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Our verdict

Earn tiered interest up to 1.15% on every dollar in this NAB business account.

There is a $10 monthly fee for this account plus additional transaction fees, so it’s best suited for customers who make minimal transactions, but need easy access to their balance.

Pros

Tiered interest rate.
No minimum opening balance.
No ongoing deposit requirements.

Cons

$10 monthly fee applies.
In-branch transaction fees apply.
EFTPOS and electronic transactions incur a fee.

This is a transaction account suited for businesses that carry a large balance and make minimal transactions. It pays interest, so it offers the best of both worlds: an everyday account and a savings account. Your business can earn a tiered interest rate on every dollar in this account, up to 1.15% and there is easy access to your balance when needed.

Details

Key details

Product Name	NAB Business Interest Account ($10 Monthly Fee)
Monthly account fee	$10
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$4
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Key features

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Tiered interest rate up to 1.15% p.a.

You will earn a flat interest rate on all tiers which is currently 1.15% p.a..

Monthly fee

There is an ongoing $10 monthly fee.

Transaction fees

There is a range of associated transaction fees, so it's best suited for customers who make minimal transactions. The charges include $2.50 for staff-assisted deposits or withdrawals at a branch, and $0 for each electronic, point-of-sale (EFTPOS) transaction.

Unlimited ATM transactions

You get unlimited free transactions with NAB bank ATMs throughout Australia, which is convenient if you're often withdrawing cash for your business.

No minimum balance

There is no minimum balance required to open this account, and no ongoing balance requirement. However, as it has a tiered interest rate, the more money you have in the account, the more interest you'll earn.

Overdraft available

You can attach a NAB Business Overdraft to this account, subject to approval. Read the terms and conditions carefully to ensure you're able to add this feature.

Linked savings account

NAB Business Cash Maximiser can be linked to this everyday account, so that you can earn interest on balances over $10,000.

Visa Debit card

Link a Visa Debit card to this account for easy access to your balance, and for online purchases, withdrawing cash or paying with EFTPOS. Remember that there are associated transaction fees.

Banking app available

You can easily manage your business expenses on the go with NAB's mobile banking app.

Access NAB Connect

Access NAB's Internet banking platform, NAB Connect, designed specifically to meet the needs of business.

How to apply

It's important to compare the features of this account against other business banking accounts. If you don't believe this account has the features you need, compare the other accounts offered by NAB instead.

Eligibility

Minimum age. You must be at least 18 years old to apply for this account.
Business requirements. You must be the owner or director of a business, and you'll need to provide a valid Australian Business Number (ABN) or Australian Company Number (ACN).

Documentation needed

Business details. You'll need your ABN or ACN handy and your business address.
Contact details. If you are not already a NAB customer, you'll need to provide your personal and contact details.
Identification. New NAB customers will need to show two of the following forms of government ID: Australian passport, driver's licence or Medicare Card.

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NAB Business Interest Account

Pros

Cons

Key features

Tiered interest rate up to 1.15% p.a.

Monthly fee

Transaction fees

Unlimited ATM transactions

No minimum balance

Overdraft available

Linked savings account

Visa Debit card

Banking app available

Access NAB Connect

How to apply

Eligibility

Documentation needed

Sources

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