Some Benefits of the NAB iSaver Account
Earn 2.55% p.a. introductory rate for the first four months
Interest calculated daily and paid monthly
No minimum balance
No ongoing account fees
Unlimited transfers between your linked NAB account
As a flexible savings account, the NAB iSaver offers easy access to your savings with unlimited transfers between your linked NAB account, without any affect on your interest rate. Choosing this account, you will enjoy a nice boost to your savings, with a total introductory interest rate of 2.55% p.a. for the first four months. On top of that, you can save money with no account fees or transaction fees to worry about.
As this is a savings account, one of the most important features to consider is interest. How much interest will your savings earn when you park them in the NAB iSaver? Currently, NAB has a nice little intro offer for new customers, providing a total introductory interest rate of 2.55% p.a. for the first four months on balances up to $20 million.
This total intro rate is made up of the following:
Here are a few things to be aware of before you apply:
When you’re trying to save, the last thing you want to see is money disappearing out of your account in fees. Fortunately, with the NAB iSaver, you don’t have to worry about ongoing fees as there are no monthly account fees or transaction fees. You can keep the account for as long as you want, and you can transfer in and out of the account as often as you like with no fees to pay.
Your preference on account accessibility really depends on your style of saving. Perhaps you want to lock away your money to remove the temptation to spend it. Or maybe you simply want to earn interest on any money you happen to have, but need access to it, whenever, wherever.
With the NAB iSaver, your savings are available to you whenever you want them. Unlike certain other savings accounts – or products such as term deposits – that penalise accountholders if they withdraw their money within a certain period of time, the iSaver allows for unlimited transactions both in and out of the account.
This could make it a great option if you want to park your money in an account to earn interest on it while you can, while still being able to withdraw it should you need it.
In terms of transfers, you will need to link your iSaver with a NAB transaction account such as NAB Classic Banking. If you don’t already have a NAB transaction account, you’ll be able to open one when you apply online. With both accounts, you will be able to access them online via the NAB app.
If you want to put money into your iSaver, you would transfer it into your linked account, and then transfer it to the iSaver. Withdrawing your funds would happen in much the same way, transferring out to the linked account, to then do as you like. You could use your linked account debit card to withdraw funds from the ATM, or use them to make purchases.
Keeping things pretty simple, NAB offers an easy online application process for the iSaver. You can open as many NAB iSaver accounts as you want, but you will only get that intro rate on the first account you open.
To apply, you will need about seven minutes, plus have your passport, driver’s license or Medicare card handy. You must be least 16 and a permanent Australian resident to apply online, but you may call NAB or visit in branch if you’re under 16 or a non-permanent resident.
As long as NAB is able to confirm your identity, your new account could be up and running within 24 hours. Simply apply online, to then receive an SMS with your NAB Identification Number (NIN) within 60 seconds. After you have registered for internet banking using your NIN, you can start moving money into your account.
When choosing any financial product, it’s important to know exactly what’s in store. While the NAB iSaver is a pretty simple product, it’s worth reading the small print before you apply. In terms of interest, after the intro period is over, your savings will accrue interest at the account’s standard variable rate.
While this is not mind-blowing, it is about standard for an everyday savings account that allows for unlimited transfers. If you’re willing to forego flexibility, you may want to look into savings products that offer minimal access in return for a higher rate of interest.
If you’re not a NAB customer, another sticking point may come with the transfer process. You have to transfer funds from your everyday account into the linked NAB account, from where, you transfer into the iSaver. With online banking, this is really not a big deal, but the delay between transfers in and out of NAB could be an issue for some.
The NAB iSaver is designed to be flexible, making it an ideal option for accountholders who need easy access to their savings with no minimum balance and no account fees to worry about. New accountholders can enjoy an introductory rate of 2.55% p.a. for four months, making it a great place to park cash.
Keeping the application process as simple as possible, to open a NAB iSaver Account, you should: