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NAB, or National Australia Bank, is one of the country’s big four banks in terms of market capitalisation and customers. Founded in 1981, NAB is said to have served more than nine million Austrtalians at the time of writing.
As one of the largest banks in the country, NAB has a wealth of producst: from personal loans to business credit cards, international banking and corporate specialist solutions.
For the purpose of this guide, Forbes Advisor Australia will solely focus on NAB’s personal banking capabilities.
NAB Bank Accounts
The national bank offers Australians both standard transaction acconts, as well as ways to save money with interest-earning savings accounts and term deposits. The specifics of its personal banking offerings are outlined below.
Note that interest rates are subject to change at any time, and the interest rates specified for the products and services are accurate at the time of writing.
Related: A Guide To Bank Interest Rates
NAB Classic Banking Account
The NAB Classic Banking Account is an everyday transaction account linked to a debit card, with NAB offering two debit card choices: the NAB Visa Debit Card and the NAB Platinum Visa Debit Card.
Regardless of which debit card you choose, NAB’s transaction account has $0 monthly account keeping fees; $0 transaction fees within Australia; and $0 withdrawal fees at over 4,000 ATMs across the country.
The difference between the two debit cards is that the Platinum option is more suitable for overseas spending as there is no international transaction fee on purchases abroad. There are also complimentary insurances included, such as travel insurance among others, and the opportunity to earn 1% cashback on contactless purchases.
The regular visa card does not cost anything, whereas, the Platinum option charges a monthly card fee of $10.
NAB Retirement Account
Targeted at retired Australians, this account helps retirees earn interest on every dollar in their balance. Just like the daily transaction account, the NAB Retirement Account does not charge monthly account-keeping fees, transaction fees or withdrawal fees inside Australia.
The interest rate you will earn on your account depends on the balance. These interest rate tiers are:
- $1 to $9,999: 0.15% p.a.
- $10,000 to $49,999: 1.50% p.a.
- $50,000 to $249,999: 2.00% p.a.
- $250,000 and over: 2.15% p.a.
Interest on the NAB Retirement Account is calculated daily and paid quarterly.
Those eligible for an account will also receive a visa debit card.
NAB Reward Saver
The NAB Reward Saver is a type of bonus high interest saving account, offering account holders a high interest rate if they meet the monthly conditions of no withdrawals and at least one deposit, of any amount, within the calendar month.
Account holders will then receive the bonus interest rate of 4.65%. This is on top of the variable base rate, which is 0.35%. So, if you meet the conditions each month, you’ll receive a total interest rate of 5.00% on your account balance.
Should you not meet the conditions, you’ll only receive the base rate of 0.35%. The interest rates shown are for balances up to $49,999; for higher balances, a tiered interest rate applies.
NAB iSaver
For a savings account linked to your transaction account, customers would usually park their money with NAB iSaver. The card allows you to make regular withdrawals with your card and still earn interest.
The account is known as an ‘introductory offer’ savings account, as the high-interest lasts for only four months: the first four months is at a rate of 2% p.a. base variable rate and 3% p.a. fixed margin. This means the introductory interest rate is 5% p.a. for the first four months.
After the first four months, the base variable rate of 2% p.a. will apply.
No matter the time period, there is a $0 monthly account service fee and no minimum deposit required with the account.
NAB Term Deposit
A term deposit is a method of earning interest over a certain period of time (known as the term) on funds that you’ve invested and do not touch.
At NAB, the length of term you can choose ranges from 30 days to five years. A 30-day term deposit has an interest rate of 1.25%, paid on maturity (the end of the term), while a five-year term deposit has an interest rate of 3.80%, paid out annually.
The highest interest rate one can receive with a NAB Term Deposit is by choosing a 12-month term, where you’ll earn 4.70% interest on your deposit at maturity, which is roughly the rate of inflation.
There are no account-keeping fees nor application fees with an NAB Term Deposit, however, there is a minimum deposit requirement of $5,000.
Related: Our Pick Of The Best Term Deposits In Australia
NAB Joint Accounts
You can open a joint account online via NAB for a:
- NAB Classic Banking Account
- NAB iSaver
- NAB Reward Saver
- NAB Term Deposit
For a joint NAB retirement account, you will need to visit an NAB branch in-person.
NAB specifies that for any joint account, you will have to open a new account in order for it to be joined—you can’t be added to someone else’s personal account to make a joint account.
NAB Credit Cards
Aside from the debit cards mentioned above that are linked to transaction accounts, NAB also offers a range of credit cards to its customers.
NAB offers Australians eight different choices when it comes to personal credit cards, ranging from reward cards to interest free credit cards.
The credit cards currently on offer from NAB are:
- NAB Rewards Platinum Card
- NAB Rewards Signature Card
- NAB Qantas Rewards Premium Card
- NAB Qantas Rewards Signature Card
- NAB Low Rate Card
- NAB Low Fee Card
- NAB Low Fee Platinum Card
- NAB StraightUp Card
Each credit card has different minimum credit limits, eligibility requirements, annual fees, interest rates and additional perks. To find the best credit card for you at NAB, you’ll need to consider your own financial situation and then decipher which one would suit you best.
NAB has a credit card selector tool to help you narrow down your choices, establishing what the card will be used for and your objectives. You can also use NAB’s online credit card comparison tool to differentiate between your options.
It should be noted that from April 18, 2024, NAB is making updates to its credit card offerings and their terms and conditions. This means the following conditions may not be applicable at the time of your application.
It’s also worth adding that even though NAB may make it easy for you to take out a credit card, it’s worth asking yourself whether you’re in a financial position to use it wisely and are able to pay it off in full each month and avoid the high interest rate, which is often around the 20% mark.
NAB Loans
NAB offers both personal loans and home loans to its customers, which we discuss in greater detail below.
NAB Personal Loans
A personal loan allows you to borrow money to pay for a specific item or event (such as a car or your wedding day), or to consolidate your debts. You then must repay the money you’ve borrowed via the loan in installments, plus any interest or fees.
When taking out a personal loan with NAB, you won’t be charged any penalties when you make early repayments, no exit fees when you pay off your loan sooner and no late payment fees. Ultimately, there are no surprise fees to consider when taking out a NAB personal loan. Instead, you’ll pay $150 when you apply, and then $10 each month after that.
In terms of the amount you can lend, NAB offers personal loans ranging from $5000 to $55,000. You can also choose a loan term between one and seven years, with weekly, fortnightly or monthly repayment options.
The interest rate you will be required to pay back will depend on the size of your loan and your repayment capabilities; however, NAB says it falls between 6.99% p.a. to 21.33% p.a.
Home Loans
NAB offers home loans to Australians (also known as a mortgage), whether for a home to live in or a residential investment property. The rates offered include a basic variable rate, a fixed interest rate or a combination of both.
The minimum repayment, terms and frequency of repayments will depend on your specific loan. You can find out what this may be with NAB by inputting your property value and other specifics into NAB’s loan calculator.
Frequently Asked Questions (FAQs)
Is NAB Australia’s biggest bank?
No, NAB isn’t Australia’s biggest bank, but it’s not far behind. In our recent research on the big four, we found that banks delivered a record full-year profit of nearly $32.5 billion in FY2023, a 12.4% improvement over the previous financial year.
The Commonwealth Bank accounted for the largest share of this windfall at $10.2 billion, followed by NAB at $7.7 billion. Therefore, on profit, NAB was Australia’s second largest bank.
How do I contact NAB bank?
NAB’s customer service number is 13 22 65, or +61 3 8641 9083 for those calling from overseas. Customers can also contact NAB via its online chat, available 24/7, and via the NAB app.
Which NAB credit card is the best?
The best NAB credit card is going to be the credit card that suits your specific needs best: whether that’s one that offers frequent flyer rewards, a balance transfer, or no annual fee.
When Forbes Advisor Australia analysed the best credit cards on the market for Australians, our top contender was the NAB Straight Up Credit Card. This is due to its 0% interest rate and no fees on international purchases, making it a great choice for Australians looking for a no-hassle option.
