The NAB retirement account is suited for older Australians who want to get the most from their money, without having to worry about it. You never have to worry about paying monthly fees, but you still get the convenience of a versatile everyday account.
This account has tiered interest, so you'll receive a higher interest rate if you have a larger deposit.
What are the features of the NAB Retirement Account?
When considering an account for your retirement, you want to look for one that has the features you are comfortable banking with, while keeping costs to you at a minimum. Look for those features in a number of different accounts before making your decision on which is right for you:
- 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.
- Accessing your account. Account access is provided to you with internet banking, phone banking, inside a NAB branch, ATMs, EFTPOS, and an optional chequebook. All of these methods of making transactions, including Bank@Post are provided to you free of charge.
- Linked debit card. The Retirement Account comes with a linked Visa debit card to use when making purchases and ATM withdrawals.
- Visa payWave. Your Visa debit card will come with the payWave feature which allows you to make purchases in person of under $100 without having to swipe your card.
- ATM network. Pay no withdrawal fee at more than 7,000 NAB ATMs. Australian debit card holders can also access Westpac, ANZ and CBA ATMs for free.
- ATM overseas. With your Visa debit card you are permitted to make overseas withdrawals at an ATM for $5 each transaction. An enquiry into your account balance costs $1 each.
- Currency conversion. You will also be charged 3.00% of the Australian dollar amount for any purchase or withdrawal that is made in a foreign currency.
- Availability. In order to qualify for this account you need to be receiving a government pension or Centrelink payments.
- Interest rates. This is also an interest earning account, with rates tiered to give higher balances a better return on the investment.
- Interest payments. The interest rates are calculated on your daily balance and paid into the account quarterly.
- Overdraft facility. If you qualify, you are permitted to link an overdraft facility to this account to protect you in case your purchase needs exceed your available balance.
- No monthly fees
- Linked Visa debit card
- Unlimited, free access to NAB ATM network
How do I apply for the NAB Retirement Account?
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. There is no minimum age requirement, but you do have to be receiving a Centrelink payment or government pension to qualify.
- Residency requirements. In order to be eligible for the Retirement Account you must be an Australian resident with an Australian mailing address.
- Depository requirements. You will not be asked to make a minimum opening deposit.
NAB also makes the recommendation that you have the following documentation with you when applying for this account:
- Tax file number. You will not be obligated to provide your tax file number (TFN) or exemption code, but if you don’t NAB may deduct withholding tax from your interest earnings at the highest marginal rate.
- Identification. If you are new to NAB you are going to need to provide 100 points of identification. This could include your passport, driver’s licence and rates notice.
- Other identification. In order to prove your eligibility you will need to present your senior’s card if available or your concession card.
Your retirement account will be opened once all of your submitted information has been verified. In most cases this will mean that you can start making deposits immediately. The linked Visa debit card will also be issued to you, but you will need to activate it before the first use.