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 0.60% p.a., and there is easy access to your balance when needed.
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.
Features and fees
Tiered interest rate up to 0.50% p.a.
For balances over $100,000, there is tiered interest up to 0.50% p.a. On a balance of $49,999 or less, you will earn a lower 0.10% p.a. Interest, so it’s best suited for customers with high balances.
There is an ongoing $10 monthly fee.
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 $0.20 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.
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.
- Tiered interest rate.
- No minimum opening balance.
- No ongoing deposit requirements.
- $10 monthly fee applies.
- In-branch transaction fees apply.
- EFTPOS and electronic transactions incur a fee.
How to Apply?
It’s important to compare the features of this account against other business banking accounts. If you decide the NAB Business Interest Account has all the features you need, click on one of the “Apply now” links on this page. You can apply online in less than 10 minutes. If you don’t believe this account has the features you need, compare the other accounts offered by NAB instead.
- 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).
- 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.