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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.

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 look at all the major product offers from both banks:

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 Monthly fee Govt. Guarantee Own network ATM fee Card type
Commonwealth Bank Smart Access
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$4
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
More Info
NAB Classic Banking
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
More Info
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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 2% p.a. but also allows you to earn an extra 3% p.a. for a 4-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 2.35% p.a. However, it also allows you to earn 2.75% p.a. bonus interest for a 3-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 rate5% p.a.5.1% p.a.
Standard variable rate2% p.a.2.35% p.a.
Bonus interest rate3% p.a.2.75% 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 Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
NAB iSaver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank NetBank Saver
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
2.35%
Intro Period
5 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Commonwealth Bank NetBank Saver
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
2.35%
Intro Period
5 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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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 0.35% p.a. but pays bonus interest of 4.65% p.a. every month you make at least 1 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 0.4% p.a., but you can earn bonus interest of 4.5% p.a. each month you deposit at least $0.01 and make no more than 1 withdrawal. There are also no monthly account-keeping fees with the GoalSaver.

NAB Reward SaverCommBank GoalSaver
Maximum interest rate5% p.a.4.9% p.a.
Standard variable rate0.35% p.a.0.4% p.a.
Bonus interest rate4.65% p.a.4.5% 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 5% p.a. to account holders who make at least 1 deposit but do not make any withdrawals each month.

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
NAB Reward Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.35%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • 1 deposit
  • No withdrawals
View details
Commonwealth Bank GoalSaver Account
Maximum Variable Rate p.a.
4.90%
Standard Variable Rate p.a.
0.40%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
  • No withdrawals
View details
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NAB vs CBA home loans

Both banks are two of the biggest lenders in the country, offering many different mortgage products for owner-occupiers and investors.

Both lenders offer competitive interest rates. In fact, their lowest rates are often identical. And the two lenders often have similar cashback offers for refinancers.

Compare CBA home loans

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$958
Principal & Interest 3Y Fixed10% min. depositInvestment
Interest Rate
6.64%
Comparison Rate
8.41%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$963
Principal & Interest30% min. depositOwner-occupier
Interest Rate
6.69%
Comparison Rate
6.70%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$968
Principal & Interest20% min. depositOwner-occupier
Interest Rate
6.79%
Comparison Rate
6.80%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$978
Interest only 1Y Fixed10% min. depositInvestment
Interest Rate
6.64%
Comparison Rate
8.80%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$963
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Compare NAB home loans

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8.04%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$958
Principal & Interest 1Y Fixed5% min. depositOwner-occupier
Interest Rate
6.69%
Comparison Rate
8.35%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$968
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
8.18%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$958
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NAB vs CBA credit cards

As with home loans, both banks have a range of credit cards, including low rate, low fee and rewards cards as well as business and corporate credit cards.

NAB credit cards

  • Low rate. NAB has several low-rate cards with 0% interest-free periods for balance transfers. The NAB StraightUp card charges no interest and instead has a monthly fee.
  • Points. NAB has frequent flyer cards that let you earn bonus Qantas points, and rewards credit cards as part of the NAB Rewards program.
  • Business cards. NAB offers multiple business credit cards, some that let you earn Qantas Points or NAB rewards.

Learn more about NAB's credit cards.

CBA credit cards

  • Low rate. CommBank offers low-rate credit cards and a no-interest card, Neo Card, which charges a monthly fee instead.
  • Points. CommBank has multiple cards that let you earn CommBank Award Points or Qantas Points, with various tiers that can unlock more points.
  • Business cards. You can also get various business credit cards that have low rates, points and other benefits.

Learn more about Commonwealth Bank credit cards.

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 CommBank offer term deposits for periods ranging from 1 month to 5 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 1-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
NAB1.25% p.a.3.5% p.a.3.8% p.a.4.7% p.a.4% p.a.3.8% p.a.3.8% p.a.3.8% p.a.
CommBank1.2% p.a.3.45% p.a.3.7% p.a.4.55% p.a.3.95% p.a.3.95% p.a.3.95% p.a.3.95% 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
3.50%
3.60%
3.70%
3.80%
3.80%
4.70%
4.00%
More Info
Commonwealth Bank Term Deposit
3.45%
3.50%
3.60%
3.70%
3.75%
4.55%
3.95%
More Info
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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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