NAB vs CommBank

Compare NAB and CBA bank accounts, savings accounts and term deposits side-by-side to see which bank is right for your everyday banking.

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NAB and Commonwealth Bank are two of Australia’s “Big Four” banks, and they both offer an extensive range of financial products and services to millions of customers. But which one has the right bank account for you? Let's find out.

How their everyday banking and saving products compare

To help you decide which bank offers the right products and services for you, let’s take a closer look at what each has to offer.

NAB vs CBA transaction accounts

If you’re looking for a basic transaction account to help you manage your everyday banking, NAB offers the Classic Banking Account and CommBank provides the Everyday Account Smart Access.

The NAB Classic Banking Account is a simple everyday banking account with no monthly account-keeping fees. It features a Visa debit card at no extra cost, and 24/7 access is provided via online and mobile banking. There are no minimum deposit or ongoing balance requirements with this account.

CommBank’s Everyday Account Smart Access is also a simple everyday transaction account designed to provide easy access to your money. A $4 monthly account-keeping fee applies, but this fee is waived if you deposit at least $2,000 a month. A debit Mastercard is also included and you can enjoy 24/7 access to your funds via online and mobile banking. Unlimited electronic transactions are also allowed.

NAB Classic Banking AccountCommBank Everyday Account Smart Access
Monthly fee$0$4 (fee waived if you deposit at least $2,000 per month)
Debit cardYes – VisaYes – Mastercard
Online banking accessYesYes
Mobile banking accessYesYes
ATM withdrawal fee$0$0

Both banks also offer special transaction accounts for pensioners and retirees, including the NAB Retirement Account and the CommBank Pensioner Security Account.

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
Commonwealth Bank Smart Access
Mastercard
$0
$2,000
$4
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.
NAB Classic Banking
Visa
$0
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.

Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
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NAB vs CBA savings accounts

Looking for an account that makes your money work harder for you? Savings accounts pay a high rate of interest on your account balance, allowing you to save towards your financial goals.

There are several different types of savings accounts available from NAB and CommBank, so let’s take a closer look at how they each stack up.

High-interest online savings accounts

The NAB iSaver Account is a high-interest online savings account that offers a base variable interest rate of 0.05% p.a. but also allows you to earn an extra 0.3% p.a. for a four-month introductory period. There are no minimum deposit or ongoing balance requirements, and no transaction or monthly account-keeping fees.

Meanwhile, CommBank’s NetBank Saver Account is an online savings account with a standard variable rate of 0.05% p.a. However, it also allows you to earn 0.28% p.a. bonus interest for a three-month introductory period. There are no transaction or account-keeping fees, nor are there restrictions on minimum deposits or balances.

NAB iSaver AccountCommBank NetBank Saver Account
Maximum interest rate0.35% p.a.0.33% p.a.
Standard variable rate0.05% p.a.0.05% p.a.
Bonus interest rate0.3% p.a.0.28% p.a.
Introductory rate period4 months (accounts up to $1 million)5 months (accounts up to $5 million)
Account-keeping fees$0$0
Transaction fees$0$0
Minimum deposits requiredNoNo
Minimum balance requiredNoneNone
Linked account requiredYesYes
Online accessYesYes
Mobile access YesYes
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
NAB iSaver
0.35%
0.05%
0.3%
$0
Introductory rate of 0.35% p.a. for 4 months, reverting to a rate of 0.05% p.a. Available on balances up to $20,000,000.
Commonwealth Bank NetBank Saver
0.33%
0.05%
0.28%
$0
Introductory rate of 0.33% p.a. for 5 months, reverting to a rate of 0.05% p.a. Available on balances up to $5,000,000.
Commonwealth Bank NetBank Saver
0.05%
0.05%
0%
$0
Introductory rate of 0.05% p.a. for 5 months, reverting to a rate of 0.05% p.a. Available on balances up to $5,000,000.
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NAB vs CBA reward/bonus saver accounts

Reward saver accounts pay bonus interest to “reward” you for satisfying special terms and conditions, for example depositing a minimum amount into your account each month.

NAB’s offering in this category is the NAB Reward Saver. This account offers a base interest rate of 0.01% p.a. but pays bonus interest of 0.29% p.a. every month you make at least one deposit but do not make any withdrawals. Other features include no monthly account or transaction fees.

CommBank’s offering is known as the GoalSaver Account. This account offers a standard variable rate of just 0.05% p.a., but you can earn bonus interest of 0.25% p.a. each month you deposit at least $0.01 and make no more than one withdrawal. There are also no monthly account-keeping fees with the GoalSaver.

NAB Reward SaverCommBank GoalSaver
Maximum interest rate0.3% p.a.0.3% p.a.
Standard variable rate0.01% p.a.0.05% p.a.
Bonus interest rate0.29% p.a.0.25% p.a.
Conditions to achieve bonus rateMake at least $1 deposit each month but do not make any withdrawalsDeposit at least $0.01 and make a maximum of 1 withdrawal per month
Monthly account feesNoNo
Transaction fees$0$0
Minimum balance $0$0

Finally, it’s also worth pointing out that CommBank offers its YouthSaver Account to customers under 17 years of age. This provides a maximum variable rate of 0.55% p.a. to account holders who make at least one deposit but do not make any withdrawals each month.

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
NAB Reward Saver
0.3%
0.01%
0.29%
$0
Ongoing, variable 0.3% p.a. when you make at least one deposit by the second last banking day of the month and make no withdrawals. Available on the entire balance.
Commonwealth Bank GoalSaver Account
0.3%
0.05%
0.25%
$0
Ongoing, variable interest rate up to 0.3% p.a. when you deposit at least $200 p/m with no withdrawals. Available on the entire balance.
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NAB vs CBA term deposits

A term deposit provides a guaranteed return on your investment, allowing you to lock away your money and earn a fixed interest rate for a set term. Both NAB and Commonwealth offer term deposits for periods ranging from one month to five years, with different interest rates available depending on the amount you deposit and the term you select. There are no monthly account fees to contend with and both banks require a minimum investment of $5,000.

The table below outlines the interest rates that apply to term deposits of $5,000 with CommBank and NAB. As you can see, the highest rate available depends on the term you choose. For example, while CommBank offers a 0.40% p.a. higher rate for one-month deposits, NAB’s rate for 36-month deposits is 1.30% p.a. higher than CommBank’s.

1 month3 months6 months12 months24 months36 months48 months60 months
NAB0.05% p.a.0.1% p.a.0.2% p.a.0.25% p.a.0.3% p.a.0.3% p.a.0.3% p.a.0.3% p.a.
CommBank0.05% p.a.0.08% p.a.0.1% p.a.0.3% p.a.0.25% p.a.0.25% p.a.0.25% p.a.0.25% p.a.
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
NAB Term Deposit
0.10%
0.10%
0.10%
0.20%
0.20%
0.25%
0.30%
Invest your money in a NAB Term Deposit and earn a fixed interest rate for the life of the term, with no setup or account fees.
This term deposit is for personal customers with deposits from $5,000.
Commonwealth Bank Term Deposit
0.08%
0.10%
0.10%
0.10%
0.10%
0.30%
0.25%
Choose between a range of term lengths from just one month to five years, and receive a fixed interest rate on your funds.
Invest from $5000 to $1,999,999.
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NAB vs CBA online and mobile banking

NAB’s portal is known as NAB Internet Banking. It allows you to keep track of your finances 24/7 and offers protection against scams through NAB Defence. You can pay bills, transfer funds, report lost or stolen cards and check your account balance and recent transaction history.

CommBank customers do their online banking through NetBank. This multi-award-winning online banking platform is designed to make it convenient and easy to manage your finances whenever you want. It allows you to do everything from paying bills and viewing online statements to transferring funds to more than 200 countries around the world. There’s also a Security Guarantee to cover losses from unauthorised transactions.

The tasks and transactions you can perform are fairly similar between the two platforms, so deciding which one is better may come down to your opinion of which one is easier to use. CommBank offers a demo NetBank account to help you sample the features on offer, while you can also read reviews of each platform and ask family and friends for their recommendations.

Mobile banking

If you conduct an increasing number of transactions from your tablet or smartphone, like millions of other Australians, it’s also important to compare the mobile banking solutions offered by NAB and CommBank.

NAB’s Mobile app offers instant transfers, bill payments and a quick balance check feature. You can also transfer money overseas, bank on your Apple Watch and find your nearest ATM or branch.

The CommBank app works on smartphones and tablets and allows you to pay bills, transfer funds, and tap and pay to make purchases with your mobile. You can also use the app to find your nearest CommBank ATM or branch.

NABCommBank
PlatformNAB MobileCommBank app
Available fromApple App Store, Google Play, Windows Phone StoreApple App Store, Google Play
Available on tabletsYesYes
Features
  • Instant transfers with NAB Flik
  • Transfer funds and pay bills within Australia
  • Transfer money overseas
  • Check your balances
  • Find your nearest branch or ATM
  • Available on Windows phones
  • Transfer money and pay bills
  • Send international money transfers
  • Tap and pay with your iPhone or Android
  • Withdraw up to $500 a day with Cardless Cash
  • Find your nearest branch or ATM

Number of branches

NAB and CommBank both operate extensive branch networks across Australia. CommBank holds a significant advantage with 1,131 branches, while NAB has 748 branch locations Australia-wide. The table below shows a state-by-state breakdown of each bank’s points of presence that offer a branch level of service.

ACTNSWNTQLDSATASVICWATOTAL
CommBank15376617961392951601,131
NAB92405157461020477748

*Table taken from Australian Prudential Regulation Authority publication Authorised Deposit-taking Institutions Points of Presence, June 2016.

Of course, the true level of a bank’s convenience is determined by the number of branches it has close to you. Both CommBank and NAB offer handy online tools to help you find your nearest branch, so use these services for a clearer picture of which bank has the strongest presence in your area.

Not sure if NAB or CBA is right for you? You can compare bank accounts, compare savings accounts and compare term deposits to see if another product suits you better.

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