Rabobank High Interest Savings Account

After the 4 months, is there any penalty for taking out the funds?

Nope! There is no penalty for withdrawing money from the account, so you can dip into your savings when needed while still earning interest. A lot of other savings accounts restrict you to one or no withdrawals each month.

$0 account keeping fees

You're charged no account keeping fees with this high-interest savings account, meaning each dollar you save gets you closer to your savings goal.

Link to any Australian everyday bank account

You will need to link your Australian transaction account with the Rabobank account in order to move your savings in and out of it. Any Australian transaction account will do. During the application process you'll be prompted to enter in these details.

Access your account online, over the phone or via the Rabobank mobile app

Rabobank operates online only, with no branches in Australia to visit. You can access your account at any time of the day, any day of the week using Internet banking, phone banking or mobile banking.

No monthly balance requirements to meet

You are not required to maintain a certain balance with this account, and there's no monthly deposit requirement either. This means that you'll still earn interest even for months you don't deposit any money.

$0 minimum opening deposit

There is no minimum opening balance requirement with this account, so you can get started straight away.

Added security of a Digipass

Rather than your typical username and password to access online banking, Rabobank uses Digipass, which will randomly generate single-use security codes that allow you to log in and authorise transactions. Please allow up to two weeks for the Digipass to be sent to your residential address. In the mean time, you can electronically transfer funds into the account so it can start earning interest.

How is my interest calculated?

Your interest earned is calculated daily and paid monthly – it applies as soon as the account is opened. The bonus interest rate is only available on the first Rabobank High Interest Savings account you open, including joint accounts.

Covered under the Australian Government Guarantee.

Your deposit with Rabobank up to the value of $250,000 is protected by the Australian Government Guarantee.

How long do electronic transfers to my linked bank account take?

Please allow up to 1-3 business days for the funds to appear in your linked account.

SMSF accounts available

This account is available for personal uses only. Rabobank offers high interest savings accounts specifically for SMSFs. For SMSF Accounts, more information can be found on our Rabobank High Interest Savings Account SMSF review page.

• Your residency. Only permanent residents of Australia can be eligible for this account.
• Bank account. You will have to already hold a bank account with an Australian financial institution.

Documentation needed

Once you have confirmed that you are eligible, Rabobank suggests that you have the following documentation readily available in order to help with completing the application:

• Account number. You will have to provide the BSB and account number for the existing Australian bank account that is open in your name.
• Tax file number. It is helpful that you provide your tax file number or exemption to ensure that the correct withholding is being applied to your account.
• Identification. As with any financial institution, you will be required to provide proof of your identity, either with a driver's licence or passport.

What happens after I submit my application?

After you have submitted your application online, saRabobank will review your information and confirm your identity. Once satisfied, you will be notified of your new savings account details. Your Digipass will also be sent in the mail.