The big four bank announced on Wednesday it would be waiving late fees and would reduce minimum monthly payments on all credit cards for at least the next three months. 

In addition, customers using NAB's lowest rate credit card, the 'NAB Low Rate Classic Card, will receive an interest rate reduction of 100 basis points.

Personal loan customers can also request a reduction in their minimum repayments of up to $100 a month for up to six months, on an opt-in basis from April 17 by getting in contact with the bank. 

NAB Chief Customer Experience Officer Rachel Slade said the bank recognised their customers were in need of support now more than ever. 

“Our customers need help now. That’s why we’re acting fast to support them,” Ms Slade said.

“These new measures will provide further relief to Australians over the coming months as we all come to terms with circumstances we have never experienced before.

“We recognise that for some customers meeting financial obligations may be difficult at this time. Where possible we strongly encourage customers to reduce their debts as much as they can to limit interest payments over the long-term.

“If customers need financial support we are here to help and want to hear from them.”

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Savings Maximiser (<$100k)

                          050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Young Saver Account

                            0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Save up

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Bonus Saver (<$1 Million)

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of February 29, 2024. View disclaimer.

                                The rate cut, waived fees and minimum monthly repayment reduction will automatically be applied to existing and new accounts from the dates below, and do not require customers to contact NAB.

                                The full range of support measures from NAB are: 

                                • A reduction in the minimum monthly payment on all NAB credit cards from between 2.0% and 2.5% to 0.5% of the closing balance or $5 (whichever is greater), effective 27 April, for at least the next three months. 
                                • Waiver of the $15 late payment fee for all NAB credit card customers for at least the next three months, effective 3 April. Customers still need to make a minimum payment to ensure they can continue to use their card. 
                                • An interest rate reduction on the personal NAB Low Rate Classic Card of 100bps, effective 27 April for new cards. For existing customers, the rate reduction takes effect from the opening date of their next statement of account from 27 April.
                                • Allowing customers to apply for a reduction in the minimum monthly repayment on personal loans to $100 per month, effective from 17 April, for up to six months (if minimum repayment is weekly or fortnightly, the reduction will be calculated to be equal to $100 per month).

                                NAB said it has so far received requests from more than 50,000 personal and business customers wanting access to its COVID-19 relief packages, which include the deferral of home loan and business loan repayments for up to six months, and the introduction of an unsecured business support loan up to $250,000.