NAB savings accounts

4.0
Based on 5,122 NAB savings account product reviews.
Fact Checked
Last updated

Overview

NAB is one of Australia’s ‘big four banks’, offering savings account options that cater to different needs. Whether you’re looking to build an emergency fund, save for a big purchase, or want somewhere to stash investment funds, NAB has something to fit the bill. 

Their offerings include the NAB Reward Saver, which rewards you for regular deposits; the NAB iSaver, offering greater flexibility for easy access to your funds; and the Cash Manager account, to help keep everydays savings separate from your investing capital.

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Editor's pick: NAB Reward Saver

Reward Saver

Standard rate
0.35 % p.a.
(for $1 and over)
Maximum rate
5.00 % p.a.
(for $1 and over)
To earn the bonus interest, you must make no withdrawals and at least one deposit in the month (NAB need to receive the deposit on or before the second last banking day of the month).
Link not supplied
  • Competitive interest rate that rewards regular saving

  • No minimum balance required

  • No monthly account-keeping fees

  • Interest calculated daily and paid monthly

  • Highest rate only applies when you make a deposit each month

  • Bonus interest forfeited if you make a withdrawal

Our verdict

The NAB Reward Saver can earn you up to 5.00% interest. To earn the highest rate you must make a deposit of more than $1 on or before the second last banking day of each month and refrain from making any withdrawals. Interest is calculated daily and paid monthly, and there’s no minimum balance requirement.

If you’re hunting for better interest rates, you might find some stronger options out there that let you access your cash more freely. But if you already have a NAB account and want to keep everything in one place, opening a savings account could be a good option. 

Just be smart about what you’re putting in - only deposit money you won’t need to touch often. If you do withdraw, you could end up earning significantly less interest than the highest variable rate. If you tend to splurge on impulse buys, the strict withdrawal rules might actually help you resist the temptation to spend and keep your savings safe.

As is the policy of many other banks, you’ll need to link your savings account to an NAB everyday transaction account. However, this does allow for speedy and reliable internal transfers.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more savings accounts here.
Last updated 30 October 2024 Important disclosures

NAB savings accounts

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NAB savings account ratings

Overall customer rating for NAB savings accounts

4.0
Based on 5,122 product reviews.

Customer reviews

Important disclosures

FAQs

Is NAB a safe place to keep my savings?

Yes, NAB is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Your deposits are protected under the Australian Government's Financial Claims Scheme, ensuring that up to $250,000 is safeguarded.

Can I open an account without being an existing customer?

Yes, you can open a NAB savings account as a new customer. However, you’ll need to link this account to an NAB transaction account. You'll also need to meet ID and residency requirements when you apply.

What do I need to open an account?
  • You must be at least 14 years old
  • Have an Australian residential address
  • Provide identification, such as a driver's licence or passport
How do I apply?

You can apply online through the bank’s website, via the NAB app, or in person at any branch.

What is the minimum deposit?

There is no minimum deposit required to open a NAB savings account.

How do I set up online banking?

You can register for NAB internet banking through the bank’s website or mobile app by providing your account details and following the prompts.

Are there any fees?

NAB’s savings accounts have no monthly account-keeping fees.

What happens if I don’t meet the bonus conditions?

If you don’t meet the conditions for the month, you may receive a lower interest rate on your balance.

Are there withdrawal limits?

If you make withdrawals from the NAB Reward Saver account you won’t qualify for the bonus interest rate. However, both the NAB iSaver account and Cash Manager account do allow for withdrawals.

How do I close my account?

You can close your account by visiting a NAB branch or contacting customer service for assistance.

NAB products

Savings account quick links


^See information about the Mozo Experts Choice Savings Account Awards

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