NAB Retirement Account

NAB Retirement Account

Maximum Variable Rate


Account Keeping Fee


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

  • $0 monthly account fee
  • Unlimited free internet and phone banking
  • Access to NAB and RediATM network

Product details

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.

Product Name
NAB Retirement Account
Monthly Account Fee
Debit Card Access
ATM Withdrawal Fee
Interest Rate p.a.
No monthly fees with no overdrawn fees and unlimited transactions at NAB or RediATMs.

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. In addition to ATMs in the NAB network, you are also able to make withdrawals and enquiries at any rediATM without incurring a 3rd party charge.
  • 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
  • Access to NAB and RediATM 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.


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4 Responses to NAB Retirement Account

  1. Default Gravatar
    Information | October 10, 2016

    I would like to find out about my mother’s retirement plan.i would like to send the power of attorney certified copy but unable to find an address.

    • Staff
      Clarizza | October 12, 2016

      Hi Donatella,

      Thanks for your question.

      Just to confirm, we are a general comparison website and provide general advice only. If you would like further information, we recommend looking for a service or directory online or contact NAB direct.


  2. Default Gravatar
    Clyde | July 27, 2016

    1. Are there any transaction fees charged on your Retirement Account, please?
    2. If we were to open a fixed term deposit with UBank, could the UBank account be linked to the Retirement Account?
    Thank you.

    • Staff
      May | July 27, 2016

      Hi Clyde,

      Thanks for your question.

      1. With NAB Retirement Account, there are no fees for any transaction you make via ATM (withdrawals and balance checking) or EFTPOS, internet banking, phone banking or inside a NAB branch.

      2. As UBank Term Deposit Account can be linked to any Australian everyday transaction account, then, yes, you can link your NAB Retirement Account to this term deposit account. Please note, though, that the name on your term deposit account is exactly the same name as your retirement account.


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