NAB Retirement Account

NAB Retirement Account

Fee Free Deposit


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
  • Free cash withdrawals at more than 7,000 NAB ATMs

Product details

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.


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

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 free transactions at more than 7,000 NAB ATMs.
Fee Free Deposit p.m.
Overseas ATM Withdrawal Fee
Overseas Eftpos Fee
Phone Banking
Internet Banking

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.
  • 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 0.36%.
    Balances between $50,000 to $249,999 will earn 0.81%.
    Balances above $250,000 will earn 1.01%.
  • 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. 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.

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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14 Responses

  1. Default Gravatar
    BobApril 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
      MaiApril 3, 2019Staff

      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,

  2. Default Gravatar
    StephenOctober 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
      JhezOctober 23, 2018Staff

      Hello Stephen,

      Thank you for your comment.

      The NAB Retirement account is not a superannuation account and is also not a joint savings account. Alternatively, you may compare superannuation accounts on this page. You can use our comparison table to compare super funds accounts based on performance, fees and insurance options. Then click ‘View details’ 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 chat box on the lower right corner of our page.


  3. Default Gravatar
    RaymondJanuary 25, 2017

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

    • Avatarfinder Customer Care
      JasonJanuary 26, 2017Staff

      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 on this link.

      I hope this helps.

      Kind regards,

  4. Default Gravatar
    LindsayJanuary 8, 2017

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

    • Avatarfinder Customer Care
      MayJanuary 10, 2017Staff

      Hi Lindsay,

      Thanks for your question.

      Yes, NAB’s fee-free bank account that you can open is NAB Classic Banking. You may also compare your other fee-free bank account options on this page.


  5. Default Gravatar
    LYNJanuary 4, 2017

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

    • Avatarfinder Customer Care
      MayJanuary 5, 2017Staff

      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.


  6. Default Gravatar
    InformationOctober 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.

    • Avatarfinder Customer Care
      ClarizzaOctober 12, 2016Staff

      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.


  7. Default Gravatar
    ClydeJuly 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.

    • Avatarfinder Customer Care
      MayJuly 27, 2016Staff

      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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