NAB Savings Accounts

Compare NAB savings accounts to find out what they offer and get the best fund for your savings.

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, updated on August 8th, 2023       

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One of Australia’s ‘big four’, the National Australia Bank (NAB) was founded more than 40 years ago following the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney.

NAB has since grown to have more than 32,000 employees, eight million customers and 900 branches and ATMs across Australia and New Zealand. About three million customers use NAB’s personal banking services, making it the fourth largest provider of bank and savings accounts in the country.

Whether you’re saving for a home loan deposit or a wedding, NAB offers a slew of savings accounts tailored to various savings targets. Comparing with Savvy will help you find the best account for your money and boost your bank balance.

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

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More about NAB savings accounts

What savings accounts are offered by NAB?

Savings accounts come with many advantages and finding the right one for your money can help you boost your balance and earn you more in the long run. Whether you’re after a locked account or wanting more flexibility, NAB has a slew of banking options suited to a wide range of savings plans and goals.

NAB Reward Saver

NAB’s Reward Saver is a low-cost account which allows you to earn bonus interest on your bank balance. This savings account comes with no monthly account or withdrawal charges and the ability to access your funds via NAB’s online and mobile banking sites. The mobile app allows you to track your savings goals by setting a target date, how much you can put aside and how often.

However, the base rate on this account is a very low 0.01% p.a. You can earn a variable bonus percentage of 0.49% p.a. (totalling 0.5% p.a. overall) if you make at least one deposit every month and don’t dip into your funds. These savings accounts can also be well-suited for children, with bonus interest incentivising them to save money.

NAB iSaver

Essentially an online savings account, these funds come with the ability to withdraw from your account while still earning interest on your balance. A NAB iSaver is fee-free and you earn introductory interest for the first four months after opening an account. These accounts require you to open a linked everyday bank account to make withdrawals using a debit card.

Base interest rates on these accounts are also very low. You’ll earn a high introductory interest rate of 0.25% p.a. on top of your 0.05% p.a. base rate for the first four months after opening your account, but it’ll revert to the base rate at the conclusion of the initial period.

Term deposit

NAB’s term deposit allows you to lock your money away for a fixed term and a fixed interest rate. Term deposits are different from savings accounts because you can’t access your money or top up your balance until your term ends. Seen as a low-risk and low-maintenance savings option, terms on these locked savings accounts range from 30 days to five years. You’ll need to deposit a minimum of $5,000 to open an account and if you want to tap into your money before maturity, you’ll have to give the bank 31 days’ notice.

Interest rates increase the longer your money is locked away. Rates start from as little as 0.05% p.a. for terms of 30 or 60 days, while the maximum you can earn is 0.30% p.a. for locking your money away for two years or more. The interest on your account will be paid at maturity if you opt for a term of 12 months or less, but you’ll also have the option for it to be paid every month, three months, six months or year for 12 months or more.

NAB Retirement Account

Designed for seniors, this type of pensioner savings account allows you to freely access your money while still earning interest. Effectively a hybrid savings and transaction account, the account comes with a debit card to make purchases. You won’t be able to open this type of account online, with NAB requiring you to visit a branch. You must be receiving a government pension to open an account or be aged over 55 years old. These accounts are also fee-free.

Interest on NAB’s Retirement Accounts is tiered, meaning the bigger your balance, the higher your interest rate. Different interest rates will apply to different parts of your total balance, meaning more than one of these can apply to you. These rates include:

  • $1 to $49,999 – 0.01% p.a.
  • $50,000 to $249,999 – 0.15% p.a.
  • $250,000 or more – 0.25% p.a.

How do I open a NAB savings account?

Applying to open an account is relatively straightforward with NAB. All savings accounts can be opened online via NAB’s website, except for the retirement option (which must be opened in-branch). The bank has a secure portal where you can provide personal details and documents to open your account.

The eligibility requirements to open a savings account by yourself include being over 14 years old and an Australian resident, for tax purposes. If you’re a parent opening a savings account for one of your children, you can open an account as soon as they’re born.

You will need to provide a form of photo ID to open your account. If you’re a new NAB customer, you’ll need to provide two forms of ID, which is also the case if you’re under 18 years old. These can include:

  • Australian or foreign-issued passport
  • Australian driver’s licence
  • Medicare card
  • Utility bill

If you’re an existing customer, you can open an account online by logging into your internet banking using your NAB ID. This can be found on the back of your debit card.

Pros and cons of NAB savings accounts


Earn extra interest

Some of NAB’s accounts allow you to earn introductory or bonus interest rates to motivate your saving and give your balance a boost.

No fees

There’s no need to worry about the interest you earn being eaten up by hidden charges, with most accounts having no monthly service fees.

Large network of branches

NAB has more than 900 branches and ATMs across Australia, making it easy for you to deposit funds or seek help with your account no matter where you live.


Various account conditions

You’ll need to meet multiple account requirements, including not making withdrawals, to earn a higher interest rate on your savings account.

Very low variable rates

The interest rates on NAB savings account options are low compared to some of their competitors, meaning you’ll get less of a return on your money if you don’t access bonus interest.

High term deposit requirements

While some competitors allow you to open a term deposit with just $1,000, NAB requires you to have an opening balance of $5,000.

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