NAB Retirement Account

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.

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.

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.

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.

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.

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.

To close a transaction account, you can:

• Call us at 13 22 65.
• Visit us at a branch.
• Speak with a live chat banker (go to Transaction History in NAB Internet Banking).

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.