NAB Reward Saver Review (2026)
Rates and conditions verified 22 May 2026
Rates can change without notice. Last verified: 22 May 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, Suncorp (5.50%) and ubank (5.10% ongoing)
- ✗ Deposit deadline is second last banking day, not month end
How It Compares
- Rabobank HISA: 5.90% intro (4m), 4.00% ongoing — no conditions at all
- ubank Save: 5.85% intro, 5.10% ongoing — grow balance monthly (withdrawals allowed)
- ING Savings Maximiser: 5.50% — $1,000 deposit + 5 card purchases; withdrawals allowed
- Suncorp Growth Saver: 5.50% — net $200 growth + max 1 withdrawal
- CommBank GoalSaver: 5.00% — 1 deposit + higher balance at month end (withdrawals allowed)
- NAB Reward Saver: 5.00% — 1 deposit + no withdrawals at all
- Macquarie: 5.10% intro, 4.75% ongoing — no conditions after intro
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 and Suncorp Growth Saver offer 5.50% 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 22 May 2026. Rates variable and subject to change. Confirm current rates and conditions on NAB's website before applying. This is not financial advice.