NAB has a handful of savings accounts out there to suit the majority of Aussie savers. Customers should carefully consider a savings account’s interest rate, bonus rate and conditions, and fees when choosing where to store their excess cash. 

Savings accounts

Available via NAB?

Traditional savings account

✅

Bonus interest savings account

✅

Youth-focused savings account

❎

Account fees

❎ 
NAB offers two main options for savings accounts: Its Reward Saver and iSaver. Let’s delve into the differences. 

NAB Rewards Saver

The bank’s Reward Saver offers a bonus interest rate. That means if a customer regularly achieves set targets they can realise more interest than they otherwise would have. 

At the time of writing, the Rewards Saver offers a bonus interest rate if a customer makes at least one deposit into their account and no withdrawals from their account in a given month. That bonus interest rate is more than ten times higher than the account’s base rate.

However, both the base and bonus interest rate is variable. That means they might rise or fall at any given time, typically alongside the RBA cash rate. 

NAB iSaver

The bank’s iSaver account, on the other hand, provides a customer with a relatively competitive variable interest rate no matter how they use their account. It also comes with an attached transaction account, potentially making it more convenient to withdraw their excess cash. 

However, the standard variable rate offered by the iSaver account is notably lower than the bonus interest rate currently offered by the Rewards Saver account.