NAB Reward Saver

NAB Reward Saver

Maximum Variable Rate


Standard Variable Rate


Up to 2.55% p.a. when you make no withdrawals and make at least one deposit by the second last banking day of the month.

  • Ongoing, variable 2.55% p.a. when you make at least one deposit and no withdrawals for the month
  • $0 Account keeping fees
  • Unlimited transactions
  • Can link to any Australian everyday account

Product details

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, don't worry! You can still get the bonus interest for the next month if you meet the conditions again.

Product Name
NAB Reward Saver
Maximum Variable Rate
2.55% p.a.
Standard Variable Rate
0.50% p.a.
Bonus Variable Rate
2.05% p.a.
Introductory / Bonus Offer Conditions
Bonus interest rate is applicable when you make at least one deposit and no withdrawals in the month.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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.

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 vary as the result of changes in the RBA cash rate or other factors.

Accessible in many ways

You can access your account through your local NAB branch, the NAB app, or through internet banking and telephone banking.

$0 opening minimum amount

There is no minimum balance or required ongoing balance.

Quarterly statements

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. You can link this savings account to any Australian bank account. You can view more NAB banking products here.

Be safe online

NAB will never email you requesting personal information, if this happens, report the email to NAB immediately.

Peace of mind

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  • Online savings with $0 monthly account fees
  • You can receive 2.55% p.a. maximum interest rate (conditions apply)


  • In order to receive the bonus interest rate on your 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.

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.

There is no maximum amount limit, you will earn interest on the entire balance. Please note that NAB interest rates are subject to variation.

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.

You can set up periodic transfers from your NAB Classic Banking account (daily, weekly, fortnightly or monthly) into your Reward Saver account.

It could be that you didn’t provide enough ID, or NAB requires some more information about you regarding the application.

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.

Unfortunately this account isn’t available for SMSFs, but we’ve compared some accounts which are.

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.

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.

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.

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46 Responses to NAB Reward Saver Account

  1. Default Gravatar
    L | May 24, 2017


    I’m assuming you are able to transfer money between this rewards saver account and an external transaction account from another institution?


    • Staff
      Anndy | May 25, 2017

      Hi L,

      Thanks for your question.

      Yes, you may transfer money from NAB Reward Saver Account to accounts that are held with other financial institutions. The amount that you can transfer is subject to a daily limit set by NAB.


  2. Default Gravatar
    cn | May 23, 2017

    Please advise what is the maximum amount before bonus interest is not given under the Nab Reward Saver.

    • Staff
      Anndy | May 23, 2017

      Hi CN,

      Thanks for your question.

      There is no maximum amount of deposit that you can put into the account to earn the bonus interest rate. As long as you meet the eligibility criteria to receive the bonus rate, you’ll have it, regardless how much deposit you have.


  3. Default Gravatar
    Chia | April 5, 2017

    Dear Mdm,

    Im a foreigner, may I open an account thru online application? Please advise me step by step if possible and what is the relevant documents to be provided to you. Thank you.

    • Staff
      Anndy | April 5, 2017

      Hi Chia,

      Thanks for your question.

      To open a NAB Reward Saver Account, you need to be 18 or over and a permanent Australian resident.

      If you are a foreigner, looking to open an Australian savings account, you can check our guide and options on this page.


    • Default Gravatar
      | April 5, 2017

      Thank you Anndy, I would like to check whether am I eligible to open a NAB reward saving account? If not which account is suitable for foreigner? Can I also apply for internet banking? And transact on monthly basis from local Singapore bank to my NAB bank account.

    • Staff
      Harold | April 6, 2017

      Hi Chia,

      The eligibility criteria for opening a NAB Reward Saver account online are the applicant needs to be 18 years of age or older and a permanent Australian resident. For non-Australian residents you may want to consider this options.

      I hope this information has helped.


  4. Default Gravatar
    NG | February 12, 2017

    I plan to keep 10K in the account, and then transfer a small amount every month. Could you let me know if there is any minimum account I need to transfer. I read that for Bankwest it is 200 minimum/month. Is there any such thing for NAB reward saver account? Also, since you’ve mentioned that I would need a classic account to go along with this, will I be receiving a ATM card too?

    • Staff
      May | February 13, 2017

      Hi NG,

      Thank you for your question and for contacting – we financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with NAB or any company we feature on our site.

      For the NAB Reward Saver, you are not required to deposit a specific amount each month. You are free to deposit $1 or more. Moreover, if you wish to receive the bonus interest of 2.20% p.a. on the account, you will be required to make at least one deposit each month (any amount) and no withdrawals in the calendar month. Otherwise, you will earn the standard variable rate of 0.50% p.a. for that month.

      Furthermore, in order to get access to your funds from your NAB Reward Saver, you would need to link it with the NAB Classic Banking account, which comes with a NAB Visa debit card that you can use at ATMs.


  5. Default Gravatar
    Ray | January 20, 2017

    Can one person have more than one reward saver account?

    • Staff
      Anndy | January 23, 2017

      Hi Ray,

      Thanks for your question.

      There’s no limit to the number of NAB Reward Saver accounts you can open, so you can have more than one NAB saver account at the same time.

      Alternatively, if you want to compare other rewards saver accounts, please check this page.


  6. Default Gravatar
    Trevor | January 8, 2017

    Can a NAB Reward Saver account be linked to a Retirement Account?

    • Staff
      Jason | January 8, 2017

      Hi Trevor,

      Thank you for your enquiry.

      The NAB Reward Saver account cannot be linked with NAB Retirement Account. NAB Reward Saver can only be linked with a NAB Classic Banking transaction account.

      Kind regards,

  7. Default Gravatar
    David | December 19, 2016

    When I apply to open NAB Reward Saver account online, I was asked “Are you a permanent Australian resident?”. Since I am a foreign student studying in Australia, I chose no. The system then shows “You must be living in Australia to apply for an account. Non-residents, who will be moving to Australia, can apply through Migrant Banking.”

    Does it mean only permanent residents in Australia can apply for this account? Foreign student can’t?


    • Staff
      Jason | December 19, 2016

      Hi David,

      Thank you for your enquiry.

      The eligibility criteria for opening a NAB Reward Saver account online is that the applicant needs to be 18 years of age or older and a permanent Australian resident.

      Please check out this link for savings accounts that are available to non-Australian residents.

      I hope this helps.

      Kind regards,

  8. Default Gravatar
    Harold | December 4, 2016

    If I open an Reward Saver and place funds 1/2 through the month into this account – will I receive interest for 1/2 of the month? or do I need to have funds in for the whole of the month – deposit on the 1st of the month or before.
    I was told that when iSaver introductory finishes you can’t roll over into another introductory account. ???

    • Staff
      Anndy | December 5, 2016

      Hi Harold,

      Thanks for your question.

      Please note the interest on your savings account is computed daily, even if the total interest is added at the end of the month. So if you open an account in the middle of the month and meet the criteria for earning the bonus rate, your interest will be computed from the time you made the deposit.

      Please note also that 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.


  9. Default Gravatar
    Julie | November 21, 2016

    Can I make a withdrawal from the NAB Reward Saver on the last business day (or working day) of the month and still receive the bonus interest rate for that month ?

    Thank you in anticipation of your reply.

    • Staff
      Anndy | November 21, 2016

      Hi Julie,

      Thanks for your question.

      You’ll only earn the bonus interest rate when you meet the criteria which include making at least one deposit and having no withdrawals for the entire month.


  10. Default Gravatar
    anne | August 29, 2016

    Hi I am saving for a trip to Queensland for March and I want to open an account that does not allow me to access it to the second week of March.

    I would appreciate your advice.
    Thank you


    • Staff
      Clarizza | August 29, 2016

      Hi Anne,

      Thanks for your comment.

      A 6 month term deposit might be something to consider. A term deposit allows you to lock away your savings for an agreed period of time. During this time, it will earn interest at a rate specified by the term deposit product you choose to take up. Once you reach the end of your term (or what’s called maturity), you can choose to reinvest the balance or withdraw the funds. There are a few things to consider when taking up a term deposit. You can find more information about the pros and cons on our 6 month term deposit page as well as compare what’s offered by different providers.

      Another suggestion is to open a high interest savings account. With this type of savings account, you can access your funds as and when you need, as well as earn bonus interest on your savings if you meet certain requirements. You can find out more about this on our high interest savings account page.

      Please note, we are a comparison website and as such can provide general advice only.

      Hope this has helped.


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