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Compare Rabobank savings accounts and term deposits
With a number of distinct savings accounts to choose from, Rabobank takes your savings seriously.
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Banking
Investments
Operating entirely online, Rabobank is a part of the Dutch Rabobank Group. Founded in 1898, they are now one of the world's largest financial institutions with over 1,000 branches in more than 40 countries. Despite the worldwide connection, Rabobank is still an Australian financial institution, with balances of up to $250,000 guaranteed by the government.
Awards Rabobank has earned
- Smart Investor Blue Ribbon – Online bank of the year.
- Smart Investor Blue Ribbon – Best term deposit.
Who is Rabobank?
Rabobank accounts focus on helping Australians grow their wealth through a number of different types of savings products. Whether you are passively trying to save for a special expense, or have a big expenditure in the near future, Rabobank can help you meet your goal.
What's internet banking like for Rabobank?
With the Rabobank Internet Banking platform you can view details surrounding account balances and transaction histories for the last 18 months. You can use this platform to make payments to your linked account. The website uses the latest in technology to keep all transmitted data safe.
To access Internet Banking on your desktop, you'll need to your DigiPass.
Notable features include:
- Extra layer of security using your DigiPass
- Transfer funds to your linked bank accounts
- Transfers can take up to 3 business days
Mobile banking
To set up the app you need login through your Digipass. After you've initially set up then you can just use your 5 digit pin to access mobile banking for future use.
- Can't set up the app on your new phone? For security reasons, your logins may be blocked for any additional, new phones. Please call Rabobank for assistance.
What about the mobile app?
Image Source: App Store| Login Page | Check your balances | Transfer Money |
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What high interest savings accounts are offered by Rabobank?
- Online Savings High Interest Savings Account. Boost your savings for four months with an introductory bonus interest rate. Once that period ends you will still be earning a competitive rate with this fee free account.
- Online Savings Premium Saver. For Australians who need some encouragement to save, the Online Savings Premium Saver offers a bonus rate when you close the account at the end of each month with $200 more than it started with.
- Online Savings Notice Saver. This account gives you pause to spend your savings by making you have to give notice before you can make a withdrawal. There are three separate periods you can choose; 31 days, 60 days or a 90 day notice before you can take cash out of your savings account.
What term deposits are offered by Rabobank?
For as little as $1,000 you can invest in a term deposit for one month or up to five years. There are no fees charged for this competitive rate savings option, plus you can get a bonus rate if you choose to reinvest at the end of the terms.
Back to topAny pros and cons to Rabobank accounts?
Pros
- Variety. Rabobank's savings accounts are designed to meet various saving styles.
- No fees. You are not charged any fees when you choose to save with Rabobank.
- Bonus rates. You have the opportunity to boost the already competitive rates when you are able to meet certain conditions.
- Linked account. With Rabobank you can link your transaction account from another bank to your savings.
Cons
- Branch access. There are no physical Rabobank branches for you to visit. All banking is done online.
- Conditions. You have to meet specific conditions in order to receive the bonus interest on the savings accounts.
How do I apply for Rabobank savings accounts?
You need to compare the accounts offered by Rabobank to make sure they suit your personal financial needs and your unique situation. If you decide one of the Rabobank accounts meets your needs, the application process is completed entirely online. Once completed and your identity verified, you will be sent information regarding your new account via e-mail.
- Eligibility. The age of the account holder will vary by account, but you will need to be at least 16 years of age to get started with Rabobank. You will also have to show proof that you are an Australian resident with a residential address and that you have a bank account in Australia that is in your name.
- High interest savings account. Regardless of the product you wish to apply for, all applicants must first open a high interest savings account with Rabobank.
- Linked accounts. In order to transfer money in and out of your savings you will need to provide information about an Australian bank account that can be linked to your Rabobank account.
There are a number of features to consider when deciding on the best account to save your money in. In order to ensure that you are getting the most from your savings you should be comparing accounts offered by a number of banks before deciding on one.
Ask an Expert
Is a Rabobank term deposit guaranteeed by the government for the first $250,000
Hi Elizabeth,
Good day and thanks for your inquiry!
According to our page and Rabo’s website, your first $250,000 is protected by the Australian Government guarantee. You may also read about other banks protected by the government guarantee on this page.
As a friendly reminder, review the eligibility criteria and read up on the Terms and Conditions of the account before committing to the product. Feel free to reach out to the bank if you need any clarifications.
Hope this helps!
Best,
Nikki
If I put money into the high-interest savings account;
Do I need a mobile phone?
Do I need to put in an amount each month?
How do I pay it into the account as at the moment I have not got a Rabo account?
Will it be linked to my personal bank account?
Looking forward to your reply.
Regards,
Michael
Hi Michael,
Thank you for your inquiry.
1. Do I need a mobile phone?
Yes, you need to provide an email address and at least one mobile phone number so that RaboDirect can contact you about your account.
2. Do I need to put in an amount each month?
With RaboDirect High-Interest Savings Account, there is no limit or restriction on the number of monthly deposits you can make into the account.
3. How do I pay it into the account as at the moment I have not got a Rabo account? Will it be linked to my personal bank account?
You will need to link your Australian transaction account with the RaboDirect High-interest Savings Account in order to move your savings in and out of it. Any Australian transaction account will do.
Cheers,
May