NAB Retirement Account

Get more out of your retirement money with a no-fee and hassle-free transaction account.

The NAB retirement account is an everyday account for older Australians that charges no monthly account keeping fees and offers interest on your funds. This account comes with a linked debit card so you can access your money whenever you need it. The interest rates below are for balances below $10,000.

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0.36% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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Details

Product NameNAB Retirement Account
Maximum Variable Rate0.36% p.a.
Standard Variable Rate0.01%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55
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Review by


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 has tiered interest, so you'll receive a higher interest rate if you have a larger deposit.

Key features

Minimum balance

You are not required to maintain a minimum balance with this account.

Monthly account keeping fees

You will never be charged any monthly account keeping fees for the NAB Retirement Account.


How to apply

Eligibility

If the no fees and easy access that this account offers suits your banking style, than you can apply for the Retirement Account by calling the bank or visiting your nearest branch. Before you get started they are going to want to confirm that you are able to meet the following eligibility requirements:

  • Minimum age. You must be over 55 years of age.
  • Residency requirements. In order to be eligible for the Retirement Account you must be an Australian resident with an Australian mailing address.

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14 Comments

    Default Gravatar
    Bob
    April 2, 2019

    What is the ABN of the NAB Retirement Account?
    My NAB Branch is at Strathalbyn SA is this the address of the Fund?

      Avatarfinder Customer Care
      Mai
      April 3, 2019

      Hi Bob,

      Thank you for your question.

      National Australia Bank Limited’s (NAB) ABN is 12 004 044 937. About the fund address, you may want to contact NAB to check to guarantee that you will have the correct address based on your NAB Retirement account.

      Hope this helps.

      Kind Regards,
      Mai

    Default Gravatar
    Stephen
    October 18, 2018

    Is a NAB retirement account ever viewed as a superannuation product within an SMSF or is it always viewed as a joint savings account?

      Avatarfinder Customer Care
      Jhez
      October 23, 2018

      Hello Stephen,

      Thank you for your comment.

      The NAB Retirement account is not a superannuation account and is also not a joint savings account. You may instead refer to our list of superannuation accounts. You can use our comparison table to compare super funds accounts based on performance, fees, and insurance options. Then click the ‘More info’ feature to compare admin fees, the number of members in each super fund.

      Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

      Regards,
      Jhezelyn

    Default Gravatar
    Raymond
    January 25, 2017

    Self funded retiree with no government pension or Centrelink payments, can l still qualify for a NAB Retirement Account?

      Avatarfinder Customer Care
      Jason
      January 26, 2017

      Hi Raymond,

      Thank you for your enquiry.

      In order to qualify for the NAB Retirement account, you need to be receiving a government pension or Centrelink payments.

      However, you may apply for NAB Classic Banking account instead. You may also check out these fee-free bank account options to learn how you can further save on your financial transactions.

      I hope this helps.

      Kind regards,
      Jason

    Default Gravatar
    Lindsay
    January 8, 2017

    Hi – Has the NAB got a fee free account for an over 65 person who is not on any pension ?

    Default Gravatar
    LYN
    January 4, 2017

    With the NAB Retirement Acc.are you able to have Direct Debit

      Avatarfinder Customer Care
      May
      January 5, 2017

      Hi Lyn,

      Thanks for your question.

      Yes, you can set up a direct debit arrangement with the NAB Retirement Account. You have to authorise the “Debit User” to debit your account with NAB. For the general provisions surrounding the direct debit arrangement, please see below:

      1. The Debit User will provide you with their direct debit request agreement. Only Debit Users approved by a financial institution can make these arrangements on your behalf.

      2. The Debit User request may provide for the debiting of your account with any amount charged by the Debit User. You may, however, be able to limit the amount or ask that the charging be delayed until after the issuing of a billing advice to you. These arrangements are between you and the Debit User.

      Hope this helps.

      Cheers,
      May

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