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There are a few things that can rock an economy. Politics, natural disasters, and of course, ratings agency downgrades. In 2016 National Australia Bank experienced a downgrade from Fitch’s due to the political climate in Canberra. The rating was changed from a positive to a negative outlook.

In March 2017, the rating was teetering on the edge when Moody’s decided to keep the outlook stable. The country heaved a sigh of relief as they held on to their AAA rating. With the political climate in Australia tense at best, how does this affect one of the big four, National Australia Bank?

History of National Australia Bank

National Australia Bank
Screenshot of History of National Australia Bank

A fairly modern bank, the bank of Australia was only formed in 1982 as National Commercial Banking Corporation of Australia Limited. The name was thereafter shortened to National Australia Bank Limited. It immediately started with expansion and managed to form relationships in Asia, the Middle East, and North America. The bank also had inroads into Europe. Expansion and acquisition continued well into the nineties.

In the early 2000s, the bank experienced a substantial blow with the foreign currency trader fraud. In 2004, the new CEO had to put out the ensuing fires and managed to establish a new, solid framework for the bank. Unfortunately, the debacle had an effect on the bank which had to cut over 2000 jobs in 2005. The very next year the bank managed to turn those losses into profits and the bank was able to move forward again.

After the 2008 financial crisis, the bank started paying more attention to the local markets and attempted an expansion into the retail markets. Further acquisitions also followed, however, in 2012 the bank experienced another blow to its profits as the acquisition strategy backfired.

The bank is currently working on its reputation, hoping to build a stronger brand in the retail sector. Furthermore, the tumultuous political climate also puts the bank under severe pressure.

Access to National Australia Bank  

Online Banking

National Australia Bank
Screenshot of Online Banking Logins of National Australia Bank

Customers have access to online banking and can perform many of their transactions online. Furthermore, some of the products can also be applied for on the online platform.

Branches

While the bank is moving away from the traditional branch setup and moving its operations to an online platform, it still has a few branches in operation. Australia is known as one of the economies that support the move to a cashless society. This will place full reliance on digital channels for funds.

It currently has over 1,800 branches and service centers across the world. Some of the overseas countries include:

  • New Zealand
  • United Kingdom
  • United States
  • India
  • The Philippines
  • Malaysia
  • Israel
  • Netherlands

National Australia Bank Individual Banking Product Offerings

National Australia Bank
Screenshot of Personal Banking Home Page National Australia Bank

Transaction Accounts

NAB Classic Banking

Customers who require an everyday account with no monthly fees will find this account ideal. Furthermore, customers have convenient and unlimited access to their money.

  • The account provides customers with a debit card which they can use at ATMs and merchants.
  • Smaller transactions can easily be paid for with apps such as Visa payWave and Tap and Pay.
  • Also, the account has no monthly fees.
  • Finally, there are no minimum or ongoing deposits required.

NAB Retirement Account

With this account, customers will get more from their money at retirement. Furthermore, they will enjoy easy access to their funds.

  • Customers will benefit from a competitive interest rate on this account.
  • The account is suitable for those over the age of 55 or receiving a Government pension or allowance.
  • Furthermore, there is no monthly account fee.
  • Also, the account provides customers with a NAB Visa debit card with Visa payWave.
  • Finally, customers can access their account through online mobile, or telephone banking.

Personal Overdraft

Customers who need to access some extra funds from time to time will benefit from a personal overdraft. Furthermore, this allows them to go into an authorized excess on their accounts.

  • Line fees are charged every six months.
  • Customers will pay interest only on the amount they use. Furthermore, the interest rate is variable.
  • Finally, it acts as a revolving facility and is easily accessible as t is linked to the current account.

Personal Loan

Personal loans can be used for anything the customers needs it for. Whether it is to buy fresh new gear to hit the trails with or to go on that long-awaited holiday. Furthermore, customers have the option of signing up for a fixed or variable interest rate.

  • Customers are able to submit their documents online.
  • Furthermore, customers enjoy same day funds when approved in-store by 2 PM.
  • Also, there is a redraw option with variable rate loans.
  • Finally, there are no exit fees if customers pay off their loans early.

Home Loans

Buying a Home

Customers are able to apply for a loan suited to their needs, whether this is their first home or an additional or new property.

Renovating Your Home

This option provides customers with advice on how to use the equity in their homes for the best deal.

Investing in Property

This product offers customers with their first step on the property ladder and could also help them build wealth.

Credit Cards

NAB Rewards Platinum Card

Customers have the opportunity to earn NAB rewards with this card. Furthermore, they will also enjoy the added benefit of complimentary insurances.

  • The card carries a $6000 minimum credit limit.
  • Furthermore, there is a $195 annual fee.
  • Customers stand the chance to qualify for the 80,000 bonus points offer. This happens when they spend $2,500 on everyday purchases. These need to take place within 90 days of card opening. Also, they will enjoy $0 annual card fee for the first year.
  • Finally, the card requires minimum monthly repayments, according to their spend. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Rewards Classic Card

This card allows customers to earn points on their everyday spend. Also, customers can reward themselves with a range of travel, homewares, and more in the NAB rewards store.

  • Customers who want a simple, entry-level credit card will find this one suitable.
  • There is an annual fee of $95.
  • Furthermore, the minimum credit limit is $500.
  • Customers can earn 40,000 bonus points when they spend $1,500 on everyday purchases. This needs to take place within the first 90 days of account opening. They will also enjoy $0 card fee for the first year.
  • Finally, minimum monthly repayments are required. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Premium Card

This card offers customers the lowest annual card fee within the Platinum card range. Furthermore, there are the added benefits of complimentary insurances.

  • Customers will enjoy 0% on all balance transfers for 24 months.
  • Also, the minimum card limit is $6000.
  • The card carries an annual fee of $90.
  • Finally, minimum payments are required. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Low Fee Card

This credit card offers customers the lowest annual fee. Furthermore, it also has a 0% on balance transfer for the first 18 months.

  • The minimum credit card limit is $500.
  • Customers pay $30 annual card fees on this card.
  • Finally, there is a minimum monthly repayment required. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Low Rate Platinum Card

Customers will enjoy the lowest interest rate on purchases with this card. They will also enjoy the added benefits of complimentary insurances.

  • The card carries a $100 annual fee.
  • Furthermore, customers are required to sign up for a minimum credit limit of $6000.
  • There is also a 0% rate on balance transfers for 18 months.
  • Finally, minimum monthly payments are required. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Low Rate Card

This is a simple card with a low rate. Furthermore, it provides customers with the convenience of purchasing everyday or luxury items.

  • The card carries a minimum credit limit of $500.
  • Also, there is an annual fee of $59.
  • A 0% rate applies to balance transfers for the first 18 months.
  • Finally, customers are required to pay the monthly minimum installment. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Qantas Rewards Premium Card

This is the fastest way for customers to earn their Qantas Frequent Flyer Point. Also, they will enjoy the benefits of complimentary insurances.

  • The card carries a minimum limit of $6000.
  • Furthermore, customers will pay an annual fee of $250.
  • The balance transfer offer has a lowered rate for the first six months.
  • Finally, customers are required to pay a minimum monthly installment. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Qantas Rewards Card

With this card, customers will get more out of their everyday purchases. They will also earn Qantas Frequent Flyer Points.

  • The minimum card limit on this card is $500.
  • Customers pay an annual card fee of $95.
  • Furthermore, there is a low-interest rate for the first 6 months of a balance transfer.
  • Finally, there is a monthly minimum premium required. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB Velocity Rewards Premium Card

This card provides customers with the fastest way to earn their Velocity Frequent Flyer Points. They also have the added benefit of complimentary insurances.

  • Customers will enjoy a low-interest rate on balance transfers for the first 6 months.
  • The card requires monthly minimum payments. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.
  • Furthermore, the minimum credit limit on the card is $6000.
  • Finally, the card has a $150 annual fee.

NAB Velocity Rewards Card

This card provides a means to make the most out of everyday purchases. Furthermore, customers will earn Velocity Frequent Flyer Points.

  • There is a minimum credit card limit of $500 on this card.
  • Furthermore, customers will pay an annual fee of $95.
  • The balance transfer offer is a lowered interest rate for the first 6 months.
  • Finally, the card requires customers to make minimum monthly payments. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

NAB flybuys Rewards Card

This option is suitable for those who wish to collect flybuys points. Also, customers have the added benefit of complimentary insurance.

  • Customers enjoy a balance transfer offer of a reduced interest rate for the first 6 months.
  • Furthermore, the card requires customers to sign up for a minimum limit of $6000.
  • Also, there is an annual fee of $95.
  • Finally, customers are required to make monthly minimum payments. Minimum repayments are often between 5% and 10% of the outstanding balance on the card. This depends on the conditions of the financial institution.

Savings Accounts

National Australia Bank
Screenshot of Savings Account Home Page National Australia Bank

NAB Reward Saver

This type of savings allows customers to get rewarded for consistent savings. Furthermore, customers will earn bonus interest for every month that they make a deposit and no withdrawals.

  • The interest on the account is calculated on every dollar.
  • Furthermore, there are no transaction or monthly account fees.
  • Finally, customers are not required to have a minimum or opening balance.

NAB iSaver

This account is suitable for those who require flexible access to their savings. Furthermore, customers are not required to make a minimum deposit or maintain a minimum balance. See how this account compares to the Ally Bank Online Savings Account here.

  • Customers will enjoy interest from every dollar.
  • There are no transaction or monthly fees on the account.
  • Finally, customers earn bonus interest for the first 4 months on new accounts.

NAB Cash Manager

Customers who wish to manage their investment cash flow, will find this a suitable solution. Also, they do not need to maintain a minimum balance or make a minimum deposit.

  • Customers have flexible access to their money.
  • Furthermore, they will earn competitive interest on every dollar.
  • Finally, customers have flexible access to their money.

Personal Insurance

Car Insurance

This option allows customers to have peace of mind that their vehicle is insured. Also, there is a range of insurance options with different levels to suit and protect clients’ rides.

Home and Contents Insurance

Customers benefit from insurance options that include a range of features. Furthermore, customers decide whether they wish to insure a specific event or more comprehensive cover.

Landlord Insurance

This allows landlords to protect their investment while they’re not around. Customers also get to choose their excess level and a payment option to suit their budget.

Travel Insurance

This insurance covers the unexpected when going on holiday. Furthermore, the travel insurance is not exclusively for when customers leave the country, as it covers them as long as they are on vacation.

Life Insurance

This provides customers with a hassle-free process where the money is paid out quickly. Furthermore, customers enjoy the benefit of a simple application process. Also, customers have access to leading medical specialists.

Home Loan Insurance

This option provides customers with security and peace of mind. It also includes 3 different covers in 1 policy. Furthermore, customers also benefit from disablement and involuntary unemployment cover.

Personal Loan Insurance

Customers have the option to cover their loan balance and repayments. They also have access to flexible repayment options.

Credit Card Insurance

This insurance provides cover for illness, involuntary unemployment, and disablement. Furthermore, additional cardholders are also covered.

National Australia Bank Business Banking Product Offering

National Australia Bank
Screenshot of Business Banking Home Page National Australia Bank

Business Accounts

NAB Business Everyday Account

This is an everyday account for businesses who don’t want to pay an annual fee. Furthermore, the account is suitable for those who mainly transact online.

  • Customers have flexibility in terms of their flexible fees, as they only pay for assisted transactions. These are deposits and withdrawals made in branch, and more.
  • The account includes unlimited NAB transactions.
  • The account provides customers online and telephone banking.
  • Finally, customers also have access to a NAB Business Visa Debit Card.

NAB Business Everyday Account –With Fee

This account is for customers who make a range of online and assisted transactions. Furthermore, there is a flat monthly account fee.

  • Customers who do many deposits and withdrawals made in branch, or express deposits and withdrawals made at NAB Smart ATMs.
  • The account also includes NAB transactions.
  • Finally, customers can pay for expenses online, over the phone, or with their card.

NAB Business Interest Account

This account is suitable for businesses with high balances who want to earn interest. Furthermore, interest is earned on every dollar in their account.

  • There is no minimum balance or deposit required.
  • Also, the account carries a $10 monthly fee.
  • Customers can pay for their business expenses online or over the phone.
  • Finally, customers also have access to a NAB Business Visa Debit Card.

Savings and Deposit Accounts

NAB Business Cash Maximiser Account

This is an online savings account where customers earn interest on every dollar when their balance is $10,000 or more. Furthermore, customers have instant access to their money through a linked business account. Finally, this is done through NAB Internet Banking, NAB Connect, or NAB Telephone Banking.

Term Deposits for Business

This account allows businesses to earn interest on their surplus funds. Furthermore, this allows customers to know their return through a fixed interest rate. Also, the terms are from 7 days to 5 years. Finally, customers can open the account via NAB Internet Banking or NAB Connect.

NAB Foreign Currency Term Deposit

Customers have the opportunity to earn interest from surplus foreign currency. Also, the interest on the account is calculated daily. Customers can choose from a range of currencies and terms. Finally, the interest is paid in the same currency as the initial deposit.

Specialised Accounts

NAB Foreign Currency Account

This account is the ideal means to seamlessly manage business cash flow. This allows customers to make payments, get receipts, and also invest in foreign currencies. Finally, there is no minimum ongoing balance requirement.

NAB Statutory Trust Account

This account is for customers who are required to keep their clients’ money in trust. Furthermore, customers are not required to keep a minimum balance. This account also allows customers to meet the industry’s regulatory requirements. Finally, the credit interest is automatically paid over to the industry’s governing body.

NAB Community Fee Saver

This is an account for not-for-profit organizations or community groups. Furthermore, the account carries no account or transaction fees. Customers can access the account via NAB Internet Banking, ATMs and checkbook. Also, customers can access their statements online. Finally, customers can pay for their business expenses online, over the phone, or with their NAB Business Visa Debit Card.

NAB Farm Management Account

Customers who have rural or farming businesses will find this account to be the ideal solution. Furthermore, the account does not carry a monthly account fee. Also, customers are not required to maintain a minimum balance or deposit. Customers will also receive a tiered interest rate on every dollar in their credit balance. Finally, customers can pay for their purchases online, over the phone, or with their NAB Busines Visa Debit Card.

NAB Farm Management Deposit

This account is suitable to manage risks to a farmer’s income such as natural disasters and changing market conditions. Also, customers can make deposits from $1,000 to $800,000. Furthermore, the terms on the account are from 7 days to 2 years. Finally, customers receive tax benefits for deposits longer than 12 months.

Finance

Business Loans

This loan helps businesses reach its full potential. Customers have access to flexible business loans to grow and change as their businesses do.

NBA Business Overdraft

  • Customers can apply for a minimum facility of $20,000.
  • Customers can access funds and redraw up to the approved limit at any time.

Nab QuickBiz Loan

This is a loan of up to $50,000 that looks beyond bricks and mortar for security.

Nab Business Markets Loan

  • Customers have peace of mind as there are interest rate protection features available via market specialists.
  • Furthermore, there is online capability for repayments and redraws.

International and Domestic Trade Finance

This is a suite of finance solutions. Also, it helps fund export, import, or domestic trade.

Debtor and Invoice Finance

Customers will have access to finance that will help manage their cash flow. They will also have access to money owed by their customers within one business day. Furthermore, this loan type is suitable for customers who offer their customers payment terms and seasonal and day-to-day fluctuations in cash flow. Finally, their turnover needs to be in excess of $2 million.

NAB Bank Guarantee

With this option, customers can guarantee their payments to their suppliers and business partners. Also, the bank holds onto the cash until the contract is complete.

NAB Microenterprise Program

This is a short term loan to help startups or support existing business. This also includes business training and mentoring.

NAB Business Options Loans

Customers who apply for this loan have access to the straightforward business loan for up to $ 1 million, which is available to small businesses.

Equipment Finance

This loan is specifically tailored to businesses who require equipment to run. The loan can be used for machinery, farming equipment, and also new technology.

Equipment Loan

Customers who require finance for their equipment will find this loan suitable. Furthermore, they will have access to full or partial funding for the equipment. Also, the bank takes a mortgage over it until the end of the loan.

Finance Lease

With this option, the bank owns the equipment and leases it to the customer. Furthermore, the customer has the choice to refinance and purchase it outright.

Hire Purchase

This option has the bank purchase the item, and the client pays for the asset in installments. Also, after the final payment, the client owns it.

Equipment Term Rental

The bank makes the purchase and the client rents it at a fixed term and rate.

Vehicle Finance

Customers who need wheels to operate their business will have access to the ideal loan type. Furthermore, these loans can be used for cars, vans, buses, or trucks.

Business Vehicle Loan

Customers will own the vehicle and the bank provides full or partial funding. Furthermore, the bank takes a mortgage over it until the end of the term.

Finance Lease

The bank owns the vehicle and leases it to the customer. Also, the customer has the option to refinance and purchase it outright.

Novated Lease

Customers will have the opportunity to offer their employees benefits through a salary packaged deal. Furthermore, this has the opportunity to reduce the company’s costs.

Hire Purchase

The bank purchases the vehicle and the customer pays for it in installments. Also, after the final payment, the customer owns it.

Fully Maintained Novated Lease

This offer provides customers with finance for the vehicle and also the running costs. This is offered through FleetPartners.

Fully Maintained Operating Lease

With this option, customers have the opportunity to lease new or second-hand commercial vehicles for their business. This is also offered through FleetPartners.

Agribusiness Loans

This option is specifically designed to meet the needs of those in the agricultural business. Customers will also have access to dedicated bankers who understand the industry.

NBA Farmer’s Choice Package

Farmers and primary producers have a package designed to bundle and save. Furthermore, with the bundling of the lending products customers will save on their service fees.

NAB Farm Management Account Overdraft

This overdraft account is specifically designed with farmers in mind. It manages seasonal fluctuations in cash flow, and there is also no set repayment schedule.

Business Credit Cards

National Australia Bank
Screenshot of Business Credit Cards Home National Australia Bank

NAB Rewards Business Platinum Card

Customers will have access to the means to help run their business and earn NAB Rewards Points at the same time. Furthermore, the points can be redeemed for travel, technology, and more.

  • Customers have the opportunity to qualify for 80,000 bonus points when they spend $15,000 on everyday purchases within 90 days.
  • Furthermore, there are no annual card fees within the first year.
  • Also, the card requires a minimum limit of $5,000.
  • Finally, there is a $175 annual fee.

NAB Low Rate Business Card

This card is available at a low cost in order to help customers manage their cash flow. Furthermore, the minimum limit on the card is $5000.

  • The card carries an annual fee of $60.
  • Also, there is an interest rate applicable to purchases.
  • The card has the lowest annual card fee.
  • Finally, customers benefit from 55 days interest-free on business purchases, which exclude cash advances.

NAB Qantas Business Signature Card

Customers have the opportunity to get the most out of their purchases and earn Qantas Points. Also, the card has a minimum limit of $5000.

  • Customers can attach multiple cards and set individual credit limits.
  • Furthermore, customers earn 1 Qantas Point with each $1,25 they spend on eligible business purchases.
  • Also, customers get up to 44 days interest-free on business purchases. This excludes cash advances.
  • Finally, there is an annual card fee.

NAB Business Card

This account is suitable for customers who wish to manage their staff business expenses. This option allows them to receive their own charge card.

  • The minimum limit on the card is $5000.
  • There is also an annual fee on the card of $108.
  • Furthermore, customers will get up to 35 days interest-free on purchases. This excludes cash advances.
  • Customers can set individual cardholder credit limits for employees who need to make purchases.
  • Finally, customers who pay their balances in full each month save on interest.

NAB Purchasing and Corporate Cards

This is a charge card that meets the needs of the business.

  • Customers will enjoy improved control, transparency, and reporting on their business expenses.
  • Furthermore, customers can attach multiple cards and set individual credit limits.
  • Finally, they have access to Corporate Card Self Service to manage their cards in real time.

Merchant Services

These services allow customers to receive their payments in a quick and efficient manner. Some of the services in this range include:

  • EFTPOS terminals
  • eCommerce and Online
  • Billing and Recurring Payments
  • Making Payments

International and Foreign Exchange

International Trade – Payment Methods

There are various payments methods to help businesses run their international business effectively.

Financial Markets

This option allows businesses to make sense of foreign exchange, interest rates, and commodity markets.

Offshore Business Banking

This option allows businesses to expand their banking arrangements offshore.

Risk Management

This option allows customers to mitigate their risk. Management tools are for interest rate risk, commodities price risk, or trade risk.

Trade Finance

Customers have the opportunity to benefit from payment discounts through a suite of international and domestic trade finance solutions. These include domestic trade, import trade, and export trade.

Insurance for Business or Agribusiness

There are various options in order for customers to run their operations with peace of mind.

Review of National Australia Bank – 8 of 10

Customer Satisfaction Reviews

Canstar Blue

National Australia Bank
Screenshot of Canstar Blue Rating of National Australia Bank

National Australia Bank enjoys the highest rating of Australia’s big four with a solid 5 of 5 from customers.

Glassdoor

The staff does not seem to share the same sentiment as customers regarding the bank. They rated the bank 3.5 of 5 and only 82% of employees approve of the CEO.

Financial Stability Rating

Although Moody’s reaffirmed the bank ratings, it is yet to recover from Fitch’s outlook negative rating.

Security of Funds

The Australian Government guarantees deposits of up to $250,000 in authorized deposit-taking institutions (ADIs). The amount was reduced from $1 million.

Review by Critical Reviews

This bank has everything going for it, from the happy customers all the way to an amazing product spread. It takes care of individuals, businesses, and farmers alike. It enjoys exemplary ratings and even has an impressive take on digital banking solutions.

There are only two aspects that place a damper on the institution. The first is the unfortunate negative rating from the ratings agency. The second is the fairly low staff morale. When these items improve, the bank will enjoy a higher rating.

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