The national bank offers Australians both standard transaction acconts, as well as ways to save money with interest-earning savings accounts and term deposits. The specifics of its personal banking offerings are outlined below.

Note that interest rates are subject to change at any time, and the interest rates specified for the products and services are accurate at the time of writing.

Related: A Guide To Bank Interest Rates

NAB Classic Banking Account

The NAB Classic Banking Account is an everyday transaction account linked to a debit card, with NAB offering two debit card choices: the NAB Visa Debit Card and the NAB Platinum Visa Debit Card.

Regardless of which debit card you choose, NAB’s transaction account has $0 monthly account keeping fees; $0 transaction fees within Australia; and $0 withdrawal fees at over 4,000 ATMs across the country.

The difference between the two debit cards is that the Platinum option is more suitable for overseas spending as there is no international transaction fee on purchases abroad. There are also complimentary insurances included, such as travel insurance among others, and the opportunity to earn 1% cashback on contactless purchases.

The regular visa card does not cost anything, whereas, the Platinum option charges a monthly card fee of $10.

NAB Retirement Account

Targeted at retired Australians, this account helps retirees earn interest on every dollar in their balance. Just like the daily transaction account, the NAB Retirement Account does not charge monthly account-keeping fees, transaction fees or withdrawal fees inside Australia.

The interest rate you will earn on your account depends on the balance. These interest rate tiers are:

• $1 to $9,999: 0.15% p.a.
• $10,000 to $49,999: 1.50% p.a.
• $50,000 to $249,999: 2.00% p.a.
• $250,000 and over: 2.15% p.a.

Interest on the NAB Retirement Account is calculated daily and paid quarterly.

Those eligible for an account will also receive a visa debit card.

NAB Reward Saver

The NAB Reward Saver is a type of bonus high interest saving account, offering account holders a high interest rate if they meet the monthly conditions of no withdrawals and at least one deposit, of any amount, within the calendar month.

Account holders will then receive the bonus interest rate of 4.65%. This is on top of the variable base rate, which is 0.35%. So, if you meet the conditions each month, you’ll receive a total interest rate of 5.00% on your account balance.

Should you not meet the conditions, you’ll only receive the base rate of 0.35%. The interest rates shown are for balances up to $49,999; for higher balances, a tiered interest rate applies.

NAB iSaver

For a savings account linked to your transaction account, customers would usually park their money with NAB iSaver. The card allows you to make regular withdrawals with your card and still earn interest.

The account is known as an ‘introductory offer’ savings account, as the high-interest lasts for only four months: the first four months is at a rate of 2% p.a. base variable rate and 3% p.a. fixed margin. This means the introductory interest rate is 5% p.a. for the first four months.

After the first four months, the base variable rate of 2% p.a. will apply.

No matter the time period, there is a $0 monthly account service fee and no minimum deposit required with the account.

NAB Term Deposit

A term deposit is a method of  earning interest over a certain period of time (known as the term) on funds that you’ve invested and do not touch.

At NAB, the length of term you can choose ranges from 30 days to five years. A 30-day term deposit has an interest rate of 1.25%, paid on maturity (the end of the term), while a five-year term deposit has an interest rate of 3.80%, paid out annually.

The highest interest rate one can receive with a NAB Term Deposit is by choosing a 12-month term, where you’ll earn 4.70% interest on your deposit at maturity, which is roughly the rate of inflation.

There are no account-keeping fees nor application fees with an NAB Term Deposit, however, there is a minimum deposit requirement of $5,000.

Related: Our Pick Of The Best Term Deposits In Australia

NAB Joint Accounts

You can open a joint account online via NAB for a:

• NAB Classic Banking Account
• NAB iSaver
• NAB Reward Saver
• NAB Term Deposit

For a joint NAB retirement account, you will need to visit an NAB branch in-person.

NAB specifies that for any joint account, you will have to open a new account in order for it to be joined—you can’t be added to someone else’s personal account to make a joint account.