9.1

Finder Score

Excellent

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Maximum variable rate: 5.00% p.a.
Base interest rate: 3.45% p.a.

Our verdict

Kickstart your savings with a competitive, introductory rate of 5% p.a. for 4 months.

This savings account has one of the highest variable rates in the market at 5%. You’ll get this rate for the first 4 months after opening the account, and there are no deposit conditions or withdrawal restrictions to meet to earn this bonus rate. However, this interest rate is only available on your first account so if you’ve already had a Rabobank High Interest Savings Account in the past you won’t be eligible for the bonus interest again.

Once the 4 month introductory period ends you’ll get the standard variable rate of 3.45%. This ongoing rate may seem low compared to other savings accounts in the market, but there are no conditions to meet to get it. In comparison to the standard base rates offered by other accounts it’s actually quite competitive.

If you’re comfortable committing to a monthly deposit condition you’ll be able to earn a higher ongoing bonus rate elsewhere. However, this account could be suited to you if you’re looking for a flexible account that still pays a decent interest rate without requiring you to regularly deposit money. Another benefit of this savings account is that you can link any Australian transaction account to it to move your money back and forth. So you don’t need to open a new transaction account with Rabobank, you can simply use the one you’ve already got.

Pros

Introductory rate of 5.00% p.a. for first 4 months
Flexible, transfer funds in and out and still earn the bonus rate
$0 Account keeping fees

Cons

Interest rate drops to 3.45% p.a. after the introductory period
No branches available
Online or phone access only

Take advantage of a competitive variable interest rate of 5% p.a. available on balances up to $250,000 on your first Rabobank High Interest Savings Account. There's no monthly deposit conditions, and you'll still be eligible for interest even when you make withdrawals.

Details

Key details

Product Name	Rabobank High Interest Savings Account
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	3.45% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Earn 5% p.a. for the first 4 months

When you open your first Rabobank High Interest Savings account, you will receive an additional 1.55% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 5% p.a. for the first 4 months. This bonus rate is applicable to balances up to $250,000 and valid for the first 4 months. After the 4 month period ends, the rate reverts back to the standard rate.

Standard interest rate of 3.45% p.a.

This is the ongoing, standard interest rate that you'll earn after the introductory four-month period is over. There are no conditions to meet to earn this rate, and all balances up to $250,000 will earn this rate.

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.

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.

How to apply

You can apply for this account online as either an individual or joint account with someone else. When you begin the application, you will be asked if you meet certain eligibility requirements.

Eligibility

These include:

Your age. Applicants must be at least 18 years old.
Your address. You will need to provide a valid residential or postal address in Australia.
Your phone number. You need a valid Australian mobile phone number.
Your email. You need a valid email address.

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:

Bank 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, Rabobank will review your information and confirm your identity. Once satisfied, you will be notified of your new savings account details.

Go to site More info

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Rabobank High Interest Savings Account information page
2. Rabobank High Interest Savings Account TMD

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Alison Finder

Editorial Manager, Money

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Stephen Museth

November 03, 2025

Does Rabobank have a government guarantee on loss of money and up to what amount

Alison Banney Finder

November 04, 2025

Hi,

Yes, Rabobank is included in the Australian Government guarantee. Your combined deposit up to $250,000 in a Rabobank account is guaranteed under this scheme. You can read more about this here: https://www.finder.com.au/bank-accounts/bank-protect-money

Thanks,

Alison

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Patrix

November 03, 2025

Hello,

I have $1.6 million with Suncorp earning 4.35% at the moment. Do you know of a better rate for that amount? Could probably look at Fixed Term as I have not the need for it, at the moment. Most I have seen on your site only have the “introductionary” higher rate for smaller amounts. Thanks for your teams efforts with the site, I often go for a look. Pat

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Alison Banney Finder

November 04, 2025

Hi,

I don’t think there are many rates higher than that for savings accounts at the moment (not for that balance amount). You could consider a term deposit, you can see interest rates for different term lengths here: https://www.finder.com.au/term-deposits

However term deposits also often have maximum deposit amounts, so for a deposit of that size you could also consider splitting it between 2 different banks. Also, for large deposits like this, you can sometimes phone the bank and speak to the team about a special rate so this could be worth a try as well.

Thanks,

Alison

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Sachi

September 30, 2025

Can you withdraw the total balance at the end of the introductory term

Alison Banney Finder

September 30, 2025

Hi Sachi,

Yes, you can withdraw the total balance from this account whenever you’d like to. It’s not locked like a term deposit.

However, note that the introductory bonus rate is only available for new customers – so you can’t withdraw the total balance then re-open the account to get the bonus rate again.

Thanks,

Alison

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Alan

May 09, 2025

Can interest be payed monthly in to another account

Sarah Megginson Finder

May 09, 2025

Hi Alan, No the interest can only be credited to your rabobank account. You can transfer it to another bank the day it is credited if you wish.

Ant

January 29, 2025

What are the daily transaction limits on this account?

Richard Whitten Finder

January 30, 2025

Hi Ant,

With this savings account you transfer money in and out from another account but it’s not really for spending. Based on what I can see on the Rabobank site transfers between Rabobank accounts in the app are unlimited. But there might be limits if you want to move money in and out of the account from a different bank.

I suggest calling Rabobank directly to get a clearer answer.

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Rabobank High Interest Savings Account

Pros

Cons

Key features

Earn 5% p.a. for the first 4 months

Standard interest rate of 3.45% p.a.

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

$0 account keeping fees

Link to any Australian everyday bank account

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

No monthly balance requirements to meet

$0 minimum opening deposit

How is my interest calculated?

Covered under the Australian Government Guarantee.

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

SMSF accounts available

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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