NAB bumps up rates for kids and TD’s

National Australia Bank has reviewed its decision to reduce the interest rate on its youth savings accounts and has reversed the decision. NAB has announced a rate increase on Youth Saver account of 0.25 per cent pa, effective 17 April 2009. NAB’s key blackboard term deposit rates increasing this week by 0.10 per cent pa. NAB’s 4 month blackboard term deposit rate is 3.50 per cent pa and 12 month rate is 3.40 per cent pa.

Warren Shaw, Executive General Manager, NAB Personal Banking said the bank had a role to play in guiding young people in saving for the future and therefore had reversed its decision to reduce the interest rates on its youth savings accounts. "There is no doubt that the community has focused our attention on our decision to change our youth account interest rates. We have listened, we acknowledge this is one we needed to review and we have reversed our decision."

Source: NAB