In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Rabobank High Interest Savings Account

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Rabobank High Interest Savings Account
Maximum variable rate
5.75% p.a.
Base interest rate
4.4%p.a.

Our verdict

Kickstart your savings with a competitive, introductory rate of 5.75% p.a. for 4 months.

This savings account has one of the highest variable rates in the market at 5.75%. 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 4.4%. 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 5.75% 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 4.4% after the introductory period
  • No branches available
  • Online or phone access only

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

Take advantage of a competitive variable interest rate of 5.75% 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 5.75% p.a.
Standard Variable Rate 4.40% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 16

Key features

Earn 5.75% p.a. for the first 4 months

When you open your first Rabobank High Interest Savings account, you will receive an additional 1.35% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 5.75% 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 4.4% 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.


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 16 years old.
  • Your address. You will need to provide a residential address inside of Australia.

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Alison Finder

Editor

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Lisa

November 20, 2023

Can I deposit an opening balance of $250k and what interest will I receive once my balance exceeds this amount in the high interest savings account? Can I also make additional monthly deposits for the 4 months?


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Richard Whitten Finder

November 22, 2023

You will earn interest on a balance above $250K but this will be a lower rate (3.40% currently). You earn the full rate on every dollar up to $250K (if you meet the conditions). Any any money deposited above that earns interest at the lower rate.


You can make additional deposits.


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Reema

November 04, 2023

Is there a charge to closing the account ?


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Richard Whitten Finder

November 06, 2023

Hi Reema,


I was not able to find any account closing fees. But I suggest contacting Rabobank directly and asking about this to be 100% sure.


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Dee

July 25, 2023

If I open I interest savings account and deposit $250,000 can I transfer that $250,000 to another bank in one day? Is there any way that that would be possible even if there is a fee involved?


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Alison Banney Finder

August 01, 2023

Hi Dee, you’ll need to speak with the bank directly about this as they’ll need to facilitate the transaction.


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Paul

July 13, 2023

What interest applies if i deposit $650k …


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Sarah Megginson Finder

July 14, 2023

Hi Paul, Currently the base interest rate on offer is 4.2% for up to $250k, and 3.2% for amounts above $250k. These rates are subject to change.


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Phil M

July 13, 2023

I have 2 SMSF accounts with Rabobank, a Premium Saver and High Interest saving.

If I opened a personal high interest savings account would I be eligible for the bonus interest rate?

Thanks


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Alison Banney Finder

July 21, 2023

Hi Phil, you should be eligible for the bonus rate if you’ve not held a personal High Interest Savings account in your name previously.


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