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NAB Retirement Account

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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.

0.05% p.a.

Maximum variable rate

0.05% p.a.

Base interest rate

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Details

Product NameNAB Retirement Account
Maximum Variable Rate0.05% p.a.
Standard Variable Rate0.05%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age55

Expert review

Shirley Liu

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

  1. 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

  2. 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. 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.

      Regards,
      Jhezelyn

  3. 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 on this link.

      I hope this helps.

      Kind regards,
      Jason

  4. 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 ?

    • Avatarfinder Customer Care
      May
      January 10, 2017

      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.

      Cheers,
      May

  5. 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

  6. 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.

    • Avatarfinder Customer Care
      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.

      Regards,
      Clarizza

  7. 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.

    • Avatarfinder Customer Care
      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.

      Cheers,
      May

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