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.

Alison Banney

Last Updated Jan 5, 2021

1.35% p.a.

Maximum variable rate

0.25%p.a.

Base interest rate

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Product Name	Rabobank High Interest Savings Account
Maximum Variable Rate	1.35% p.a.
Standard Variable Rate	0.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Pros

Introductory rate of 1.35% 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 0.25% p.a. after the introductory period
No branches available
Online or phone access only

Go to site More info

Review by

Alison Banney

alison.banney@finder.com

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.

Expert review

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.

Key features

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.

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, 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.

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155 Comments

Annette
November 10, 2021

My husband and I have both had individual accounts. Can we open a joint account to receive the 1.35% interest rate?

finder Customer Care

Alison
November 18, 2021

Hi Annette,

I’m afraid that if you and your husband have already opened a Rabobank High Interest Savings Account, you won’t be able to open a new account again, even if it is opened jointly.

If you want to explore other options, you can check our list of high interest savings accounts. Be sure to read through the terms and conditions of your chosen bank account.

Regards,
Alison

John
October 25, 2021

I am in Townsville do you have a branch here

finder Customer Care

Alison
November 3, 2021

Hi John,

Yes, Rabobank does have a branch in Townsville and you can pay them a visit at the address below. They’re open from Monday to Friday, 8.30 am – 5.00 pm.

Floor 2 19-39 Stanley Street
Townsville QLD 4810
PO Box 2240

Thanks,
Alison

Eugene
October 22, 2021

Can I link two separate accounts if I open a joint savings account in the names of my wife and myself?

finder Customer Care

Alison
October 26, 2021

Hi,

You can only link the Rabo Online Savings Account to a bank account that’s in the same name as your Rabo account. I believe that you can link to individual bank accounts, as long as they’re in your names. However, it’d be best to clarify this directly with Rabobank to verify if the accounts you are referring to can be linked before you open an account.

Thanks,
Alison

Maddy
October 13, 2021

Do I continue to earn 1.35% interest on my High Interest Savings Account if I withdraw some money from it during the 4 month introductory period. What are the penalties if I withdraw any funds during the first 4 months and will the bonus high interest rate still apply if I do withdraw any money during the 4 months?

finder Customer Care

Alison
October 20, 2021

Hi Maddy,

There are no fees, no deposit conditions, no withdrawal restrictions, and no minimum term to earn the 1.35% introductory bonus interest rate on the Rabobank High-Interest Savings account. As long as you are a new Rabobank customer, you’ll earn the bonus interest rate for the first four months for deposits of up to $250,000. After the 4-month period ends, it will revert to the standard variable rate of 0.25%.

To know more and to apply, simply click the Go to Site button above and it will direct you to the online application process.

I hope this helps!

Cheers,
Alison

Hanna
September 1, 2021

Hi the introductory rate of 1.35% p.a. on balances up to $250,000 on your first 4 months promotion, is it meant customers need to put money in the saving account for full 4 months to get 1.35% or can be just 2 or 3 months? Customers still eligible to earn 1.35% with no withdrawn restriction every month?

finder Customer Care

Alison
September 10, 2021

Hi Hanna,

The 1.35% p.a. introductory bonus interest rate is only available for the first four months to new customers. This bonus interest rate will be applied for deposits of up to $250,000. After the 4 month period ends, it will revert to the standard variable rate of 0.25% p.a.

There are no fees, no deposit conditions and withdrawal restrictions, and no minimum term to earn this bonus rate. Interest is calculated daily and paid monthly, and there’s no requirement to keep your money in the account for the full 4 months if you don’t want to.

If you’d like to apply, simply click the Go to Site button above and it will direct you to the online application process. I hope this helps!

Thanks,
Alison

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