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

4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
4000$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
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Online Savings - Premium Saver

    Disclosure
    020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    HomeME Savings Account (<$100k)

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

      Growth Saver

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

        Virgin Money Boost Saver

          01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver Account

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

            Bonus Saver

              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              mySaver

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

                Simple Saver

                  4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Netsave Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Online Savings Account

                      3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      HSBC Everyday Savings Account

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

                        Incentive Saver Account

                          4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bankwest Easy Saver

                            0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver

                              0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Incentive Saver Account

                                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 December 11, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning

                                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.