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NAB iSaver

NAB iSaver

2.6 from 10 reviews

See the Best Savings Accounts in 2019 as rated by Australians on ProductReview.com.au.


False advertising

Describing a bank account that starts at 2.11 per cent and "smoothly transitions" to 0.11 per cent a few months later as "high interest" is deceptive and disappointing. I'd like to save with NAB but they don't want to save with me.


The worst savings account ever

I have been banking with them since 2013 and they give the worst interest on this account so I would recommend opening an eSaver account with Westpac so you can save quicker and faster.

Beware of NAB's dishonest tactics

A few months ago while at the branch was advised to place a sizable amount in a isaver account as it paid a better interest rate. ie 1.9%. This rate is still advertised by NAB. However last week while I was at the branch I was advised that the rate paid on the amount was only 1.2%. Apparently the NAB's deal is; the longer you keep the money (irrespective of the advertised rate) the lower the rate paid. If this is not stealing, I don't know what is.

Easy to setup and manage but low interest after 3 months.

My iSaver account is good to store money that I'm not using or investing. Whilst the interest earned is low the ease of access means it's a great addition that is better to have than to not have. It's easy to do an online transfer between accounts and works well to partition my account. If you have a NAB account already it makes sense to get one basically.

1 comment
Thanks for the kind words David, we appreciate it! :) ^JM

isaver is so usefull

a good holding ac for funeral expences and being able to transfer from to other acs title rating isaver convienent
also collecting a small interest amount while holding griffo

1 comment
Thanks for the great feedback griffo :) ^JM

iSaver Review

I like that i can have a savings account with NAB that is easy to operate. As I have a credit card and transaction account with NAB its easy for me to transfer money from one account to another. The interest rate could be a little higher to make the account more competitive though.
Easy to have accounts linked on my internet banking.
The interest rate could be a little higher.

1 comment
I Agree the interest rate could be higher

OK

This is a fast easy account to set up. For exisiting NAB customers it is a good, free savings account. However, for non nab customers the fee involved in the linked transaction account may mean it is not cost effective
The NAB isaver is a fee free account. It pays a reasonable amount of interest, with a bonus rate for the first four months (check current rates though of course). Online access is easy to use. Can be used by phone or internet banking.
This account must be linked to a NAB transaction account which may be charged a fee. Direct debits are not able to be debited from this account.


Bad

Doesn't disappoint but nothing really special. A little more research will reveal better products with higher interest returns but for existing NAB account holders probably not a bad idea.
As far as a online saving accounts get, pretty much average. Nothing special. Easy to use, reasonably good interest rate and the security of NAB... But nothing special...
Those who have really done some research will know that NAB also runs ubank savings, an online account with much higher interest rate. If you are very competent with online banking activities, I would say there are better products out there.

Bad

Well, it's the NAB. There's always an extra layer, at least, of complexity and confusion.
Ubank-(NAB in sheep's clothing)-really good interest rate and I believe you can get your own money back out again more easily-
You can get a better and much longer lasting Bonus interest rate period at Bankwest, and the linked account doesn't have to be Bankwest and I think it's a lot easier to get your own money back out again
Depending on circumstances, St George Directsaver is good- though you may have to haggle to get bonus interest rate
What I am saying, I guess, is that I can't really see any good reason to open this type of account with the NAB
Not bad interest rate
Difficult to get money back out- so not truly "at call" Something they didn't tell me when I opened the account.
Staff are told to "actively discourage" people making direct electronic payments into the account except via linked account which must be NAB- it's the "NAB by name- nab by nature"- they'll get you every time!
And if NAB staff member changes your password unbidden, you'll have to go back into a branch to be able to use phone and internet banking -not fun when it happens during the Christmas/New Year period

Good

The NAB iSaver savings account offers a competitive variable interest rate and an attractive account package. The iSaver is linked to a NAB transaction account and then funds can be transferred between your NAB accounts or transferred directly by third party payers. Unfortunately customers are not able to access their iSaver funds using EFTPOS, but the ability to make unlimited deposits and withdrawals without affecting your interest payments is appealing. Overall, this is a competitive and attractive offering by NAB.
No transaction or account keeping fees, no minimum balance requirements, unlimited deposits and withdrawals, compound interest calculated daily
Electronic access only

Questions & Answers

can I withdraw cash out of isaver account if I go into a branch
No answers

Can my pay be deposited into my Isaver account by my employer?
1 answer
Not sure have you found out

Can I transfer money into existing iSaver account and what interest rate would apply?
1 answer
Hi Griffo, you can definitely transfer funds into an exisiting iSaver account - to find the most current rates you can visit this link http://nab.co/1Y3wvbD ^TC

Details

iSaver
Release dateOct 2008
Visit official website

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