Rabodirect encouraging existing savings account holders to deposit funds

Peter Terlato 10 October 2016

deposit savings

Customers can earn bonus interest on new deposits, up to $250,000.

Rabodirect customers have been offered an extra savings incentive, in the form of additional interest, when they deposit new funds into their account over the next four months.

The top up bonus variable rate of 1.15% applies to "new money" deposited into personal High Interest Savings Accounts (HISA) up to $250,000 between 1 October 2016 and 31 January 2017.

To clarify, new money constitutes funds that increase the overall balance of personal HISA savings accounts as of 11:59pm 30 September 2016.

Rabodirect's standard variable rate on HISA is 2.05% per annum. With the bonus, this rate rises to 3.20%.

Both new and existing account holders that make deposits can take advantage of the bonus rate.

Customers won't earn bonus variable interest on money transferred between accounts, as this doesn't increase your total savings balance. It's also important to note that any new money and interest may elevate existing funds into a higher balance tier, where different interest rates apply.

Use our product breakdown to examine and compare Rabodirect's high interest savings account.

Rabodirect's HISA does not have account keeping fees, there are no minimum balance requirements, interest is paid monthly and includes online and mobile banking facilities.

It's not only Rabodirect which is rewarding customers. St.George Bank has offered some account holders cash back discounts on online gaming purchases for a limited time.

Put more money in your pocket by comparing leading rates, fees and charges, bonus interest and savings incentives using finder.com.au's helpful and insightful banking comparison guide.

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