Apply for a NAB Retirement Account | Eligibility - NAB

Eligibility criteria

  1. You're 55 years or older and retired.

  2. You're an Australian resident for tax purposes.

  3. You're an individual (not a joint applicant).

  4. You have an Australian mobile number.

Note: If you're not 55 years or older and retired, but receive a government pension or allowance, you can open a NAB Retirement Account by calling us on 13 22 65 or visiting a NAB branch.

Rates and key fees for a NAB Retirement Account

  • $1 - $9,999: 0.15% p.a.
  • $10,000 - $49,999: 1.55% p.a.
  • $50,000 - $249,999: 2.05% p.a.
  • $250,000 plus: 2.20% p.a.
  • Debit interest rate charged on overdrawn amounts: 20.00% p.a.

NAB Retirement Account has a tiered interest structure, meaning you may receive a different rate for the portion of your credit balance that falls within each tier. View indicator rates for deposit products for full details of tiers and rates.

Other fees and charges may apply, including with other ATM networks, international transactions or ATMs overseas. See our guide to fees and charges.

ID requirements for new customers

Verifying your ID

You’ll need a smartphone to scan your ID, and to take a selfie for verification. 

If you’re not able to do this because you don’t have a smartphone or for any other reason, please call 13 22 65 or visit a branch.

Acceptable forms of ID

To apply for this account, you’ll need at least one physical form of ID so we can verify your identity. However, if possible, please try and provide two forms of ID.

  •  Australian passport
  •  Foreign passport
  •  Australian driver’s licence
  •  Medicare card (can only be used in conjunction with another form of ID)

Other things to consider

  • When applying for a NAB Retirement Account, you will need to select a debit card, you can choose from:

    You can also choose to add savings accounts during your application. You can choose from:

    • NAB iSaver – a flexible savings account with competitive interest rates.
    • NAB Reward Saver – earn bonus interest when you meet monthly deposit and withdrawal conditions.

    It’s always worth taking a moment to read about each product so you can find the one that suits your needs and feels right for you.

  • If you’re opening a joint account, you’ll need to visit a NAB branch.

Ready to apply?

If you have an in-progress application for a NAB product, it will be automatically cancelled if you start a new application.

Next
Resume an existing application

ID Help for First Nations Customers

If you're Aboriginal or Torres Strait Islander and don’t have ID, call our Indigenous Customer Service line on 1800 966 100 Monday to Friday, 8:00am to 7:00pm (AEST/AEDT) or visit a NAB branch.

Terms and Conditions

Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the Personal Transaction and Savings Accounts Terms and Conditions. Target Market Determinations for NAB products are available at nab.com.au/TMD. NAB products issued by NAB.

See our personal banking fees and charges and indicator rates for deposit products.