NAB Reward Saver account
Up to 0.55% p.a. when you make no withdrawals and make at least one deposit by the second last banking day of the month.
Receive up to 0.55% 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.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This account offers bonus interest of 0.55% each month you make no withdrawals and deposit money 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 0.05%.
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.
A variable interest rate of 0.55% 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 0.55% if you meet the conditions stated above. Otherwise, you'll earn the variable base rate of 0.05% 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.
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.
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.
How to applyYou 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.
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
- 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?
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.