Rabobank Term Deposit
Choice of term lengths from 1 month to 5 years with competitive fixed interest rates and a small opening deposit of $1,000.
The Rabobank term deposit has a small opening deposit requirement and a large choice of term lengths. If you automatically reinvest your deposit when your term reaches maturity, you'll be rewarded with a 0.10% p.a. loyalty bonus rate. Plus, your deposit up to $250,000 with Rabobank is protected under the Australian Government Guarantee.
|Product Name||Rabobank Term Deposit|
|3 month interest rate||0.45%|
|6 month interest rate||0.75%|
|9 month interest rate||0.50%|
|12 month interest rate||0.75%|
|24 month interest rate||0.50%|
|36 month interest rate||0.50%|
|48 month interest rate||1.05%|
|60 month interest rate||1.25%|
|Minimum Opening Deposit||$1,000|
|Minimum Age Requirement||16|
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.
Large 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. Interest rates shown in the table above for the 3, 6 and 9 months terms have interest paid at maturity, all other terms are for interest paid annually.
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.
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.
Covered by the Australian Government Guarantee Scheme
Your deposit up to $250,000 with Rabobank is protected under the Australian Government Guarantee Scheme.
How to apply
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.
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.
What happens after I submit my application?
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.