Compare RaboBank savings accounts

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.

Rates last updated February 22nd, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RaboDirect High Interest Savings Account
$0 / $0
Maximum variable rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.40% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
UBank USaver
$0 / $0
Earn up to 2.87% p.a. by linking your USaver account to a UBank Ultra transaction account and transferring at least $200 per month into either account. This offer is available on balances up to $200,000.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
AMP Saver Account
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
Citibank Online Saver
$0 / $0
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
AMP SuperEdge Saver Account
$0 / $0
Earn an ongoing, variable 2.05% p.a. when you link your AMP SuperEdge Saver Account to an AMP SuperEdge Cash Account or transaction account for your SMSF at another bank. Available on the entire balance.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.50% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
AMP Bett3r Account
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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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.

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What are the pros and cons of banking with RaboBank?


  • 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.


  • 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.
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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.

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