The NAB Reward Saver is a bonus savings account that rewards you with a higher interest rate when you continue to grow your savings. All you need to do to earn the total variable 5% p.a. interest rate is make no withdrawals and at least 1 deposit by the second last banking day of the month (this is any day that’s not a weekend or public holiday).
NAB Reward Saver account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- Minimum deposit
This account offers a variable bonus interest rate of 5% p.a. each month you make no withdrawals and at least 1 deposit throughout the month. There’s no set amount you need to deposit which makes this account quite flexible, however the strict withdrawal restrictions could make it difficult to earn the bonus rate. If you do make a withdrawal or fail to deposit any month in the month, you’ll earn the standard rate of just 0.35%.
In terms of the interest on offer, you can get a much better rate elsewhere while also being able to make withdrawals when you need to.
However, if you’ve got another NAB banking product and want to open a savings account with the same bank to easily track your finances in the one place, this could be a good option. Just make sure you only deposit what you don’t plan to spend, otherwise you’ll earn next to no interest if you do make a withdrawal. If you find yourself regularly dipping into your savings for impulse purchases, the strict withdrawal conditions could actually motivate you to keep your savings in place.
$0 monthly account fees
Make 1 deposit of any amount during the month to earn bonus interest
To earn bonus interest, you can't make any withdrawals
Interest rate is lower than other savings accounts in the market
|Product Name||NAB Reward Saver|
|Maximum Variable Rate||5.00% p.a.|
|Standard Variable Rate||0.35% p.a.|
|Monthly Account Fee||$0|
|Minimum Opening Deposit||$0|
Earn a total variable interest rate of 5% p.a.
You can earn a total variable interest rate of 5% p.a. each month you make no withdrawals and at least 1 deposit of any amount. You need to make your deposit by the second last banking day of the month, which is any day that's not a weekend or public holiday, in order to be eligible for bonus interest.
If you don't meet the conditions one month you'll earn the variable base rate of 0.35% p.a..
The interest rate is variable, which means it can change at any time.
Accessible in many ways
You can access your account through your local NAB branch, the NAB app, or online through Internet banking.
$0 opening minimum amount
There is no minimum balance or required ongoing balance.
You'll get account statements every 6 months that come with a graph to show you how you're tracking with your savings.
$0 account keeping fees
There are no monthly account or transaction fees associated with the NAB Reward Saver.
How to applyYou can apply online or in the NAB app in less than 10 minutes. You also don't need to be a current NAB customer to apply online.
Eligibility to apply online
Before you start, check if you're eligible to apply online.
- At least 14 years old
- You're an Australian resident for tax purposes
- You can apply for either an individual or joint account
- If you're an existing NAB customer, have your NAB ID ready
- If you're a new NAB customer, you'll need to provide at least one of the following: Australian passport; Foreign passport; Australian driver's licence; or a Medicare card. If you're under 18 you'll need to provide 2 forms of ID from this list.
- 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?
If you've opted in to electronic communication you'll receive a confirmation message and a welcome pack via email. If you haven't opted in to electronic communication you'll need to visit a NAB branch to provide proof of your identity.
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August 08, 2023
I am a NAB customer holding different types of accounts and products with them. I’ve been living overseas the last few years, and want to open a reward saver account so i can transfer savings from my existing classic account. I’m not sure why i need to be an Australian resident to apply, when I still have all these existing NAB accounts open. Even if i did earn interest on the account, I would still declare this through my AUS annual tax return, so i find it difficult to understand why i can’t open the account while i’m living abroad.
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June 08, 2023
to get 4.5% the max amount to deposit $49.999. what if I got $200.000 to deposit. How would I do that.
Alison Banney Finder
June 22, 2023
Hi Joseph, different rates apply to different balances. Currently this account has a variable interest rate of 4.75% p.a. for balances between $50,000 and $250,000.
March 10, 2023
What I about if I am from other country is it possible for me to invest?
Alison Banney Finder
March 13, 2023
You need to be an Australian resident with an Australian residential address to open this account.
March 10, 2023
What is the maximum amount that can be deposited into the account? And is the money at call at any time?
Raj Lal Finder
March 22, 2023
The maximum amount you can deposit into the NAB Reward Saver Account is $49,999. The account does have conditions to meet for you to earn the bonus interest including making no withdrawals each month and at least 1 deposit throughout the month.
November 16, 2018
What day of the month is the interest applied? First? Last?
November 20, 2018
Thanks for getting in touch. The NAB Reward Savers account’s interest rate is calculated daily and paid monthly. It’ll be calculated at the total rate if you make at least one deposit before the second last banking day of that month and no withdrawals during that month, or, if you haven’t, you’ll still get your variable base rate.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
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