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Apr 13 2011

NAB National Australia Bank

National Australia Bank

The National Australia Bank commonly known as the NAB, is one of Australia’s Big Banks.

I often recommend them myself these days, due primarily to the no-fee accounts that they now offer, without any strings.  They did however have a computer meltdown a while ago, which caused some bad press, but all in all, they still seem to be a good bank.

For the benefit of New Migrants from the United Kingdom, they have a Migrant Banking Centre at Gateway House, 28 The Quadrant, Richmond, TW9 1DN. Tel: 020 8614 9320.
They also suggest you open an Australian bank account before you leave home, and have a webpage for this at: NAB Moving to Australia

The NAB Classic Banking account has:

No monthly account fees.
No minimum deposits.
NAB Visa Debit card.
Internet Banking and Telephone Banking.
Branch banking.
About 3,400 ATM‘s in Australia can be used Free of Charge

A media release on 2 April 2011 stated:

For the second year running, NAB welcomes the CHOICE Award – ‘Best Low-Fee Bank Account’ for its NAB Classic Banking account.

NAB Classic Banking account holders do not pay monthly account keeping fees, or overdrawn account fees. NAB also received the Choice’s ‘Best Online Savings Account’ Award for UBank’s USaver, which currently offers savers 6.01%p.a. interest, plus a bonus 0.50%p.a. for customers who make regular contributions from another Australian bank account.

Over the last two years, NAB has grown its transactions accounts almost 10 times the rate of previous years. Lisa Gray, Group Executive, NAB Personal Banking said that NAB had worked hard to improve its relationship with its customers. “NAB is the first bank, and in many cases the only bank, to abolish some of the most disliked bank fees, including monthly account service fees, overdrawn account fees and over-the-limit credit card fees. “We have doubled our ATM network, so that we have more than 3500 NAB and RediATM machines and we have maintained the lowest ATM fees of the major banks. “For home loan borrowers, NAB has maintained the lowest standard variable interest rate of the major banks for the past 21 months and will pay the Early Exit Fee for customers from other banks looking to take advantage of our better deal,” Ms Gray said.

Customers are voting with their feet. NAB has seen an increase to 47% in the number of Australians aged under 25 who are new-to-bank customers opening a NAB Classic account. “We know that was is good for customers is good for business,” Ms Gray said. CHOICE Spokesperson, Ingrid Just said: “NAB was one of the first players to establish fee-free banking in 2009.

Winning both bank award categories in 2011 demonstrates the bank’s ongoing leadership in the development of low cost transaction accounts.” “There is no doubt that Australians are becoming more willing to break up with their bank. NAB is pleased to be the bank that provides them a better deal and fairer value banking to switch to,” continued Ms Gray.



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