Receive up to 2.55% p.a. when you make no withdrawals and at least one deposit of any amount by the second last day of the month. The NAB Reward Saver is a bonus saver account which means there are terms and conditions to receive the bonus interest on an ongoing basis. A great tip: set up an automatic transfer every month so you don't need to worry about making the deposits. You will also receive a savings graph in your quarterly statement helping you track your progress.
If you miss a monthly deposit or have to make a withdrawal for a month, don't worry, you can still earn bonus interest for the next month.
What are the features of the NAB Reward Saver account?
NAB Reward Saver provides you with a number of features and benefits that are worth considering when looking for a savings account. You can view more NAB banking products here.
A variable interest rate of 2.55% p.a. when you make at least one deposit of any amount and make no withdrawals for the month
You can receive a total interest rate of 2.55% if you meet the conditions stated above. Otherwise, you'll earn the variable base rate of 0.50% p.a. This interest rate is variable, which means it can change as the result of changes in the RBA cash rate or other factors.
You can access your account through your local NAB branch, or through internet banking and telephone banking.
$0 opening minimum amount
There is no minimum balance or required ongoing balance.
You'll get quarterly statements that come with a graph to show you how you're going.
$0 account keeping fees
There are no monthly account or transaction fees associated with the NAB Reward Saver.
Be safe online
NAB will never email you requesting personal information, if this happens, report the email to NAB immediately.
Peace of mind
Your details are safe with encryption protection.
- Online savings with $0 monthly account fees
- You can receive 2.55% p.a. maximum interest rate.
- In order to receive bonus interest rate on you Reward Saver account, you have to make at least one deposit and no withdrawals in the month.
How do I apply for the NAB reward saver?
You can apply online and it will take less than 10 minutes. You also don't need to be a current NAB customer to apply online. If you would like to link your Reward Saver to the NAB Classic Banking account, you can choose whether you'd like black or pink Visa debit card.
Eligibility to apply online
Before you start, check if you're eligible to apply online.
- At least 18 years old
- You can apply for either an individual or joint account
Documentation for your online application
- If you're an existing NAB customer, have your NAB ID ready
- It's recommended that you provide your Tax File Number (TFN) though this isn't essential. Lodging your TFN will ensure that you're not taxed the highest marginal tax rate.
What happens after I submit my application online?
You'll receive a confirmation message and email to confirm your application was successful. A Welcome Pack will be sent to in the mail with the next steps. If you're not an existing NAB customer, you'll need to complete a 100 point identification check before you can access an account. This can be done at your local NAB branch or Bank@Post.
How much do you have to deposit in the NAB reward saver account each month to receive the maximum interest
With the NAB Reward Saver, you’ll earn the maximum variable interest (including the bonus interest of 2.05% p.a.) when you make at least one deposit and no withdrawals in the calendar month. There is no required amount for the deposit. If you don’t make a deposit or if you need to make a withdrawal in a given month, you’ll still earn the standard variable rate for that month.
Is there a maximum amount before interest rate is reduced?
The maximum amount you can have in the account is $1 million, at which point the interest rate would then revert back to the base rate which is currently 0.50% p.a.. Please note that NAB interest rates are subject to variation.
How many nab reward saver accounts can you have?
There’s no limit to the amount of NAB Reward Saver accounts you can open, so effectively you can open as many as you like.
If I open a reward saver account can I set up a monthly standing order with my classic bank account to my reward saver account?
You can set up periodic transfers from your NAB Classic Banking account (daily, weekly, fortnightly or monthly) into your Reward Saver account.
I recently tried to open this account online – as it says on the NAB website that you can open it online – and received an email the next day saying:
Thanks for your application for a NAB Reward Saver account. After reviewing your application, I can confirm that this account cannot be opened via this channel. If you wish to open this account, you’ll need to visit a NAB branch for assistance. I apologise for any inconvenience caused.
It could be that you didn’t provide enough ID, or NAB requires some more information about you regarding the application.
I’ve just opened an NAB Saver Account on 6 May 2014 and had upon opening of the account transferred an initial amount of money into the same account. The accrued interest after the first day as reflected on my internet banking account details seems to suggest that the interest rate (based on the interest accrued on daily basis) is approximately 1% per annum. My questions:-
Would i need to deposit more money into the same account within this month to be entitled to the Maximum Variable Rate or will the Bonus Variable Rate be reflected towards the end of the month (assuming no withdrawal made)? As my account was opened on 6 May 2014, will I still be entitled to the Maximum Variable Rate or must I maintain the account for a full calendar month to be entitled to the Maximum Variable Rate?
On the NAB website it states that you can “earn bonus interest on your NAB Reward Saver account when you make at least one deposit and no withdrawals in the month. Don’t worry, if you miss a monthly deposit or if you need to make a withdrawal, you will still earn a variable base interest rate that will help keep your savings ticking over.” Generally you do need to maintain the account for the full calendar month to receive the Maximum Variable Rate.
If this error keeps on happening, please contact the customer service team at NAB and they should be able to sort this out for you.
Is this account available to SMSF?
Unfortunately this account isn’t available for SMSFs, but we’ve compared some accounts which are.
Is there a maximum balance when the bonus rate will NOT apply. Your info mentions the government guarantee of $250,000 per person, is this the maximum balance allowed?
There’s no maximum amount for the bonus rate to apply. The Government Guarantee is a completely separate entity, please read this article for more information about the Government Guarantee.
Is there a minimum deposit (no withdrawals) to this account to qualify for the maximum interest rate? What is the introductory rate on top of the max. rate? and for how long is it valid?
This account has no minimum deposit amount to earn the bonus interest rate, which is added to the standard variable rate shown in the table above to give the maximum variable rate. This rate is an ongoing rate as long as you make no withdrawals and at least one deposit per month.
I’m not interested in the interest rate as such, I am looking for an account with no fee’s where can make regular deposits and rarely withdrawals. I would like to know what happens if I don’t make regular deposits and if now and again I need to make a withdrawal?
This account will only earn the ‘standard variable rate’ shown in the table above if you make a withdrawal in a month or don’t make at least one deposit in that same month. There are a number of accounts on this page which allow you to earn bonus interest if you make regular deposits with no withdrawals.