NAB plays catch up with high yield deposit account

National Australia Bank will introduce a high yield, at call and online deposit account with an interest rate of 5.45 per cent. There is no minimum balance, nor will NAB charge any fees. However, customers must also have either a National Smart Access or National Smart Direct account, which do attract monthly account keeping and other fees. NAB’s interest rate is comparable to that paid by big banks such as Westpac and Commonwealth Bank, but less than the rate paid by some other banks. The market leader, BankWest, pays an at-call rate of six per cent.