Find out why RaboBank are the savings bank and more than just the farmer’s favourite.
The Dutch farmer’s bank, RaboBank has deep connections to the Australian farming community. As a community owned bank, RaboBank treat customers and members as just that: a community. 100% of RaboBank deposits are reinvested into Australian agribusiness, your money helps Australian agriculture grow, and your savings are guaranteed by the Australian government.
Who is RaboBank?
From humble beginnings providing finance to Dutch farmers in the 1890’s, today RaboBank have a presence in 40 countries (and counting) and are a top 30 global financial institution. RaboBank savings accounts are awarded by the who’s who of the Australian finance industry.
Despite international origins, RaboBank are very much part of the fabric of Australian farming and agriculture. RaboBank works with and for the farming community to grow Australian agribusiness.
What is internet banking like for RaboBank?
RaboBank are mainly an online institution and provide a sophisticated internet banking platform. RaboBank internet banking is how you manage your savings and investment accounts by making payments to other accounts and viewing electronic statements.
RaboBank take your online security seriously. They provide a digipass which generates an one time code for each online transaction. When you log on to the online banking facility, RaboBank will provide you with instructions for setting up your digipass.
Notable features include:
- Securely make payments and manage your account online using RaboBank’s unique digipass.
- Make payments to your linked transaction account and accounts with other financial institutions.
- Instantly transfer funds between your RaboDirect accounts.
What about the mobile app?
Image Source: App Store| Account balance | Pay bill | Locate the near ATM | Transfers and overseas transfer |
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What transaction accounts are offered by RaboBank?
- Cash Management Account (CMA)
The RaboBank Cash Management Account is an interest bearing transaction account. Deposit a minimum of $20,000 to open this account and get Visa and online access to your money. RaboBank waive monthly service fees when you maintain the minimum opening deposit. Deposit more than $100,000 to open a premium Cash Management Account, which rewards you with more interest.
- Variable Farm Management Deposit
RaboBank’s Variable Farm Management Deposit is a short term investment that offers tax benefits when the account is open for more than 12 months. Interest is calculated on your Variable FMD balance and paid quarterly in arrears. The minimum opening investment is $1,000.
What deposit products are offered by RaboBank?
- RaboBank Term Deposit
A fixed investment with guaranteed returns, deposit a minimum of $5,000 for periods ranging from 1 month to 5 years. Pay no establishment fee and no monthly fees and choose from a number of payment options when the term deposit matures.
- RaboBank Call Deposit
Access your money when you need, the RaboBank Call Deposit has no minimum investment period.
You’ll also pay no monthly account service fees, deposit interest earnings are yours to keep or reinvest. You can open a RaboBank Call Deposit account with as little as $1,000.
- Short Term Farm Management Deposits
Choose from terms ranging from 1 month to 1 year, a Short Term Farm Management Deposit is a fixed investment available to farmers with a non-primary income less than $100,000 in the year the deposit is made.
- Long Term Farm Management Deposits
This is a fixed investment giving you a guaranteed return. Long Term FMDs are available for terms of 1 and 2 years. Choose from quarterly, half yearly or yearly interest payment options.
Back to topWhat are the pros and cons of banking with RaboBank?
Pros
- Online deals. RaboBank are predominantly an online lender, limited branch overheads means they can give customers a better deal.
- RaboBank FMD tax benefits. Farm Management Deposits are a tax deduction. Tax is paid on FMD interest earnings only in the year funds are withdrawn.
- Farming focus. RaboBank reinvest customer deposits back to the Australian agribusiness sector.
Cons
- Branches. RaboBank have a limited branch presence. Another provider may not more favourable if face to face banking is your preference.
- Limited products. Although RaboBank do offer standout savings accounts, they lack accounts for specific purposes such as Christmas savings account.
How do I apply for a RaboBank account?
Download and complete a RaboBank account application form and return the document to a RaboBank branch, or speak to a RaboBank Local Rural Manager to apply for a RaboBank account.
Application requirements vary depending on whether you’re a new or existing RaboBank Client.
- Identification. If you’re applying as a new RaboBank client, you must provide the bank with accepted forms of identification to open an account.
- Signatories. If you’re applying in the name of a company or a trust, all authorised account owners will need to complete parts of the application and sign off on the document.
- Tax. You can provide your Tax File Number (TFN) or Australian Business Number (ABN) when you apply for one of these accounts or you can give this information after you’ve submitted the application. RaboBank may deducted tax at the marginal rate if you fail to provide this information.
A RaboBank Local Rural Manager will let you know about the next steps to set up your online banking facility once you submit the application document to a RaboBank branch.
