National Australia Bank (NAB) is one of Australia's Big Four banks. Take a look at the different NAB savings accounts and bank accounts in the table below to find the right one for you.
NAB savings accounts, transaction accounts and term deposits
National Australia Bank (NAB) is one of four leading financial institutions in Australia known as the Big Four banks.
Its main competitors are Westpac, ANZ and CommBank which, along with NAB, make up the Big Four.
NAB has more than 12 million customers around the world.
When you deposit up to $250,000 in a NAB deposit account, your money is protected as a part of the Australian government guarantee.
NAB is Australia's largest business bank and a popular choice for small and medium Australian businesses.
NAB is the only Big Four bank that doesn't charge account-keeping fees on its transaction account.
NAB owns ubank and digital bank 86 400.
Different accounts offered by NAB
Being one of the biggest banks in Australia, NAB offers a large variety of bank and savings accounts, which are listed in the tables above. Here's a brief overview of the main personal accounts offered by NAB. If you're after a retirement or business specific account, take a look at the table of accounts above.
NAB Classic Banking
This is NAB's main everyday transaction account. It has no monthly account-keeping fee and no monthly deposit conditions to meet to avoid the fee either. It comes with a Visa debit card for easy access to your money.
This is the same account as the Classic Banking account, but it comes with a Platinum Visa Debit Card instead of a standard debit card. This account has a $10 monthly account fee; however, it also has extra perks and benefits including no international transaction fees and cashback on contactless purchases.
Earn bonus interest on your savings balance when you make at least 1 deposit each month without making any withdrawals. This is an account that is free from any monthly fees, yet awards you with unlimited access to your money. It currently offers a total bonus rate of 5%.
This is an online savings account with an introductory bonus rate of 5% for the first 4 months with no conditions to meet. After the introductory period is up, this rate will drop to the base rate.
The NAB Term Deposit offers fixed term lengths from 7 days to 5 years, with a fixed interest rate for the duration of the term length. Your initial investment must be at least $5,000 and the interest is calculated on a daily basis with your choice of receiving it monthly, quarterly, bi-annually or annually.
NAB offers many different ways to do your banking.
Bank branches
NAB has more than 1,000 bank branches across Australia, with 40+ in Brisbane, 80+ in Sydney and 100+ in Melbourne. Customers can go into a NAB branch for general day-to-day banking, to deposit cash or cheques, to open or close accounts or to get help and assistance. Ubank customers can also use NAB branches, as ubank has no branches of its own.
ATM network
There are more than 4,000 NAB ATMs around Australia. NAB has been reducing its ATM network for the past few years, as more people turn to online banking instead of cash. In 2019, NAB closed down almost 2,000 ATMs across Australia. At eligible NAB ATMs, you can deposit cash and cheques as well as make standard withdrawals. NAB also offers some contactless ATMs, which allow customers to withdraw cash using their phone instead of their debit card.
Bank@Post
If you need to deposit cash into your account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
NAB Internet and mobile banking
NAB Internet banking allows you to review transactions and balances, pay bills, transfer money between accounts, make BPAY payments, view and download statements or open new NAB accounts. You can also temporarily block your account or your debit card if you've misplaced it. NAB Defence is NAB's online security system, which will monitor your transactions for any that seem suspicious.
The NAB app is available for free on the Google Play or App Store. You can check your balance, set up your PayID for instant transfers, transfer between accounts or Pay Anyone, and block your card if needed.
Contactless payment options
NAB offers Apple Pay, Google Pay and Samsung Pay to customers with a NAB debit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items, instead of using your physical debit card.
Pros and cons of banking with NAB
Pros
Bank account with no fees. NAB is the only Big Four bank to offer a transaction account with no monthly account-keeping fee.
Variety of account types. NAB offers a few different bank account options and savings account options, instead of just the one.
Platinum Visa debit card. You have the choice of upgrading to a Platinum Visa Debit Card, which offers extra perks like no international transaction fees and cashback offers.
Contactless payments using your phone. NAB offers Apple Pay, Samsung Pay and Google Pay.
Bank branches and ATMs. NAB has lots of branches and ATMs across the county, so you shouldn't struggle to find a bank branch or ATM when you need one.
Negatives
Less competitive. NAB's savings account rates are less competitive than others in the market.
Fewer app features. The NAB App has fewer digital saving and budgeting features compared to other banks.
How to apply for a NAB account online
You can apply for a new NAB account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
Hi – I want to open a saver account in my SMSF.
I have $250k to invest / put on deposit.
Am I able to open an account in my smsf name and get the 4.25% interest rate?
Thanks
Brad
Hi Brad,
Based on NAB’s SMSF cash products portfolio, they don’t offer a savings products where you can earn the 4.25%. However, they offer SMSF term deposits if it interests you or check our SMSF bank accounts page for other SMSF banking products.
You can earn up to 3.05% p.a. subject to certain conditions and eligibility criteria. You can take advantage of the savings calculator on top of the page to see which account can give you the highest earned interest for a particular time period.
Alternatively, you may also consider getting a term deposit account. You may also use the term deposit calculator on the page to see which account can give you the highest earned interest for a specific time period.
Why can’t I transfer money between my classic account and my personal accounts through my internet banking which I just set up. Also why can’t I pay a bill with my classic account online
If you have recently set up your NAB internet banking, please make sure that you have linked your classic, personal, and credit card accounts to your internet banking profile.
Kindly note that in order to pay NAB Credit cards not linked to your internet banking profile, or credit cards at other financial institutions, you must use BPAY (accessed via the BILL payment function). You may also refer to our guide on paying your NAB credit card. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered on your transactions.
I need help please.
1. How to close/delete some of my NAB bank accounts that already created?
2. About NAB Reward Saver, is there any minimum amount has to be deposited each month after the first month deposit?
3. How do you count the bonus interest?
You need to visit a NAB branch to close an account.
For NAB Reward Saver, you’ll receive up to 2.55% p.a. (standard rate plus bonus rate) when you make at least one deposit of any amount and no withdrawals for the month.
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Hi – I want to open a saver account in my SMSF.
I have $250k to invest / put on deposit.
Am I able to open an account in my smsf name and get the 4.25% interest rate?
Thanks
Brad
Hi Brad,
Based on NAB’s SMSF cash products portfolio, they don’t offer a savings products where you can earn the 4.25%. However, they offer SMSF term deposits if it interests you or check our SMSF bank accounts page for other SMSF banking products.
Thanks
Raj
Why does the retirement account show a maximum rate of .25% and a .01% minimum rate?
Hi Richa,
The maximum rate represents the highest possible rate that you can get from NAB’s Retirement account.
You earn 0.25% when your balance is above $250,000.
You earn 0.15% when your balance is $50,000 to $249,999.
You earn 0.01% when your balance is $10,000 to $49,999.
I hope this helps.
Cheers,
Alison
I have two investments coming due. $20,000 and $200,000 what is the best interest rate you can offer.
Hi Trudi,
Thanks for reaching out.
The interest rate that you can get depends on the type of account you want to get.
If you are looking for a high-interest savings account, you can compare high-interest savings accounts on our website.
You can earn up to 3.05% p.a. subject to certain conditions and eligibility criteria. You can take advantage of the savings calculator on top of the page to see which account can give you the highest earned interest for a particular time period.
Alternatively, you may also consider getting a term deposit account. You may also use the term deposit calculator on the page to see which account can give you the highest earned interest for a specific time period.
Cheers,
Anndy
Why can’t I transfer money between my classic account and my personal accounts through my internet banking which I just set up. Also why can’t I pay a bill with my classic account online
Hi Senol,
Thank you for your question.
If you have recently set up your NAB internet banking, please make sure that you have linked your classic, personal, and credit card accounts to your internet banking profile.
Kindly note that in order to pay NAB Credit cards not linked to your internet banking profile, or credit cards at other financial institutions, you must use BPAY (accessed via the BILL payment function). You may also refer to our guide on paying your NAB credit card. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered on your transactions.
I hope this helps.
Best regards,
Liezl
Hi NAB/finder.com team,
I need help please.
1. How to close/delete some of my NAB bank accounts that already created?
2. About NAB Reward Saver, is there any minimum amount has to be deposited each month after the first month deposit?
3. How do you count the bonus interest?
Thank you
Hi Guen,
Thanks for your question.
You need to visit a NAB branch to close an account.
For NAB Reward Saver, you’ll receive up to 2.55% p.a. (standard rate plus bonus rate) when you make at least one deposit of any amount and no withdrawals for the month.
Cheers,
Anndy