Rabobank Online Savings High Interest Savings Account

Last updated: Jan 5, 2021

Kickstart your savings with a competitive, introductory rate of 1.75% p.a. for 4 months.

Take advantage of a competitive variable interest rate of 1.75% p.a. available on balances up to $250,000 on your first Rabobank Online Savings High Interest Savings Account. There's no monthly deposit conditions, and you'll still be eligible for interest even when you make withdrawals.

1.75% p.a.

Maximum variable rate

0.3%p.a.

Base interest rate

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Product Name	Rabobank Online Savings High Interest Savings Account
Maximum Variable Rate	1.75% p.a.
Standard Variable Rate	0.30%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Pros

Introductory rate of 1.75% 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 0.3% p.a. after the introductory period
No branches available
Online or phone access only

Expert review

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This savings account has one of the highest variable rates in the market at 1.75%. 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 0.3%. 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.

Key features

Earn 1.75% p.a. for the first 4 months

When you open your first Rabobank Online Savings High Interest Savings account, you will receive an additional 1.45% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 1.75% 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 0.3% 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.

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 Online Savings 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

Applications for the Rabobank Online Savings High Interest Savings Account are accepted online. 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.

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, Rabobank 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.

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145 Comments

Kambo
August 3, 2020

Instead of opening an account in joint names, could you open in a single name then in 4 months open another account in your spouses name to continue the bonus interest. If so could you use a joint account as the linked account. Regards

finder Customer Care

May
August 3, 2020

Hi Kambo,

Thanks for getting in touch with Finder.

For Rabobank Online Savings High-Interest Savings Account, you are allowed to apply as a single account holder and also joint account holders, the bonus interest rate will apply so long that the conditions for the bonus rate are met.

As for your spouse, yes, she can apply for this account under her name after 4 months you have opened the same account in your name so long that this offer is still available or being offered to new applicants. This means that both of you will individually own the account and will also earn the bonus interest rates individually. She will also be able to receive the maximum bonus interest rate of 2.25% p.a. if she will meet all the conditions mentioned above.

I hope this has helped.

Cheers,
May

Frances
January 28, 2020

Can you open an account under SMSF?

finder Customer Care

Jhez
January 28, 2020

Hi Frances,

Thanks for asking. The Rabobank Online Savings High Interest Savings Account is available for personal uses only. Alternatively, you may check a range of accounts Rabobank offers for SMSFs here.

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

Regards,
Jhezelyn

Noone
July 10, 2019

Can you operate this account while at overseas provided the account holder meets all the other requirements? Would this Digipass work from outside Australia?

finder Customer Care

Jeni
July 11, 2019

Hi Noone,

Thank you for getting in touch with Finder.

You may operate the account while overseas since you may access your account via online banking. Yes, digipass works overseas. Please note that opening this account requires being a permanent Australian resident.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Jeni

Bonnie
July 9, 2019

Can you close the account easily after 4 months?

finder Customer Care

Joshua
July 9, 2019

Hi Bonnie,

Thanks for getting in touch with Finder. I hope all is well with you. 😃

Yes, you can close your account easily after four months. You can call or send a message to Rabobank to close your account.

Of course, before you choose Rabobank or any other account, be sure to read the eligibility criteria, features and details of the account you are interested, as well as the relevant PDS/ T&Cs of the account before making a decision and consider whether the product is right for you.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!

Cheers,
Joshua

Porsche168
July 9, 2019

Is the 4% effective as of today for High interest saving account as advertised on Rabobank website?

Nikki
July 9, 2019

Hi Porsche168,

Thanks for your question.

According to our review page of RABO and the RABO website, it doesn’t show a 4% maximum variable. Best to contact RABO directly to confirm the information you have.

Sorry I couldn’t be of much help to you today. Should you need further help, don’t hesitate to message us again.

Best,
Nikki

Liam
July 8, 2019

I had a Rabo a/c a couple of years ago. Will I be eligible for the bonus rate if I open a new account now.

Nikki
July 9, 2019

Hi Liam,

Thanks for your question.

The Rabo Online Savings High-Interest Savings Account’s introductory bonus rate of 3.05% p.a. for 4 months is applicable to new customers only. Opening a second account will give you the standard interest rate of 1.80% p.a.

Hope this helps! For any further questions, feel free to reach out to us again, we’re here to help.

Best,
Nikki

Mary
June 24, 2019

If I open an online savings high interest savings account with the introductory offer, can I withdraw from this account if needed after say 30 days, or will I have to leave the funds in the account for the 4 months?

Ash
June 26, 2019

Hi Mary,

Thank you for contacting Finder.

You can withdraw money from your Rabobank Online Savings High Interest Savings Account and still earn the maximum interest rate of 3% for the first 4 months. There is no restrictions on withdrawal for you to earn the 3% interest rate in 4 months.

I hope this helps.

Please do not hesitate to reach out again to us if you have other questions.

Cheers,
Ash

Katherine
June 19, 2019

Hi
I already have one rabo online savings high interest savings account and want to open a new one. Will I still get 3.05% for the new one?

finder Customer Care

Faye
June 21, 2019

Hi Katherine,

Thanks for contacting Finder.

I’m afraid that the Introductory rate of 3.05% p.a. for 4 months is applicable on new customers only. When you open your second account you will get the standard interest rate of 1.80% p.a.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Faye

John
June 17, 2019

With the resent 0.25% p.a. RBA rate cut. is Rabo likely to also reduce their interest rate from 3.05% in the next 4 mths in the saving accounts

Nikki
June 18, 2019

Hi John,

Thanks for your inquiry.

It’s helpful to know that while we review RABO’s savings accounts, we don’t hold information if RABO will be included in RBA recent rate cut. I suggest directly contacting RABO to obtain this information.

Sorry I couldn’t be of much help to you today. Hope I was able to give you a positive experience here at finder. Should you need further help, don’t hesitate to reach out to us again.

Best,
Nikki

Ross
May 24, 2019

What is the standard variable rate past $250,000? Will there be different levels of interest within the one account? E.g. $0-$250K @1.80% and e.g. $250K+ at @1.50.

Nikki
May 25, 2019

Hi Ross,

Thanks for getting in touch with Finder! The rates of RABO is for $250k balances. A different rate may apply to savings balances that exceed $250k. With multiple interest rates potentially applying to your account, the maximum variable rate available will fluctuate in line with your bank balance.
It would be best to contact RABO to see what interest rates will be applied to your funds.

Hope this helps!

Best,
Nikki

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