NAB Classic Banking wins Choice Award for best low-fee bank account for a second year running

2 April 2011

For the second year running, NAB welcomes the CHOICE Award – ‘Best Low-Fee Bank Account’ for its NAB Classic Banking account. NAB Classic Banking account holders do not pay monthly account keeping fees, or overdrawn account fees.

NAB also received the Choice’s ‘Best Online Savings Account’ Award for UBank's USaver, which currently offers savers 6.01%p.a. interest, plus a bonus 0.50%p.a. for customers who make regular contributions from another Australian bank account.

Over the last two years, NAB has grown its transactions accounts almost 10 times the rate of previous years.

Lisa Gray, Group Executive, NAB Personal Banking said that NAB had worked hard to improve its relationship with its customers.

“NAB is the first bank, and in many cases the only bank, to abolish some of the most disliked bank fees, including monthly account service fees, overdrawn account fees and over-the-limit credit card fees.

“We have doubled our ATM network, so that we have more than 3500 NAB and RediATM machines and we have maintained the lowest ATM fees of the major banks.

“For home loan borrowers, NAB has maintained the lowest standard variable interest rate of the major banks for the past 21 months and will pay the Early Exit Fee for customers from other banks looking to take advantage of our better deal,” Ms Gray said.

Customers are voting with their feet. NAB has seen an increase to 47% in the number of Australians aged under 25 who are new-to-bank customers opening a NAB Classic account.

“We know that was is good for customers is good for business,” Ms Gray said.

CHOICE Spokesperson, Ingrid Just said: "NAB was one of the first players to establish fee-free banking in 2009. Winning both bank award categories in 2011 demonstrates the bank's ongoing leadership in the development of low cost transaction accounts.”

“There is no doubt that Australians are becoming more willing to break up with their bank. NAB is pleased to be the bank that provides them a better deal and fairer value banking to switch to," continued Ms Gray.

Media Contacts:
Sharon Keller
M: +61 (0) 420 598 994

Meaghan Telford
M: +61 (0) 457 551 211

For more information on the 2011 CHOICE Awards visit www.choice.com.au/choiceawards