NAB has announced a reduction on its retirement account rate for balances over $50,000 by 0.25 per cent, in line with a reduction of NAB’s Reward Saver, which has also been reduced by 0.25 per cent.

Canstar’s finance expert, Steve Mickenbecker, believes retirees who need to rely on the income have been particularly hurt by the bank changing its rates.

“Retirees are particularly hard hit by NAB’s latest rate changes, with the interest rate for savings between $50,000 and $249,999 down to only 0.36 per cent,” Mr Mickenbecker said.

Mr Mickenbecker also highlighted that retirees need to check the fine print on their savings accounts due to many terms and conditions surrounding withdrawals.

“With a total rate of 1 per cent, NAB’s Reward Saver may be an option for savers who are able to meet the bonus conditions every month. However, a no withdrawal condition may rule it out for many savers and certainly retirees,” Mr Mickenbecker explained.

With lower rates across the board, savers looking to get ahead need to get creative and potentially look at switching providers to take advantage of introductory rates.

“Savers have to work hard to achieve a decent return. At the major banks, it means segregating your savings between money needs coming up and money you can tie up for 10 months or a year if you want to earn higher returns in a term deposit,” Mr Mickenbecker said.

Canstar has put together the top rates retirees can currently get on the market

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

Banking

Central banks set to influence global markets with key rate decisions

In a week that could define the economic landscape for the remainder of the year, central banks across the globe are poised to make significant interest rate decisions. State Street Investment ...Read more

Banking

Global payment companies see 8% revenue growth in 2025, GlobalData reports

The global payments industry demonstrated robust growth in 2025, with the top 20 publicly listed payment companies reporting an 8% increase in combined revenue, totalling $280 billion. This growth, as ...Read more

Banking

Banks urged to embrace existing payment technologies over AI hype

In the rapidly evolving landscape of financial technology, the focus has increasingly shifted towards artificial intelligence (AI) as the next frontier for innovation. However, Ian Boyd, General ...Read more

Banking

EMEA banks enjoy profit growth amid revenue challenges in 2025

In a year marked by economic turbulence and geopolitical uncertainties, the largest banks across Europe, the Middle East, and Africa (EMEA) have reported a paradoxical trend: shrinking or stagnant ...Read more

Banking

Australian major banks demonstrate resilience amid economic uncertainty

In the face of economic headwinds, Australia's major banks have reported robust half-year results, showcasing their resilience amid rising uncertainty. According to KPMG’s Australian Major Banks Half ...Read more

Banking

RBA's new ruling on card surcharges sparks debate among businesses and banks

In a significant move aimed at enhancing transparency and fairness in the Australian payments landscape, the Reserve Bank of Australia (RBA) has announced the removal of surcharging on debit, prepaid, ...Read more

Banking

Australian SMBs lose two business weeks annually to late payments, report finds

In a startling revelation, the latest report by GoCardless, a global bank payment company, highlights the crippling impact of late payments on small and medium businesses (SMBs) across AustraliaRead more

Banking

Brighten’s reverse‑mortgage bet: why a niche product could be non‑banks’ next profit engine

Brighten has created a dedicated reverse‑mortgage leadership post, signalling a strategic push into equity release as Australia’s demographic curve tilts older and wealth concentrates in housingRead more