Apply for a NAB Retirement Account | Eligibility - NAB

Eligibility criteria

  1. You're 55 years or older and retired.

  2. You're an Australian resident for tax purposes.

  3. You're an individual (not a joint applicant).

  4. New to NAB? You'll need to provide at least one form of ID, but it’s best to have two ready in case we need more information.

    • Passport (Australian or foreign)
    • Australian driver's licence 
    • Birth certificate
    • Medicare card (you'll need a second ID with this)

Note: If you're not 55 years or older and retired, but receive a government pension or allowance, you can open a NAB Retirement Account by calling us on 13 22 65 or visiting a NAB branch.

Rates and key fees for a NAB Retirement Account

  • $1 - $9,999: 0.15% p.a.
  • $10,000 - $49,999: 1.55% p.a.
  • $50,000 - $249,999: 2.05% p.a.
  • $250,000 plus: 2.20% p.a.
  • Debit interest rate charged on overdrawn amounts: 20.00% p.a.

NAB Retirement Account has a tiered interest structure, meaning you may receive a different rate for the portion of your credit balance that falls within each tier. View indicator rates for deposit products for full details of tiers and rates.

Other fees and charges may apply, including with other ATM networks, international transactions or ATMs overseas. See our guide to fees and charges.

Other things to consider

  • When applying for a NAB Retirement Account, you will need to select a debit card, you can choose from:

    You can also choose to add savings accounts during your application. You can choose from:

    • NAB iSaver – a flexible savings account with competitive interest rates.
    • NAB Reward Saver – earn bonus interest when you meet monthly deposit and withdrawal conditions.

    It’s always worth taking a moment to read about each product so you can find the one that suits your needs and feels right for you.

  • If you’re opening a joint account, you’ll need to visit a NAB branch.
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ID Help for First Nations Customers

If you're Aboriginal or Torres Strait Islander and don’t have ID, call our Indigenous Customer Service line on 1800 966 100 Monday to Friday, 8:00am to 7:00pm (AEST/AEDT) or visit a NAB branch.

Terms and Conditions

Any advice has been prepared without considering your objectives, financial situation or needs. Before acting on any advice, you should consider whether it is appropriate for your circumstances and view the Personal Transaction and Savings Accounts Terms and Conditions. Target Market Determinations for NAB products are available at nab.com.au/TMD. NAB products issued by NAB.

See our personal banking fees and charges and indicator rates for deposit products.