NAB Reward Saver

NAB Reward Saver

Maximum Variable Rate


Standard Variable Rate


Up to 2.40% p.a. when you make no withdrawals and make at least one deposit by the second last banking day of the month.

  • Ongoing, variable 2.40% 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 2.40% 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
2.40% p.a.
Standard Variable Rate
0.50% p.a.
Bonus Variable Rate
1.90% 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 2.40% 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 2.40% 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.

Online security

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.

Launch savings account calculator


  • Online savings with $0 monthly account fees
  • You can receive 2.40% 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.

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58 Responses

  1. Default Gravatar
    SamNovember 17, 2018

    What day of the month is the interest applied? First? Last?

    • finder Customer Care
      NikkiNovember 20, 2018Staff

      Hi Sam,

      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.


  2. Default Gravatar
    HelenOctober 22, 2018

    How can I withdraw money from NAB smart reward saver account? Do I have to go to the bank ? What is the daily limit? I tried to transfer money from this account to another bank account, but not allow, why.

    • finder Customer Care
      JhezelynOctober 24, 2018Staff

      Hello Helen,

      Thank you for your comment.

      For your first question and second question, you won’t be able to withdraw or transfer funds from your NAB Reward Saver account until you visit your nearest NAB branch to complete a 100-point ID check. For the third question, the amount which is able to be transferred will be subject to a daily limit set by NAB. For the last question, you may need to get in touch with NAB directly so they can check your account for you.

      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
    DylanAugust 24, 2018

    I’m looking to transfer money from a NAB rewards saver account to a NAB personal account. Is this possible as when I’ve previously tried, the message “The account you’ve chosen to pay from can’t be used for this payment” comes up in red writing.

    • finder Customer Care
      JhezelynAugust 24, 2018Staff

      Hello Dylan,

      Thank you for your comment.

      Upon checking, having a NAB transaction account will you allow to quickly and easily transfer your deposit into your NAB Reward Saver each month using NAB Internet Banking or the NAB app. If you will still experience that same error when doing a transfer, best to contact NAB so they can check this for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  4. Default Gravatar
    DomMarch 27, 2018

    If I have a high interest account where I have to deposit monthly & not withdraw to obtain 0.5+2% rate, when can I withdraw some without inuring penalty on all funds in acct? Is there a window where I can make a withdrawal, say first 3 days of the month (or similar)?

    • finder Customer Care
      MayMarch 27, 2018Staff

      Hi Dom,

      Thanks for your question.

      If your account with NAB is NAB Reward Saver, when you’re making withdrawals, you will not be charged with fees but rather you will only earn the standard variable rate of 0.50% p.a. In order for you to receive the high bonus interest rate on your account, you may be required by the bank not to make any withdrawals for an extended period of time or you will be penalised for doing so. Most of the online savings accounts work this way.


  5. Default Gravatar
    VerityFebruary 18, 2018

    Does this account have a maximum amount that can be held in the account?

    • finder Customer Care
      JonathanMarch 7, 2018Staff

      Hi Verity, thanks for your inquiry.

      The minimum opening deposit is $0, thus you can have this account with $0.



  6. Default Gravatar
    kateJuly 19, 2017

    Does the deposit in the bank account to receive the bonus interest have to be from another NAB personal account in your name. or can it be you pay from employer and count as a deposit ?

    • finder Customer Care
      HaroldJuly 20, 2017Staff

      Hi Kate,

      Thank you for your inquiry.

      Bonus interest rate is applicable when you make at least one deposit and no withdrawals in the month.

      I hope this information has helped.


  7. Default Gravatar
    LMay 24, 2017


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


    • finder Customer Care
      LouMay 25, 2017Staff

      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.


  8. Default Gravatar
    cnMay 23, 2017

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

    • finder Customer Care
      LouMay 23, 2017Staff

      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.


  9. Default Gravatar
    ChiaApril 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.

    • finder Customer Care
      LouApril 5, 2017Staff

      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.

    • finder Customer Care
      HaroldApril 6, 2017Staff

      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.


  10. Default Gravatar
    NGFebruary 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?

    • finder Customer Care
      MayFebruary 13, 2017Staff

      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.


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