NAB Reward Saver

NAB Reward Saver

Maximum Variable Rate

2.70

Standard Variable Rate

0.50

Up to 2.70% when you make at least one deposit and no withdrawals for the month.

  • Ongoing, variable 2.70% p.a. when you make at least one deposit and no withdrawals for the month
  • Must link to a NAB Classic Banking account
  • $0 Account keeping fee
  • Unlimited transactions

Product details

Receive up to 2.70% when you make at least one deposit of any amount and no withdrawals for 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.

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.

Product Name
NAB Reward Saver
Maximum Variable Rate
2.70% p.a.
Standard Variable Rate
0.50% p.a.
Bonus Variable Rate
2.20% 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
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$1
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
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, competitive interest rate of 2.70% 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 2.70% 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 could change alongside the RBA Cash Rate.

Accessibility

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

Can only be linked with a NAB Classic Banking transaction account

If you would like to open this account, you will also need to open a NAB Classic Banking transaction account to easily transfer money between accounts. There are $0 account keeping fees associated with the NAB Classic Banking account. You can view more NAB banking products.

$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. Though you are discouraged from making withdrawals as it will make you ineligible for the bonus interest for that month.

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.

Launch savings calculator

Pros

  • Online savings with $0 monthly account fees
  • You can receive 2.70% p.a. maximum interest rate.

Cons

  • 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 2.20% 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%. 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.

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30 Responses to NAB Reward Saver Account

  1. 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.

      Cheers,
      Anndy

  2. 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.

      Cheers,
      Anndy

  3. 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

    Anne

    • 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.

      Clarizza

  4. Default Gravatar
    Phil | August 4, 2016

    I am a non-resident and don’t plan to live in Australia. Can I open an NAB Reward Savings Account?

    • Staff
      Shirley | August 4, 2016

      Hi Phil,

      Thanks for your question.

      Unfortunately it’s difficult to open a NAB Reward Saver if you don’t intend to come to Australia. The best course of action would be to find a bank in your country that has ties to NAB.

      They may be able to help you open an account.

  5. Default Gravatar
    Steve | August 1, 2016

    How can i make a withdrawal from our Reward Saver account.It doesn’t appear to be one of our accounts enabled to allow a transfer to another of our accounts

    • Staff
      Clarizza | August 2, 2016

      Hi Steve,

      Thanks for your question.

      Since it is a savings account, you can’t withdraw cash direct from it. You will need to link it to a NAB transaction account such as the NAB Classic Banking account. You can then make payments and transfer funds in and out of your savings account via your NAB transaction account.

      Hope this helps.

      Clarizza

  6. Default Gravatar
    Lin | May 2, 2016

    Please tell me where I can find each months variable rates for the reward saver account.

    • Staff
      Shirley | May 2, 2016

      Hi Lin,

      Thanks for your question.

      If you’re trying to find historical interest rates for the NAB Reward Saver, please get in touch with NAB directly for these rates.

  7. Default Gravatar
    Sharron | April 20, 2016

    I’m currently with Nab I’m moving to the UK and want to keep my savings here of $300000 I will be depositing $1000 a month into my account so looking for best savings account to earn interest but able to withdraw per month for rent in uk

    • Staff
      Shirley | April 21, 2016

      Hi Sharron,

      Thanks for your question.

      Please note that if you make withdrawals from the NAB Reward Saver you lose the bonus interest for the month. If you intend of making regular withdrawals you may want to consider an introductory savings account instead.

      The process of withdrawing funds from your savings account overseas is a complex one. Most likely, you’ll need to transfer the funds to a bank account and then utilise an international money transfer to withdraw the funds in the UK. You may want to consider opening a savings account in the UK instead and transfer the funds all at once.

      If you’re insistent on keeping your savings in Australia, then you may want to consider a savings account that be can be linked to a debit card suitable for overseas travel.

      If you have any follow up questions please let us know.

  8. Default Gravatar
    wayne | March 29, 2016

    how is interest calculated on Reward Saver?

    • Staff
      Shirley | March 30, 2016

      Hi Wayne,

      Thanks for your question.

      The interest is calculated daily (based on your closing balance for the day) and paid monthly.

      To earn the bonus interest, you need to make at least one deposit and no withdrawals in a given month.

      To learn more about compound interest, please see this page.

  9. Default Gravatar
    Paul | March 9, 2016

    Once this account is open – can I make online transfer out of this account into any other account with any other financial institution in Australia.

    • Staff
      Shirley | March 9, 2016

      Hi Paul,

      Thanks for your question.

      Yes this should be possible with the NAB Reward Saver – you may be requested to transfer the funds to your linked bank account first.

    • Default Gravatar
      Paul | March 10, 2016

      Shirley,

      Thanks for your answer, but not really clear. Is it either;

      1. only transfer out via linked account only
      or 2. can I transfer freely to any other account?

      thanks Paul

    • Staff
      Shirley | March 10, 2016

      Hi Paul,

      Thanks for your response.

      Apologies if I wasn’t clear, it’s option 2.

  10. Default Gravatar
    Dawni | March 8, 2016

    does this account have maximum funds i.e. Bankwest only pay 2.15% to $250,000.

    is this the case with this account?

    • Staff
      Shirley | March 9, 2016

      Hi Dawni,

      Thanks for your question.

      No, the bonus rate is available on the whole balance for the NAB Reward Saver.

      Hope this helps.

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