The NAB share price is trading on a 4.6% dividend yield right now. How does this compare to other banks?

The National Australia Bank Ltd (ASX: NAB) share price is in the red today, alongside the broader market. However, there's plenty to get excited about when it comes to the 'big four' bank – namely, its 4.57% dividend yield.

NAB shares are currently swapping hands for $30.52 apiece, 1.29% lower than their previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has slumped 1% so far today.

So, how does the NAB's dividend yield stack up against other ASX 200 bank shares? Let's take a look.

NAB shares offer 4.6% yield. Does it stack up?

NAB shares currently offer a decent dividend yield of around 4.6%, having handed investors $1.40 in dividends per share over the last 12 months. However, some of its prominent peers boast far greater offerings. Indeed, NAB's dividend yield is the second smallest of all the 'big four' banks right now.

It only tops that of Commonwealth Bank of Australia (ASX: CBA). The banking giant's dividend yield comes in at around 3.9%.

Shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ), meanwhile, boast a near-6.3% dividend yield while those in Westpac Banking Corp (ASX: WBC) offer a yield of around 5.5%.

Looking beyond the 'big four', banking giant Macquarie Group Ltd (ASX: MQG) has a decent but uncompetitive dividend yield of approximately 2.3%.

Some of the ASX 200's smaller bank shares are also outperforming NAB when it comes to dividends.

Shares in $5.3 billion regional bank Bendigo and Adelaide Bank Ltd (ASX: BEN) are currently trading with a yield of around 5.8%. Meanwhile, those of the $4.6 billion Bank of Queensland Ltd (ASX: BOQ) offer an approximate 6.2% dividend yield.

However, NAB has been tipped to grow its dividends over the medium term.

Goldman Sachs believes the bank will pay out $1.50 per share in financial year 2022, as my Fool colleague James reports. Presumably, the broker is tipping NAB's final dividend to come to 77 cents.

And the broker sees even brighter skies ahead for financial year 2023, tipping the bank to pay $1.70 per share in dividends for the period.