- NAB's ex-Citibank customers will not be receiving an increase to their Reward Saver savings account rates
- The unchanged total rate of 5.40% p.a. will now be made up of a lowered 0.01% base rate and 5.39% p.a. bonus rate
- While the total rate remains higher than Reward Saver's regular rate, ex-Citi customers say it's a further erosion of their former products
Former Citibank customers migrated to NAB Reward Saver accounts won't be seeing an interest rate increase as a result of the Reserve Bank's September cash rate hike - unlike regular Reward Saver customers.
Ex-Citi account holders received an email from NAB on Friday advising them there would be no change to their total rate of 5.40% p.a.
While it remains higher than Reward Saver's regular top rate of 5.25% p.a., the ex-Citi rate will see a considerable restructure of the base/bonus rate split.
Former Citibank customers will now see a base rate of 0.01% p.a. - a 0.99% cut from the old rate of 1.00% - with a variable bonus rate of 5.39% p.a. when monthly bonus conditions are met.
That puts the base rate in line with Reward Saver's standard, further eroding the remaining perks of NAB's ex-Citi deposit account holders.
Products fall back into line
Citibank deposit and home loan accounts were officially transferred to NAB-branded products in February 2024, as part of NAB's purchase of the global bank's consumer banking business in Australia.
Citibank's deposit customers were initially transitioned to special NAB Classic accounts which saw them retain travel and other perks for almost two years.
Interest rates were also considerably higher than those of comparable NAB products.
In November 2025, former Citi customers were moved onto NAB Reward Saver accounts although retained their higher interest rate - at the time 4.65% p.a. compared to 4.10% p.a. for regular NAB account holders.
That 0.55% margin has now been narrowed to 0.15% after the latest round of interest rate adjustments.
Also in November 2025, ex-Citi customers were stripped of their previous fee-free status on international transactions and foreign ATM fees while their 0% overdraft rate was bumped up to 20%.
Disgruntled ex-Citi customers take to forums
Some ex-Citibank customers are active participants in online personal finance forums, regularly decrying their treatment at the hands of NAB.
One former Citibank customer told Savings.com.au that NAB is "continuing to mistreat customers that were migrated from Citibank".
Forum participants are in general agreement that ex-Citi customers can do better than remaining with NAB, with many offering suggestions of alternative savings account rates and features on the market.
See also: Which banks are lifting rates after the September RBA rate rise?
NAB's latest round of savings account rate increases to its Reward Saver and NAB iSaver products took effect on Friday 9 October.
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| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3.00% p.a. | 6.25% p.a. Intro rate for 3 months then 3.00% p.a. | $769 | 3 months | $0 | $49,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
0.05% p.a. Bonus rate of 5.55% Rate varies on savings amount. | 5.60% p.a. | $1,149 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
5.30% p.a. | 5.30% p.a. | $1,086 | – | $0 | $99,999,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.50% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.25% p.a. Intro rate for 4 months then 5.65% p.a. | $1,186 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Disclosure | ||||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
