Rabobank Online Savings Term Deposit

Rabobank Online Savings Term Deposit

Min. Opening Deposit

1,000

Account Keeping Fee

0.00

Open a Rabobank term deposit from $1,000 and choose terms from 1 month to 5 years.

  • Up to 1.65% p.a. for 5 years (interest paid at maturity)
  • $0 Account keeping fees
  • Loyalty bonus rate of 0.10% p.a. available when reinvesting
  • Small minimum investment of $1,000

Product details

Manage your cash flow with a Raboank term deposit – you can choose to have your interest paid monthly, quarterly, half-yearly or yearly. With a small investment of $1,000, you can lock in a competitive interest rate today. A term deposit is a low-risk investment and you can increase your returns by reinvesting the money for a second term.

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If you would like withdraw your funds early, a termination fee that is equal to Rabobank’s break cost applies, plus a processing fee of $25.00.

Product Name
Rabobank Online Savings Term Deposit
1 month interest rate
1.65%
3 month interest rate
1.80%
6 month interest rate
1.85%
9 month interest rate
1.80%
12 month interest rate
1.70%
24 month interest rate
1.45%
36 month interest rate
1.35%
48 month interest rate
1.55%
60 month interest rate
1.65%
Min Deposit
$1,000
Minimum Age Requirement
16
More

What are the features of the Rabobank Term Deposit?

Get a guaranteed interest rate and peace of mind on your savings with a Rabobank term deposit. If you would like to withdraw any funds from your term deposit, you will be required to provide Rabobank with at least 31 calendar days' notice unless financial hardship applies. Check these accounts and their features across a number of Australian banks and see which one is going to give your money the biggest benefit.

Small minimum investment amount of $1,000

You are required to make an investment of at least $1,000 into your term deposit.

$0 Monthly account keeping fees

There are no monthly account keeping fees taking away from your savings with Rabobank’s term deposit.

Choice of terms

You can invest your money for as little as 1 month or up to 5 years.

Linked bank account

The term deposit needs to be linked to a Rabobankhigh interest savings account. This will allow for you to make transfers into your term deposit and receive your periodic interest payments.

Competitive interest rates

The interest rates for the term deposit are fixed, and tiered to give you the highest rates for the longest terms.

How is my interest calculated and paid?

Interest is applied to the daily balance of your account and paid into your linked account unless you choose payment at maturity, in which case it can be added directly to your term deposit balance. For terms of less than a year, you can only have the interest payment made at maturity. For other lengths of time you can choose from monthly, quarterly, bi-annual, annual and maturity payments. Interest rates are slightly lowered when you choose payments that are closer together.

0.10% p.a. Loyalty bonus

If you automatically reinvest your term deposit into a new one when it reaches maturity, Rabobank pays you for your loyalty by adding an additional 0.10% per annum to your interest rate.

Reinvestment options

You have up until the business day before maturity to let Rabobank know whether you will be reinvesting all, part or none of your deposit into new terms. If you neglect to give them that notice, the money will be automatically rolled into a new account for the same terms, but at the prevailing fixed interest rate plus the loyalty bonus.

Launch term deposit calculator

Pros

  • $0 Account keeping fees
  • Loyalty bonus rate of 0.1% p.a. available when reinvesting
  • Flexible terms from 1 month to 5 years
  • Small minimum investment of $1,000

Cons

  • Need to link to Rabobank Online Savings high interest savings account
  • 31 days advance notice required in case of withdrawing funds before maturity

How do I apply for the Rabobank Term Deposit?

If the low minimum deposit and options in terms and payment plans makes you want to go with Rabobank’s term deposit, click on “Go to Site” to begin your online application now.

Eligibility to apply online

The first page of the application is going to ask that you are able to meet the following eligibility conditions:

  • Minimum age. Applicants must be at least 16 years of age.
  • Residency requirements. You must be an Australian resident for tax purposes with a residential address in Australia.

Documentation for your online application

In addition, you must have a Rabobank High Interest Savings Account active at all times when you are their customer. Rabobank also makes recommendations on the types of documentation you will need as you fill out the application:

  • Tax file number. Rabobankwill use your tax file number (TFN) or exemption code to ensure that your withholding tax on the earned interest is at the correct rate.
  • Identification. The details of your driver’s licence, passport, or Medicare card.
  • Account information. You must be able to provide the BSB and account number for a non Rabobank bank account in your name with an Australian financial institution.

So long as Rabobank is able to verify your identity online, your term deposit account will be linked to your banking account and you can make your deposit in order to activate the terms. You will then begin earning the competitive interest rate on your savings balance.


 

 

 

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14 Responses

  1. Default Gravatar
    ToniMay 21, 2019

    Is my money secure? The amount I invest is the same as I get back plus interest.

    • Avatarfinder Customer Care
      NikkiMay 22, 2019Staff

      Hi Toni,

      Thanks for your inquiry. When you invest your money into any term deposit account, you will get your money back plus including the declared interest rate you earn after the maturity date. You also get a loyalty bonus rate of 0.1% p.a. available when you reinvest your money.

      Rabo Direct is protected by the government guarantee for the first $250,000 of all deposits held with Rabobank. To know how banks protect your money, you may refer this page.

      As a friendly reminder, review the eligibility criteria and read up on the terms and condition of the account before applying. Feel free to reach out to the bank if you need any clarifications.

      Hope this helps!

      Best,
      Nikki

  2. Default Gravatar
    PeterApril 16, 2019

    I have $4.4million to invest in a term deposit from 19th April and I am looking at your 6 month rate of 2.85%. Can I invest the amount in a company name or does it have to be in a personal name?

    • Avatarfinder Customer Care
      CharisseApril 17, 2019Staff

      Hi Peter,

      Thanks for reaching out to Finder.

      Yes, you can open a business term deposit account with RaboDirect. They allow business owners to have one High Interest Savings Account, one PremiumSaver, 3 Notice Saver accounts (1 for each Notice period) and as many Term Deposits as they like.

      Please note though, that there are also customers they are unable to offer savings accounts to including (but not limited to) wholesale depositors, professional investment entities and charities.

      I hope this helps.

      Cheers,
      Charisse

  3. Default Gravatar
    DennisMarch 12, 2019

    My son is 13 and would like to open the account in his name, how do I do this

    • Avatarfinder Customer Care
      NikkiMarch 13, 2019Staff

      Hi Dennis,

      Thanks for reaching out! The RaboDirect Term Deposit is for ages 16 and up. You can go to this page to compare savings accounts for your son. As a friendly reminder, review the eligibility criteria of the account and read the terms and conditions before applying.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

  4. Default Gravatar
    KerrieJanuary 7, 2019

    To what amount are Rabo term deposits government guaranteed? Thank you.

    • Avatarfinder Customer Care
      JhezJanuary 7, 2019Staff

      Hi Kerrie,

      Thank you for your comment.

      The Government guarantee protects the first $250,000 of all deposits held with Rabobank.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  5. Default Gravatar
    MarcusMay 14, 2017

    To open up the term deposit with RaboDirect, do I need to have an everyday account with them or can I just choose to go with term deposit option? Thanks.

    • Avatarfinder Customer Care
      MayMay 14, 2017Staff

      Hi Marcus,

      Thank you for your inquiry.

      Even if you do not have an everyday account yet with RaboDirect, you can still apply and open a RaboDirect Term Deposit. Just make sure though that you meet all the requirements set out above in the “How to apply” tab. As mentioned in the requirements, you would need to provide the BSB and account number for a non-RaboDirect bank account in your name with an Australian financial institution.

      If you think you are eligible and ready, please click on the green “Go to site” button above to open the account.

      Cheers,
      May

  6. Default Gravatar
    SueApril 3, 2017

    Is the 2.6% TD for 6 months available to business?

    • Avatarfinder Customer Care
      DeeApril 4, 2017Staff

      Hi Sue,

      Thanks for your question.

      The RaboDirect Term Deposit is for individual account holders only.

      If you are looking for a business term deposit account, you may compare your options on this page.

      Cheers,
      Anndy

  7. Default Gravatar
    DavidOctober 31, 2016

    Is this rate available to Self Managed Superfund

    • Avatarfinder Customer Care
      ClarizzaNovember 1, 2016Staff

      Hi David,

      Thanks for your question.

      Please be aware there is a separate rate for SMSFs. More information can be found on our RaboDirect SMSF page.

      Regards,
      Clarizza

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