Your selected savings accounts
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.
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
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.
Your selected savings accounts
Nab is a good bank for 1 of the big four banks. It could improve a bit by offering more products for pensioners and low income earners
Convenient and easy to use app, Could pay higher interest rates to be more competitive with credit unions.
Never had a drama with nab, no unexpected fees or anything
Poor customer service when trying to withdraw large amounts of cash.
I have been with NAB for about 7 years. The customer service us great and they have convenient locations Australia wide. They have an app which has been useful for checking account balances.
I have been with NAB for years and I’ve never had a problem. Online banking is very easy.
Good banking app, straight forward. Good customer support.
I went to the nab today to deposit 2 cheques and o e of your lovely staff members showed me how to deposit the cheques using the ATM It was so quick and easy
Great savings rates, love the app and how many ATMs and branches I can find wherever I go. Online banking is also very easy and accessible, which I do appreciate. I do like the new Goodies available, however I do wish that they had less niche stores offered. Perhaps lower cashback but at the bigger stores e.g. Woolies, Coles?
They are fast and polit and treat you with respect
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.
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.
You can apply online through the bank’s website, via the NAB app, or in person at any branch.
There is no minimum deposit required to open a NAB savings account.
You can register for NAB internet banking through the bank’s website or mobile app by providing your account details and following the prompts.
NAB’s savings accounts have no monthly account-keeping fees.
If you don’t meet the conditions for the month, you may receive a lower interest rate on your balance.
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.
You can close your account by visiting a NAB branch or contacting customer service for assistance.
^See information about the Mozo Experts Choice Savings Account Awards
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