NAB Reward Saver

NAB Reward Saver

Maximum Variable Rate


Standard Variable Rate


Receive an incentive to save every month with bonus interest.

  • Unlimited transactions
  • $0 monthly service fees
  • $0 minimum opening balance

Product details

Make at least one deposit in the month and no withdrawals in the month to earn a bonus interest rate of up to 2.20% p.a.

If you miss a monthly deposit or have to make a withdrawal, 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
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?

  • Competitive interest rate. You can receive to 2.20% p.a. if you meet the conditions stated above. Otherwise, you'll earn the variable base rate of 0.50% p.a.
  • Accessibility. You can access your account through your local NAB branch, or through internet banking and telephone banking.
  • Flexible opening minimum. There is no minimum balance, or required ongoing balance.
  • Statement frequency. You'll get quarterly statements that come with a graph to show you how you're going.
  • No ongoing fees. There are no monthly account or transaction fees. 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.
  • Security. Online applicant's details are safe with encryption protection.


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


  • 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?

To apply for this account, click on the green 'Go to Site' button above this page. You can apply online right now and it will take less than 10 minutes. You also don't need to be a current NAB customer 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.


  • If you're an existing NAB customer, have you 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 the 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.


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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26 Responses to NAB Reward Saver Savings Account

  1. 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.


  2. 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.

  3. 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.


  4. 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.

  5. 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.

  6. 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.

  7. 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


      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.

  8. 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.

  9. Default Gravatar
    Renee | March 3, 2016

    What is the maximum I can withdraw from the Reward Saver a/c…eg$1000.00 daily limit or more? Also is there a fee for going into branch and obtaining a Bank Cheque.

    • Staff
      Shirley | March 7, 2016

      Hi Renee,

      Thanks for your question.

      There’s no maximum you can withdraw from the Reward Saver. There is no cheque issue fee associated with this account, though your NAB teller will let you know if there are any fees in advance.

      Hope this helps.

  10. Default Gravatar
    Judy | March 2, 2016

    Is interest paid monthly on the reward saver account?

    • Staff
      Shirley | March 2, 2016

      Hi Judy,

      Thanks for your question.

      Yes it is.

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