How you'll earn interest

You'll receive tiered interest to maximise the return on your transactional balance. Tiered interest rates are rates that are based on the tier your account balance falls into.

Here's what you get

  • No monthly account fees and no minimum monthly deposits

  • Earn a competitive interest rate daily on your account balance

  • No ATM withdrawal fees at over 7,000 ATMs across Australia

  • A NAB Visa Debit card for all your everyday spending

What you'll need to apply

  • To apply at your closest NAB branch or over the phone on 13 22 65

  • To be over 55 and retired, or receiving a Government pension or allowance

  • Your passport or driver’s licence and a utility bill with you

Account fees and charges


Monthly account fees

It’s your money – keep the extra cash up your sleeve for something else.


Overdrawn fees

If you happen to overdraw your NAB transaction account.


Withdrawal fee at over 7,000 ATMs

Access over 7,000 ATMs across Australia, and say goodbye to ATM fees.

  • Transaction fees (within Australia)



  • Step 1

    Apply over the phone or at your nearest NAB branch.

  • Step 2

    A banker will give you a NAB Identification Number (NIN).

  • Step 3

    Register for Internet Banking (using your NIN) and download the Mobile Banking app.

  • Step 4

    If you’ve opted for a NAB Visa Debit card, you’ll receive an SMS letting you know when it will arrive.

Keep your finger on the pulse with the NAB app

Block and unblock your card

Say you’ve lost your card. Well, you can temporarily block it at the touch of a button – same goes with unblocking it if it turns out to be a false alarm or, worse case, reordering another card.

Frequently asked questions

How is my interest calculated and paid?

It’s calculated daily and paid quarterly. Please note that daily interest amount for the last banking day of a quarter will be included in the amount paid to you in the following quarter. You can check out the tiered interest rates you’ll get with your NAB Retirement Account right here.

How long will it take for my card to arrive?

Once your account’s been opened, you should receive your NAB Visa Debit card or NAB Platinum Visa Debit card in the mail within seven to 10 days. Just so you know, you don’t automatically receive either card when you open your account. When you apply, you’ll be asked whether you’d like a debit card and, if so, which one.

Prior to your card arriving in the mail, you can start using NAB Pay immediately if you have an Android phone.

What’s the maximum amount of money that I can withdraw from an ATM or branch?

For ATMs, the maximum limit you can withdraw is $2,000 per card per business day. Meaning, if you have a NAB Visa Debit card and a NAB credit card linked to your NAB Classic Banking account, you could withdraw up to $4,000 from your NAB Classic Banking account, for example.

If you’re withdrawing cash from your account in a NAB branch, there is no maximum withdrawal limit. However, if you’re withdrawing a particularly large sum of money, you should visit the NAB branch you intend to withdraw the money from in advance and notify them of them amount you’d like to withdraw – this will ensure the branch has adequate funds available when you want to make the withdrawal.

Which ATMs can I use to avoid paying withdrawal fees?

You won’t be charged a withdrawal fee when you use any NAB ATM. A number of other banks have also made ATM withdrawals from other banks free, but we suggest double checking their respective websites first, just to be sure. Also, please note that international fees still apply when using an ATM outside of Australia.

What happens if my account goes overdrawn?

If NAB allows your account to go overdrawn without an approved overdraft limit (or beyond the amount of any approved overdraft limit) you may be charged debit interest at the default rate applicable to personal accounts. You must put your account back into credit (or within the amount of the approved limit) within seven days. Any applicable default interest will be calculated from the day your account becomes overdrawn and will be charged on the last banking day of each month.

What is purchase authorisation?

A purchase authorisation is a hold over funds on your card. A merchant such as a hotel or car hire company may estimate the cost of your bill and ask you to use a card as guarantee. The merchant will then put a hold on the pre-authorised amount which you’ll not be able to use to make transactions. Purchase authorisations can last for up to 30 days.

How do I close my transaction account?

To close a transaction 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

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Important information

(1) To be eligible spend for cash back, contactless purchases must be made in AUD and processed and debitted to your account by the last banking day of the month. Eligible spend is capped at $1,000 per month.

Personal Transaction and Savings Products Terms and Conditions

Personal Banking Fees – A guide to fees and charges (PDF, 357KB)

Indicator rates - deposit products

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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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