High interest savings account features

  • A high interest rate if you’re a motivated saver

  • A base interest rate that gives you flexibility to withdraw

  • Bonus interest to help boost your savings along the way

  • No monthly account fees and no minimum monthly deposits

Open your account within seven minutes

  • Have a passport, driver’s licence or Medicare card handy

  • Must be at least 16 and a permanent Australian resident to apply online

  • Call us on 13 22 65 or visit a branch if you’re under 16 or a non-permanent resident

Interest rates and fees

0.05 % p.a.

Variable base rate

This is what you get regardless of how many transactions you make, or what your balance is. It’s calculated daily and paid monthly.

+
0.85 % p.a.

Variable bonus rate

This is what you’ll get if you make at least one deposit on or before the second last banking day of the month and no withdrawals during the month.

=
0.90 % p.a.

Total interest rate

If you’re committed to saving each month and make no withdrawals, this is the total rate you’ll get.

0.90 % p.a.

Total interest rate

If you’re committed to saving each month and make no withdrawals, this is the total rate you’ll get.

=
0.85 % p.a.

Variable bonus rate

This is what you’ll get if you make at least one deposit on or before the second last banking day of the month and no withdrawals during the month.

+
0.05 % p.a.

Variable base rate

This is what you get regardless of how many transactions you make, or what your balance is. It’s calculated daily and paid monthly.

  • Monthly account fees

    $0

  • Transaction fees

    $0

Get started within 24 hours

  • Step 1

    Apply online now – it takes less than seven minutes.

  • Step 2

    You’ll then get an SMS with your NAB Identification Number (NIN) within 60 seconds.

  • Step 3

    Register for Internet Banking (using your NIN), and you’re ready to roll.

  • Step 4

    Start depositing your savings and working towards your savings goal.

If you have a Commonwealth Seniors Health Card, a Health Care Card, or a Pensioner Concession, to open a new NAB Classic Banking account or NAB Retirement Account, please visit us in branch or call 13 13 12.

Keep your finger on the pulse with the NAB app


Check your balances on the fly

We’ve done away with having to log in to the NAB app every time you need to check your account balances for iPhone and Android users. They’re now displayed on the login screen so you can view them quickly and easily.

Frequently asked questions

Once I apply, do I need to go into a NAB branch at all?

If you’re a new customer, you’ll only need to head into a NAB branch if we can’t match your details through electronic verification or you don’t consent to electronic verification when you apply online. If this is the case, you’ll need to complete a 100-point ID check when you’re at the branch.

If you’re already a NAB customer, you’ll only need to visit a branch to complete a 100-point ID check if you didn’t complete electronic verification or a 100-point ID check when you previously opened a NAB account.

What is a banking day?

A banking day is any day that isn’t a weekend or an Australia-wide public holiday.

Can I open a joint account online?

If you’re a new customer applying online, the joint applicant will also need be a new customer to NAB.

If you’re an existing NAB customer applying online, there are two important considerations: the joint applicant will need to be an existing customer and you’ll both need to hold an existing joint account with NAB – a NAB home loan, personal loan or credit card, for example.

If you don’t meet either of these requirements, you’ll need to apply together at your nearest NAB branch.

How is my interest calculated and paid?

It’s calculated daily and paid monthly. It’ll be calculated at the total rate if you make at least one deposit before the second last banking day of that month and no withdrawals during that month, or, if you haven’t, you’ll still get your variable base rate.

Does my NAB Reward Saver have to be linked to a NAB transaction account?

No, you don’t have to link your NAB Reward Saver account to a NAB transaction account such as a NAB Classic Banking account or NAB Retirement Account.

However, having a NAB transaction account will you allow to quickly and easily transfer your deposit into your NAB Reward Saver each month using NAB Internet Banking or the NAB app.

How long will it take for my account to be opened and before I can transfer money into it?

If you complete electronic verification when you apply for your NAB Reward Saver online, your account will be opened immediately and you can transfer money from another bank straightaway.

If we can’t match your details through electronic verification when you apply online, your account will still be opened immediately and you can transfer money into it straightaway. However, you won’t be able to withdraw or transfer funds from your account until you visit your nearest NAB branch to complete a 100-point ID check.

What’s the difference between a NAB Reward Saver and NAB iSaver?

A NAB Reward Saver rewards you for working towards your savings goals with bonus interest for making at least one deposit before the second last banking day of that month and no withdrawals during that month.

A NAB iSaver, on the other hand, offers you a competitive interest rate, while giving you the flexibility to park cash and make unlimited transfers between your linked everyday banking account without affecting your interest rate.

Can I have a card linked to my NAB Reward Saver account?

No, you can’t link a card directly to your NAB Reward Saver account.

However, you can link a card to your NAB transaction account – a NAB Classic Banking account or NAB Retirement Account – if you choose to open one. You can choose either a NAB Visa Debit card or NAB Platinum Visa Debit card when you apply for your NAB transaction account online.

How do I close my savings account?

To close a savings account, you can:

If you have a joint account, you may need to visit a branch together, depending on the way the account was set up. You can check the account authority through one of the above options before going into the branch.

Still have questions?

Call us on 13 22 65

Other options to consider

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NAB iSaver

Enjoy flexibility with your savings while still earning interest. Receive the fixed bonus margin for the first four months on your first new account for balances up to $20m.

dad and son

NAB Term Deposit

Enjoy the certainty of fixed returns on your savings, no fees and the flexibility to choose a term that suits your needs.

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NAB Cash Manager Account

Manage your investment cash flow (including SMSF) and earn interest on your balance.

Closing your account

If you’d like to close your account please visit a NAB branch, or call us on 13 22 65 from 9am - 7pm Mon-Fri, 7am - 6pm Sat or 9am - 6pm Sun (AEST/AEDT).

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