NAB Interest Rates: Compare Top Savings Accounts 2026

Ever wondered how much your savings could earn you if you parked it with one of Australia’s big four banks? NAB is a household name, but its interest rates aren’t always the headline grabber — here’s exactly what NAB is offering today and how it compares to the best savings rates in the country.

NAB Reward Saver total rate: 5.00% p.a. ·
Base rate: 0.01% p.a. ·
Bonus rate: 4.99% p.a. ·
Minimum deposit to earn bonus: At least one deposit per month

Here are the confirmed details for the NAB Reward Saver account.

What is the NAB savings interest rate?

Current NAB Reward Saver rate

NAB’s flagship savings account, the Reward Saver, offers a total variable rate of up to 5.00% p.a. as of its rate increase on 15 May 2026, according to Canstar (independent financial ratings body). That total is made up of two parts: a base rate of 0.01% p.a. and a bonus rate of 4.99% p.a.

The base rate is barely noticeable – it’s essentially a placeholder. The bonus is where the real earning power sits, but it comes with a condition: you must deposit at least once each month before the second last banking day, and make no withdrawals during that month. Miss that deposit and you forfeit the bonus for that month, dropping back to 0.01%.

Base rate vs bonus rate explained

The split is stark: 0.01% base versus 4.99% bonus. InfoChoice (Australian comparison site) notes that this kind of layered structure is common among big banks – it rewards loyalty but punishes any breach of terms. For a balance of $10,000, earning the bonus means $499 a year in interest. If you miss a deposit, that drops to just $1 a year.

How to qualify for the bonus rate

To earn the 4.99% bonus each month, you need to:

• Make at least one deposit on or before the second last banking day of the calendar month.
• Make no withdrawals during that month.

Canstar confirms this condition applies to the NAB Reward Saver. It’s a simple rule for disciplined savers, but a trap for anyone who needs occasional access to their money.

The pattern: NAB’s savings rate structure is built for steady, hands-off savers. For those who can meet the conditions, 5.00% p.a. is competitive among the big four – but it trails smaller lenders and introductory offers.

Which bank is giving 7% interest on savings accounts?

Banks offering 7% or higher savings rates

As of mid-2026, no major Australian bank offers a standard ongoing savings rate of 7% or higher. However, some institutions have offered promotional rates that temporarily reach those levels. The highest ongoing rate currently listed on the Canstar database is 5.90% p.a., offered by Rabobank Australia on its High Interest Savings Account – but that’s an introductory rate valid for only four months, after which it drops to 4.00% p.a.

Conditions and caps on high-rate accounts

High headline rates often come with strings attached. According to InfoChoice, Rabobank’s 5.90% is an introductory offer for new customers. Other top rates include ubank Save Account at 5.85% p.a. (5.10% bonus + 0.75% introductory) and Bankwest Easy Saver at 5.75% p.a. (5.00% base + 0.75% introductory). These all require meeting monthly deposit conditions or are time-limited.

Finder notes that the average bonus savings rate in Australia fell to 4.0% p.a. in October 2025, down from 4.85% a year earlier (Finder (consumer finance authority)). That means 7% would be more than 2.5 times the average – unrealistically high for a standard variable account.

How NAB’s rate compares

At 5.00% p.a., NAB’s Reward Saver sits below the top ongoing rates available. For comparison:

How much interest will $100,000 earn in a savings account?

Interest calculation for $100,000 at current NAB rates

If you deposit $100,000 into a NAB Reward Saver and earn the full 5.00% p.a. bonus rate every month, you would earn roughly $5,000 in gross interest per year, before tax. With monthly compounding, the actual amount would be slightly higher – around $5,116 – because each month’s interest earns interest thereafter. The Reserve Bank of Australia (central bank) sets the cash rate that influences these returns, but the compounding effect is a function of the account’s terms.

Impact of compounding frequency

NAB compounds interest monthly on the Reward Saver. For $100,000 at 5.00% p.a. compounded monthly, the annual effective rate is about 5.12%. That adds $116 more than simple interest. While not a game-changer, it’s worth considering for larger balances. According to Finder (personal finance comparisons), many savings accounts now compound monthly, so the advantage is standard.

Comparison with other banks’ rates

What would $100,000 earn elsewhere? Using the top rates from our comparison:

• Rabobank introductory (5.90% for 4 months, then 4.00%): about $5,900 gross in the first four months, then ~$4,000 annualised after that. But after one year the total would be around $4,400 on the blended average.
• ubank Save Account at 5.85%: about $5,850 in the first year (subject to conditions).
• NAB Reward Saver at 5.00%: $5,116 with monthly compounding.

The difference between NAB and the top introductory offers is roughly $700–$800 per year on $100,000 – significant but not life-changing. For a disciplined saver, the higher ongoing rate must be weighed against the effort of switching banks and meeting conditions.

Is NAB increasing interest rates?

Recent NAB rate changes

NAB announced a rate increase effective 15 May 2026, raising rates on personal savings accounts by up to 0.35% p.a. This brought the Reward Saver’s total rate to 5.00% p.a., as reported by InfoChoice (Australian comparison site). The increase came after a period of RBA cash rate adjustments – the central bank’s target stands at 4.35% (as of 6 May 2026, per the Reserve Bank of Australia website).

Reasons behind rate adjustments

NAB, like other banks, adjusts savings rates largely in response to the RBA cash rate. When the RBA raises or lowers the cash rate, banks typically follow with changes to both lending and deposit rates. NAB’s May 2026 increase was in line with a broader push by banks to attract deposits after three RBA rate cuts in 2025 had squeezed savings rates, as InfoChoice noted: “three RBA rate cuts in 2025 meant ongoing savings rates of 5% p.a. or better were behind us.”

Future outlook

Whether NAB will increase rates again depends on the RBA’s next moves. The cash rate is currently 4.35%. If inflation data pushes the RBA to cut further, NAB may lower savings rates in response. If rates hold steady, NAB could maintain 5.00% but is unlikely to raise beyond that without competitive pressure. No forward guidance from NAB is available.

What this means: NAB’s rate is not static – it follows the broader economy. Savers should watch the RBA meetings and expect changes within weeks of any cash rate move.

Which bank gives 9.5% interest?

Is 9.5% available on standard savings accounts?

No major Australian bank offers 9.5% on a standard savings account. The highest ongoing rate from a regulated institution is 5.90% (Rabobank introductory). A rate of 9.5% would be more than double the average bonus savings rate of 4.0% reported by Finder. Such a return is not available on any deposit account from a bank regulated by the Australian Prudential Regulation Authority (APRA).

High-risk investment alternatives

Rates of 9.5% may appear in unregulated high-risk investments – peer-to-peer lending, crypto staking, or speculative bonds. These are not savings accounts and do not carry the government’s Financial Claims Scheme (FCS) guarantee of up to $250,000. Savers should treat any claim of 9.5% on a deposit-like product with extreme caution.

Verified high-rate products in Australia

To reiterate, the best verified savings interest rates in Australia as of mid-2026 are:

The implication: If someone is promising you 9.5% on a savings account in Australia in 2026, it’s likely a mislabelled investment product or a scam. Stick with regulated, FCS-protected accounts and realistic expectations.

Timeline

The signal: NAB’s May 2026 increase was a reversal of a downward trend. Whether it signals a sustained rise or a temporary bump depends on RBA decisions ahead.

Clarity: confirmed vs unclear

The implication: while the facts are solid, the future direction of NAB’s rates depends on broader economic forces that remain uncertain.

Expert perspectives

The highest interest rate listed on our database for a high-interest savings account is 5.90% p.a. for Rabobank Australia’s High Interest Savings Account. That rate is only available for an introductory period of four months before reverting to 4.00% p.a.

Canstar (financial product ratings authority)

Three RBA rate cuts in 2025 meant ongoing savings rates of 5% p.a. or better were behind us, though a few introductory offers still reached the 5% range.

InfoChoice (Australian comparison site)

The average bonus savings rate in Australia fell to 4.0% per annum in October 2025, down from 4.85% a year earlier.

Finder (consumer finance authority)

What this means: independent sources confirm that NAB’s 5.00% rate is competitive among big four banks but trails smaller lenders and introductory offers.

Summary

NAB’s interest rates, especially the Reward Saver at 5.00% p.a., sit in a middle ground: competitive among the big four but easily outmatched by smaller lenders offering introductory rates near 5.90%. The key is understanding the conditions: one missed deposit can wipe out the bonus for that month. And forget about 9.5% – no regulated Australian savings account offers anything close. For the typical saver with $100,000, the difference between NAB and the top market rate is around $700–$850 a year. That’s real money, but it comes with the hassle of managing switching and bonus conditions. For Australian savers looking to maximise returns, the choice is clear: either stick with NAB for convenience and accept the 5.00% rate, or chase higher returns from competitors with short-term introductory offers – but don’t expect either to deliver 9.5% without risk.

For a deeper look at how the NAB Reward Saver compares, see our detailed breakdown of NAB Reward Saver rates and conditions.

Frequently asked questions