deposit requirements for receiving the fixed bonus margin for the first four months, but there is a $20,000,000 maximum balance to receive the bonus interest. This account will earn you interest without needing special attention. Balances above $20,000,000 receive the standard variable rate.
Interest payments
Your interest is calculated every day and deposited into your account once a month.
Link another account
After the initial deposit, you can only make further deposits from a linked NAB everyday account. Transaction fees may apply to this other account.
Accessibility
You are permitted to make transfers using NAB Internet Banking or NAB Telephone Banking as often as you like.
NAB app
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 1.90% p.a. for first 4 months
- $0 Account keeping fees
- Bonus interest rate applies for on balances up to $20,000,000
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 the NAB iSaver is right for you, you can complete the online signup form .
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.
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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.