NAB Reward Saver Review (2026)
NAB Reward Saver Review (2026)Rates and conditions verified 3 October 2026
Rates can change without notice. Last verified: 3 October 2026 (AEST). Please confirm details on the bank’s official page.
Bonus rate
5.00%
p.a. when conditions met
Base rate
0.01%
p.a. if conditions missed
Balance cap
None
applies to all balances
About the NAB Reward Saver
The NAB Reward Saver is National Australia Bank's main conditional bonus savings account. It pays 5.00% p.a. when you make at least one deposit before the second last banking day of the month and make no withdrawals during the month.
The no-withdrawal condition is more restrictive than most alternatives — accounts like CommBank GoalSaver or ubank Save allow withdrawals while still qualifying for the bonus rate. This makes NAB Reward Saver best suited to long-term savers who don't need to access the funds regularly.
The standout feature is the absence of a balance cap. Many competitive savings accounts limit the bonus rate to $50,000 (Great Southern Bank) or $250,000 (BOQ Smart Saver). NAB Reward Saver applies 5.00% p.a. to any balance up to $1,000,000+, making it more attractive for larger deposits.
Current Interest Rates
| Rate type | Rate | Condition |
|---|---|---|
| Bonus rate | 5.00% p.a. | 1 deposit + no withdrawals in the month |
| Base rate | 0.01% p.a. | Conditions not met |
Effective 18 May 2026. Variable — check NAB's website for the latest rate.
The Monthly Conditions — Explained
Condition 1 — Make 1 deposit
Make at least one deposit into the Reward Saver on or before the second last banking day of the month. Even a small transfer from your NAB transaction account counts. The deposit can be any amount.
Condition 2 — No withdrawals
Make zero withdrawals from the account during the month. This is the most restrictive element — a single withdrawal disqualifies you from the bonus rate for that month, leaving you on 0.01% p.a.
The "second last banking day" cutoff for deposits means you cannot wait until the very last day of the month — NAB provides a calendar tool to identify this date each month.
Pros and Cons
Pros
- ✓ No balance cap — 5.00% applies to all balances up to $1m+
- ✓ Big-four bank — strong brand, branch access, government guaranteed
- ✓ No minimum opening deposit
- ✓ No monthly account-keeping fees
- ✓ Simple one-deposit condition
Cons
- ✗ No withdrawals allowed — any withdrawal drops you to 0.01% base
- ✗ 0.01% base rate is near zero if conditions missed
- ✗ 5.00% is below ING (5.50%), Suncorp (5.10%) and ubank (5.10% ongoing)
- ✗ Deposit deadline is second last banking day, not month end
How It Compares
- Rabobank High Interest Savings Account5.90% — intro (4m), 4.00% ongoing — no conditions at all
- ubank Save Account5.85% — intro, 5.10% ongoing — grow balance monthly (withdrawals allowed)
- ING Savings Maximiser5.50% — $1,000 deposit + 5 card purchases; withdrawals allowed
- Suncorp Bank Growth Saver5.10% — net $200 growth + max 1 withdrawal
- CommBank GoalSaver5.00% — 1 deposit + higher balance at month end (withdrawals allowed)
- NAB Reward SaverReviewed here5.00% — 1 deposit + no withdrawals at all
- Macquarie Savings Account5.00% — 5.00% ongoing — no conditions, no intro period
Compare head-to-head
Related guides
FAQs
What is the NAB Reward Saver interest rate?
The NAB Reward Saver pays 5.00% p.a. when monthly conditions are met (effective 18 May 2026), comprising a 0.01% p.a. base rate and a 4.99% p.a. bonus rate. If conditions are not met, you earn only the 0.01% p.a. base rate.
What conditions do I need to meet for the NAB Reward Saver?
Two conditions: (1) make at least one deposit on or before the second last banking day of the month; and (2) make no withdrawals during that month. Both conditions must be met every month to earn the 5.00% p.a. bonus rate.
Is there a balance cap on the NAB Reward Saver?
No — the 5.00% p.a. bonus rate applies to all balance tiers from $1 to over $1,000,000, with no cap. This makes it suitable for larger balances compared to accounts that cap the bonus rate at $50,000 or $250,000.
How does NAB Reward Saver compare to other savings accounts?
At 5.00% p.a., NAB Reward Saver is competitive among big-four bank accounts but below the best challenger bank rates. ING Savings Maximiser offers 5.50% p.a. and Suncorp Growth Saver 5.10% p.a. with monthly conditions, while Rabobank offers 5.90% p.a. intro (no conditions) for 4 months. The no-withdrawal condition on NAB Reward Saver is more restrictive than most alternatives.
Information verified 3 October 2026. Rates variable and subject to change. Confirm current rates and conditions on NAB's website before applying. This is not financial advice.