You could take control over your money with a high interest savings account that lets you decide when it’s time to make a withdrawal.
A Notice Saver from Rabobank is a variable rate savings account where instead of choosing a term length to lock away your money, you choose how much notice you will need to give before you need it. After your notice is given, interest is still earned and the funds you asked for ready for withdrawal when you wanted them. This is an ideal setup for your savings that you don’t need immediate access to, with the flexibility to meet short term goals without penalty.
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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Key features
Competitive interest rates
The interest rate is variable and rewards you for choosing longer notice periods. Note: The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
No fees whatsoever
Rabobank promises that it doesn't charge any fees on the Notice Saver account.
Interest is calculated daily
The interest on the balance is calculated each day and paid into your account on the first day of each month, allowing you to earn compound interest. You also have the option of having interest payments credited to your High Interest Savings Account or Purpose Saver Account.
Notice options available
You can choose to give notice in 31 days, 60 days, or 90 days. When you give your notice to Rabobank you are also going to let them know how much you would like to withdraw. Your account will then continue to earn interest up until the day before your notice term. You can change your notice up until the day before, but if not the money will be automatically transferred into your High Interest Savings Account on the next business day after the notice period ends.
A nominated account is required for transfers
Rabobank requires all customers to have a High Interest Savings Account. This account will then be used to make your transfers to and from your Notice Saver.
Top up your account whenever you want
You have the ability to add to your balance whenever you want, simply by transferring money into the account from your linked Australian bank account.
If you are already a Rabobank customer you can apply for the Notice Saver through your online banking platform. If not, you will first have to open the High Interest Savings Account before the Notice Saver.
Eligibility
Minimum age. You must be at least 16 years of age before you can open the Notice Saver.
Residency requirements. Applicants must be Australian residents for tax purposes with a residential address in Australia.
Depository requirements. Rabobank makes no stipulation for an opening balance.
Bank account. In order to open the Notice Saver you must also have an account in your name with another Australian financial institution.
Documentation needed
Once you confirm that you are eligible, Rabobank suggests having the following documentation nearby in order to make sure that all of the necessary information is included in your application:
Tax file number. Rabobank will ask for your tax file number (TFN) or exemption codes, although this is not obligatory, so that they can withhold tax on your interest earnings at the correct amount.
Identification. In order to verify your identity you will be asked for specific details found on your passport, driver's licence or Medicare card.
Account information. The BSB and account number of an existing bank account at another Australian financial institution. This account must be listed in the same name as you are using to apply for the Notice Saver.
What happens after I submit my application?
For new customers, both accounts will be activated once all of your details have been confirmed. After being notified that the account is ready for use, you can begin making your deposits and choosing the notice period that is right for your circumstance.
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