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
I like this bank as they have minimal charges on my transactions.
I like this bank because I get no account keeping charges.
They respond really quick to requests. They try to make your banking experience a pleasant one. The staff are always helpful and knowledgeable and efficient
NAB has been a pleasant change over from Commbank. No more fees and has been so easy to use. I love PayID, the buy now pay later card (so convenient) and the savings account has great interest rates! Wouldn’t go anywhere else now for my banking!
NAB is a straightforward bank, with a user-friendly website and online banking. I have never encountered any problems or issues.
I have found NAB savings account to be very close to excellent as it charges no fees to use it . Online banking is simple and I can withdraw anytime. One con i find is that there are not enougj NAB atm machines so ofter have to pay the charge to withdraw money in a non nab atm.
No charges and ok rates
I’ve never used any other banks so I’m unable to compare it to anything but my entire family uses NAB and have for years. We find their customer service easy to understand and has fast response times. Their saving account options offer huge interest rewards and the mobile app is incredibly easy to navigate and has lots of fun extras. Oh also I always receive payments and transfers faster than everyone else
I like NAB because it always keeps me updated with my transactions and when I had an issue, they went out of their way to help.
They should allow 1 free withdrawal per month, having 0 just isn't practical.
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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