Rabobank High Interest Savings Account
Kickstart your savings with a competitive, introductory rate of 1.35% p.a. for 4 months.
Take advantage of a competitive variable interest rate of 1.35% 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.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
This savings account has one of the highest variable rates in the market at 1.35%. 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 0.25%. 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.
Earn 1.35% p.a. for the first 4 months
When you open your first Rabobank High Interest Savings account, you will receive an additional 1.1% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 1.35% 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 0.25% 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 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 High Interest Savings Account are accepted online. When you begin the application, you will be asked if you meet certain eligibility requirements.
- 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.
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.