The NAB Reward Saver rewards motivated savers by providing a higher rate of interest on their savings. As an accountholder, the interest your savings will accrue will depend on how you use the account. When you withdraw funds from your account, that month, your savings will attract the variable base rate of 0.50% p.a.
However, if you make at least one deposit into the account and make no withdrawals, that month, your savings will attract the variable base rate of 0.50% p.a. plus the variable bonus rate of 1.80% p.a., giving you a total overall interest rate of 2.30% p.a. This interest is calculated daily and paid monthly.
- A variable base rate of 0.50% p.a.
- A variable bonus rate of 1.80% p.a.
- Total interest rate of 2.30% p.a.
Flexibility vs. Reward
With the Reward Saver, you get the option of flexibility or reward. The flexibility of being able to withdraw your savings whenever you want is certainly a nice feature. There is also the flexibility of having no minimum account balance, so should you need to withdraw your savings in their entirety, the option is there.
However, the purpose of any savings account is to save – which is what the Reward Saver rewards most. By transferring funds into the account, and avoiding transferring funds out, you can enjoy a much higher rate of interest on your savings. For some, this provides the best of both worlds, giving them flexibility should they need it, and more back in interest if they don’t.
While you may want to refrain from withdrawing funds from the NAB Reward Saver, you obviously still need access to the account. Fortunately, accessing your account is easy with the NAB app. Unlike some of the bank’s other savings products, you don’t need a linked NAB transaction account to access the NAB Reward Saver, you can simply transfer in and out from your current everyday account.
Save on Fees
Another nice feature on the NAB Reward Saver is its lack of ongoing fees. As an accountholder, you will pay no monthly account keeping fees or transaction fees, allowing you to save as much as possible without lining the bank’s pockets in fees.
In days gone by, you needed to visit a branch to open an account. Today, you can save time by applying online. As long as you are at least 18 and a permanent Australian resident, you can apply for a NAB Reward Saver online via the bank’s site. The application process only takes about seven minutes, and all you need is a passport, driver’s license or Medicare card as proof of your identity.
After completing the online application, you’ll get an SMS with your NAB Identification Number (NIN) within 60 seconds. With this ID number, you can register for internet banking and from there, you’re ready to transfer funds into your account.
Giving accountholders the option of either flexibility or reward, the NAB Reward Saver provides access to funds when needed, as well as the motivation to save with a higher interest rate. There are no ongoing fees to cover, and both account access and application is super easy.