NAB Bank Accounts

A Savvy review of NAB bank accounts, looking at which type of accounts are offered and how their interest rates compares with other banks.

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, updated on October 4th, 2023       

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The National Australia Bank (NAB) is one of the big four banks in Australia and the 21st largest bank in the world. It started life as the National Commercial Banking Corporation of Australia Limited in 1982 and rapidly expanded in the 1980s and 1990s, buying the Bank of New Zealand in 1992 and MLC in 2000.  NAB started online bank UBank in 2008, revolutionising online banking in Australia, and paid $220 million for neobank 86 400 in 2021.

Today NAB has 32,000 employees, and over eight million customers at 900 locations worldwide. It offers the widest range of personal banking and financial services, ranging from bank accounts to credit cards, home loans, business and corporate loans.  By comparing with Savvy, you can decide which bank account is right for you with clear and concise bank account comparison information, enabling you to compare fees and decide which type of account may be best for your needs.

*Please note that Savvy does not represent NAB for their banking products. All product information and rates are correct as of April, 2022.

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More about NAB bank accounts

Transaction accounts

As can be expected from one of Australia’s largest banks, NAB offers a wide range of banking products and bank accounts. Its basic transaction account is called a NAB Classic Banking Account and offers zero monthly account fees, withdrawal fees or overdrawn fees.  NAB’s more than 7,000 ATMs across Australia are free to use and you can have a Visa debit or credit card linked to your account as well as using Apple Pay or NAB Pay with your debit card

There are no special NAB accounts designed especially for children or students.  You have to be 14 years old to open an account in your name alone; below this age, you’ll be required to open a joint account with your parents or guardian.  

For those aged over 55 and retired (or pensioners receiving a government pension or allowance) there is a NAB Retirement account.  This is a hybrid transaction and savings account offering interest on savings as well as everyday account transaction features.  The interest offered on savings is 0.01% p.a. on amounts up to $50,000, 0.15% p.a. for amounts from $50,000 to $250,000, and 0.25% p.a. on deposits over $250,000.

Savings accounts

The bank’s basic savings account is a NAB Reward Saver account, which is a ‘locked’ savings account offering a base interest rate of 0.01% p.a. but an additional 0.24% p.a. if you make at least one deposit in that month and no withdrawals.  There are no account keeping fees and no minimum deposits or balance required.

An alternative is the NAB iSaver account, which is currently offering a base interest rate of 0.05% p.a. plus a bonus interest rate of 0.25% p.a. for four months as an introductory offer.  To open this account, you’ll also need a linked NAB Transaction account. 

This account offers the opportunity to set a personal savings goal and keep track of your progress towards it, plus a handy savings goal calculator.  However, it lacks any of the innovative new features which are offered by rival banks’ online savings accounts, such as account splitting or predictive budgeting.

Term deposits

The NAB bank offers a range of term deposits with a minimum deposit amount of $5,000. Their term deposit interest is paid at maturity, and rates are as follows:

  • 05% p.a. for 30 to 60 days
  • 07% p.a. for 90 days
  • 07% p.a. for 90 days
  • 08% p.a. for 4 months
  • 10% p.a. for 5 months
  • 15% p.a. for 6 to 8 months
  • 20% p.a. for 9 months
  • 25% p.a. for 10 to 12 months

The interest rate for longer-term deposits is 0.30% p.a. for 12 to 60 months, with interest paid either monthly, quarterly, half-yearly or annually.

If you need to access your savings (either part of all of your funds) before the end of your term, you’ll need to give 31 days’ notice and will be subject to a ‘prepayment’ fee, which is a percentage of your interest depending on how long there is remaining until your term expires.

How do I open a bank account with NAB?

You’ll have to be at least 14 years of age to open a bank account online – if you’re under 14 you’ll have to visit a branch in order to open an account (with your parents in a joint account arrangement).  You’ll also have to be an Australian resident for taxation purposes, and will need either your passport, your drivers’ licence or your Medicare card to identify yourself to open an account online.

If you wish to open an account whilst still overseas but intend to live in Australia within the next 12 months, you’ll have to be at least 18 years of age to apply and will have to visit a NAB branch once you arrive in Australia to present your identification documents for verification.  Those travelling to Australia on a tourist or Working Holiday visa aren’t eligible to open an account with NAB.

Pros and cons of NAB bank accounts


Widest choice of banking products

Whatever your financial needs, NAB is bound to have a product designed for you, offering the widest possible range of financial services across all of Australia and internationally

Largest ATM network

NAB has the largest network of ATMs of any bank in Australia, all of which are free to use, so you shouldn’t ever be caught short needing cash

Frequent and tempting introductory offers

Offers to tempt new customers to open an account with NAB can be great value, so it’s worth keeping an eye out for the latest cashback or interest rate offers


Overseas call centres and support services

NAB’s controversial decision to outsource many of its banking support services has resulted in overseas call centres offering a service which sometimes frustrates

Overseas service fees

NAB charges a $5 ATM cash withdrawal fee for overseas transactions (or $1 for a balance enquiry), plus 3% of the Australian dollar transaction amount in foreign currency transaction fees

Debit card monthly fees

A $10 a month debit card fee is charged for the NAB Platinum debit card, as well as a $20 fee per request for a change of colour of debit card

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