NAB launches new savings account

National Australia Bank (NAB) has launched another option for those looking to compare bank accounts.

The lender is making a new high interest savings account available exclusively online through its UBank offshoot.

It claims the facility will offer an “unrivalled” opening savings interest rate of 5.11 per cent per year.

Furthermore, accounts can reportedly be set up within minutes over the internet, rather than having to visit a bank.

It explained most adults should be able to complete the registration process within five minutes, noting almost a quarter (23 per cent) of people use online banking already.

"We’ve created USaver specifically for [the direct banking] market and expect it to set a new standard for online savings accounts in Australia," explained UBank general manager Gerd Schenkel.

The deal will feature no account or dishonour feel and no minimum balance requirement.

A number of banks have recently moved to reduce fees.

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