(20 September 2005 – Australia) National Australia Bank has entered the online savings account market with a new 5.45 percent variable interest rate account.NAB’s move comes just months after Commonwealth Bank launched its NetBank Saver account as the major commercial banks attempt to claw back deposits that have departed to the likes of ING Direct, Citibank and BankWest.
The account, known as National iSaver, has no account or transaction fees or minimum deposit.
NAB general manager, Deposits and Retail Transactions, Lisa Gray, said the account provided customers with a single view of all their bank accounts.
“Unlike some of the other high yield internet accounts, there is no waiting period to access funds. Customers can access funds from their National iSaver account when they want with immediate access to funds via National Internet Banking or National Telephone Banking,” she said.