The NAB Reward Saver is a bonus savings account that rewards you with a higher interest rate when you continue to grow your savings. All you need to do to earn the total variable 5% p.a. interest rate is make no withdrawals and at least 1 deposit by the second last banking day of the month (this is any day that’s not a weekend or public holiday).
NAB Reward Saver account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 0.35%p.a.
- Minimum deposit
- $1
Our verdict
Earn up to 5% p.a. when you make no withdrawals and at least 1 deposit by the second last banking day of the month.
This account offers a variable bonus interest rate of 5% p.a. each month you make no withdrawals and at least 1 deposit throughout the month. There’s no set amount you need to deposit which makes this account quite flexible, however the strict withdrawal restrictions could make it difficult to earn the bonus rate. If you do make a withdrawal or fail to deposit any month in the month, you’ll earn the standard rate of just 0.35%.
In terms of the interest on offer, you can get a much better rate elsewhere while also being able to make withdrawals when you need to.
However, if you’ve got another NAB banking product and want to open a savings account with the same bank to easily track your finances in the one place, this could be a good option. Just make sure you only deposit what you don’t plan to spend, otherwise you’ll earn next to no interest if you do make a withdrawal. If you find yourself regularly dipping into your savings for impulse purchases, the strict withdrawal conditions could actually motivate you to keep your savings in place.
Pros
-
$0 monthly account fees
-
Make 1 deposit of any amount during the month to earn bonus interest
Cons
-
To earn bonus interest, you can't make any withdrawals
-
Interest rate is lower than other savings accounts in the market
Details
Key details
| Product Name | NAB Reward Saver |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.35% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 14 |
Our expert says
"The interest rate is great, but the conditions on this account means it's not for me. It requires you to make a deposit by the second-last day of the month. I missed this once and missed out on $125 in interest. But it's the 'no withdrawals' requirement that really makes it unsuitable for me, as I need access to my cash regularly."
How to apply
You can apply online or in the NAB app in less than 10 minutes. You also don't need to be a current NAB customer to apply online.Eligibility to apply online
Before you start, check if you're eligible to apply online.
- At least 14 years old
- You're an Australian resident for tax purposes
- You can apply for either an individual or joint account
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Alison Finder
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Sarah Megginson Finder
June 10, 2024
Hi Fay,
Yes that’s correct; you’ll earn next to no interest that month if you do make a withdrawal.
You can review a number of different account options that offer bonus interest without a withdrawal penalty.
Hope this helps!
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John
August 08, 2023
I am a NAB customer holding different types of accounts and products with them. I’ve been living overseas the last few years, and want to open a reward saver account so i can transfer savings from my existing classic account. I’m not sure why i need to be an Australian resident to apply, when I still have all these existing NAB accounts open. Even if i did earn interest on the account, I would still declare this through my AUS annual tax return, so i find it difficult to understand why i can’t open the account while i’m living abroad.
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joseph.delaney@bigpond.com
June 08, 2023
to get 4.5% the max amount to deposit $49.999. what if I got $200.000 to deposit. How would I do that.
Alison Banney Finder
June 22, 2023
Hi Joseph, different rates apply to different balances. Currently this account has a variable interest rate of 4.75% p.a. for balances between $50,000 and $250,000.
Victor
March 10, 2023
What I about if I am from other country is it possible for me to invest?
Alison Banney Finder
March 13, 2023
Hi Victor,
You need to be an Australian resident with an Australian residential address to open this account.
Thanks,
Alison
John
March 10, 2023
What is the maximum amount that can be deposited into the account? And is the money at call at any time?
Raj Lal Finder
March 22, 2023
Hi John,
The maximum amount you can deposit into the NAB Reward Saver Account is $49,999. The account does have conditions to meet for you to earn the bonus interest including making no withdrawals each month and at least 1 deposit throughout the month.
Thanks
Raj
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Fay Berriman
April 01, 2024
If from my Reward Saver i make a withdrawal at the beginning of the month (ie after the previous months interest has gone in) Do I lose the entire interest for the month I made withdrawal
Thankyou