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We Say...
NAB Classic Banking enables you to make purchases online, over the phone, overseas, or wherever Visa is accepted, using your own money.
Why Choose This Account?
  • Fee free transaction account.
  • No fee for using ATM’s of other banks.
Additional Information
  • Transaction account pays low interest.

Key Features

  • Awarded Australia’s number one for everyday banking by Canstar Cannex.
  • No monthly account fees, ever, no matter how you bank.
  • No minimum deposits.
  • NAB Visa Debit card with payWave at no extra cost, so you can shop wherever Visa is accepted.
  • Unlimited access to your money through NAB Internet Banking or NAB Telephone Banking, in any branch, through our ATM network (including rediATMs), using EFTPOS, or through an optional chequebook.
  • The option to add a personal overdraft for those times you need a little extra cash.
  • You’re protected from fraud by our NAB Defence security promise.

Our Review

Before picking a transaction account it is important to consider what options are available for an account you wish to use simply to manage your monthly financial needs. The big advantage with the NAB Classic Banking Account is it is both fee free and does not require the hold to carry a minimum balance, which makes it particularly useful.

Another big benefit is that branch transactions are unlimited and completely free and you can access your money any time for no charge either online, through ATM or EFTPOS or by phone banking.

Perhaps the biggest bonus with this account is NAB does not charge account holders when they use their withdraw cash using other bank’s ATM machines, however you may incur a charge by foreign banks if you withdraw money overseas and NAB does tack a fee on when you use your card internationally.

You can also link this transaction account with a savings account or a personal overdraft facility as well. This means if you require the extra features they can be linked to your transaction account. For example you can link a debit card so when you spend online you are using your own funds. Alternatively if you choose to link  an overdraft facility to the account you can avoid overdrawn and dishonor fees and there is no need to either use the facility itself or borrow the entire limit.

The only thing you need to be aware of is as a transaction account that is both fee free and doesn’t require a minimum balance, the interest rate is not particularly high, so if you know you are likely to carry a large balance or you tend to save a lot, it may be worthwhile opening a high interest savings account where you can deposit the additional funds and earn a decent rate of interest instead.

As a transaction account the NAB Classic Banking Account can certainly hold its own against similar products on the market.

NAB Classic Banking Rates & Info
Account Name
NAB Classic Banking
Bank
NAB
Maximum Rate
0.01% p.a.
Minimum Balance
$1
NAB Classic Banking Fees & Charges
Account Fee
$0
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