Retirement account

To open a National Retirement Account you must be aged 55 or over and retired, or be receiving a Department of Social Security pension or allowance, which is subject to deeming.

Key advantages include:

• No minimum deposit or withdrawal.
  You can open a National Retirement Account with as little as $1, and you can add or take out as much or as little as you wish.

• Choice of accounts.
  A NAB Retirement Statement Account gives you convenient access to your account via Automatic Teller Machines (ATMs), EFTPOS, as well as by cheque (optional) and at your branch. If you choose a NAB Retirement Statement Account without the cheque facility, Debits tax is not applicable.

• Convenience.
  Your NAB Retirement Statement Account also gives you the convenience of doing your day to day banking over the internet via NAB Internet Banking or over the phone via NAB Telephone Banking. Internet banking and telephone banking allow you to check your account balances, transfer funds between accounts or make payments to your NAB Credit Card.

  In addition, National FlexiCard and linked NAB Visa cardholders can use the PLUS International ATM network, and linked MasterCard holders can use the CIRRUS International ATM network, while travelling overseas to withdraw funds and obtain a balance of your account (both supplied in local currency).

  Alternatively, you can consider a NAB Retirement Passbook Account. This allows you to make deposits and withdrawals simply by taking your passbook to any branch of NAB. Even though your money isn't always at hand using a passbook, with no Automatic Teller Machines (ATMs) or EFTPOS access, you won't be tempted to make impulse or frequent withdrawals.
  You can use NAB Internet Banking and NAB Telephone Banking to check your account balances, view your transaction history and deposit funds into your NAB Retirement Passbook Account.