This was posted 1 year 10 months 2 days ago, and might be an out-dated deal.

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NAB Reward Saver 4.00% p.a. Interest (Base Rate 0.35%, Bonus 3.65% with 0 Withdrawal & Minimum 1 Deposit Per Month) - No Cap

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NAB Reward Saver 4.00% p.a. Interest (Base Rate 0.35%, Bonus 3.65% with 0 Withdrawal & Minimum 1 Deposit Per Month) - No Cap
Go to Deal
Pigey on 21/02/2023 - 12:02 nab.com.au (190 clicks)
Last edited 21/02/2023 - 12:08 by 1 other user

The NAB Reward Saver is a savings account offered by the National Australia Bank (NAB) that provides customers with bonus interest if they make at least one deposit and no withdrawals during the month.

The account has no monthly account fees, and customers can access their funds at any time without penalty.

The bonus interest rate is calculated on top of the standard interest rate and is paid on all balances (including over $1 million)
https://www.nab.com.au/personal/interest-rates-fees-and-char…

Banks probably scrambling to offer these products after the ACCC inquiry was launched
https://www.accc.gov.au/media-release/accc-launches-inquiry-…

Might not be the best deal for everyone, but if you have $1m+ and want to put all your money in one place, and have access to a physical Big 4 bank, then this is probably the best rate going around.

Financial Bank Account Savings Account

Related Stores

National Australia Bank Group (NAB)
National Australia Bank Group (NAB)

closed Comments

  • DingoBlue on 21/02/2023 - 12:06
    +2

    No cap?

  • Benoffie on 21/02/2023 - 12:10
    +1

    Might be good for ppl who are sitting on house proceeds and the pain of dealing with ANZplus is too great (if my mother's experience is anything to go by)

  • justtoreply on 21/02/2023 - 12:14
    +19

    Base rate 0.35%… I'll say it again, this crap shouldn't be allowed. It should be base rate 3.65% and bonus 0.35%.

    • sildosaggins on 21/02/2023 - 16:03
      +1

      Profile picture checks out.

    • xtremehell on 22/02/2023 - 16:21
      +2

      Seen an article about this today, came here looking for a better savings account.

      https://www.abc.net.au/news/2023-02-22/when-australias-banks…

      • justtoreply on 22/02/2023 - 16:31
        +1

        Great article.

        For anyone reading it, it's not super clear in the article that banks won't provide better savings rates if they don't want more money (or relatively risky debtors). This is normal business sense and is ok. But the article does call out other (shady) tactics that obfuscate things that should be transparent.

        I also want to know how banks can advertise their interest rates then they provide such a huge discount that their advertised rate means crap. As per the article, it seems an attempt to make shopping around hard.

  • me1stt on 21/02/2023 - 12:23
    +1

    https://www.ozbargain.com.au/node/756077
    Uncapped, higher rate, no penalty on withdrawal but you need to grow balance.

  • dusty4 on 21/02/2023 - 12:26

    Last week, I almost bailed out of my long term dealings with the CBA. Actually, the CBA is not half bad after seeing so called 'deals' like this one. I did say 'half' bad.

  • richrichie on 21/02/2023 - 12:28
    +1

    I think Westpac Life has a better offer.
    Same 4%, but the base is 1.35%. You only need to grow the balance, but can still make withdrawals.

    And I think Bank of Melbourne is now offering 4.25% for their Incentive Saver

  • Grok on 21/02/2023 - 14:09

    Nice but has serious flaws as an active banking account.

    Even so it would be very useful when paired with a sister account at Ubank once you hit the $250k cap there.

    Thanks OP for the heads up.

    • woozie3 on 21/02/2023 - 14:55
      +1

      I was told that the government guarantee for deposits up to $250k is for each authorised deposit-taking institution, eg. NAB. But because ubank and 86400 operate under NAB, you won't have the guarantee for savings totalling over $250k across all these companies. Something to consider for the very cautious. Can someone confirm?

      • Grok on 21/02/2023 - 15:02

        Yeah I can just see the current Labor government willingly hand over billions of dollars to people with multiple $250k bank accounts in a financial crisis.

      • Love a bargain on 21/02/2023 - 15:21
        +2

        Yes, it's per license. Since both the old uBank, 86400 (the new uBank) and Citibank are now all operating under NAB's license, it's up to 250k across all of them.

        • woozie3 on 21/02/2023 - 16:50
          +1

          Thanks for that info.

  • SuperLate on 21/02/2023 - 16:31
    +4

    0 withdrawal ! So they've just renamed a Term deposit account as a Savings account.

    • justtoreply on 21/02/2023 - 17:27

      Well.. Reduced break/exit fees but yeah

    • rogsamsy on 21/02/2023 - 18:55

      I somewhat agree but don’t term deposits not compound?

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