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.
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.
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.
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.
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.
You will also be charged 3% of the Australian dollar amount for any purchase or withdrawal that is made in a foreign currency.
In order to qualify for this account you need to be receiving a government pension or Centrelink payments.
Tiered interest rates
This is also an interest-earning account, with rates tiered to give higher balances a better return on the investment.
Balances between $10,000 to $49,999 will earn 0.01%.
Balances between $50,000 to $249,999 will earn 0.21%.
Balances above $250,000 will earn 0.36%.
The interest rates are calculated on your daily balance and paid into the account quarterly.
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.
How to apply
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.
- 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.
What happens after I submit my application?
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.
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.
This account has tiered interest, so you'll receive a higher interest rate if you have a larger deposit.