NAB Reward Saver

More like gambling than saving – A flexible account that pays you almost no interest if you make any kind of withdrawal within a month. This is more like placing a bet on whether you need to withdraw money each month than it is a regular savings account. Be aware you will get almost no interest in the month you close it, and god forbid you make a small transaction in error while you hold the account. This is not a term deposit, but it has all the worst features of a term deposit plus an element of gambling with only downsides.

Bad – This is a reasonable offering from the NAB. However there are better savings accounts on the market for those who are willing forgo branch access. The NAB Isaver currently pays a higher interest rate than this account. This account has no atm access to assist you in meeting your savings goals. You are able to deposit or withdraw within the branch network and using phone and internet banking. Depending how you use it the account can be fee free. The interest rate is quite low. If you do more than one withdrawal a month there is a fee applied to the account