RaboDirect High Interest Savings Account

RaboDirect High Interest Savings Account

Maximum Variable Rate


Standard Variable Rate

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Kickstart your savings with a competitive, introductory rate of 3.20% p.a. for 4 months with an online bank

  • Introductory rate of 3.20% p.a. for 4 months
  • $0 account keeping fee and minimum balance
  • 24/7 online access to account

Product details

Take advantage of a competitive variable interest rate of 3.20% p.a. available up to $250,000. RaboDirect is an online savings bank, but you can feel good knowing that your investments are staying inside of Australia, helping the agriculture industry. It is also covered by the Government Guarantee. The bonus rate will apply to your first Australian RaboDirect high interest savings account.

Since 2012, they have been the recipient of Smart Investor Blue Ribbon Awards’ Savings Institution of the Year. In addition, they have been awarded for Overall Savings Accounts and Online Saver Account in 2014.

Product Name
RaboDirect High Interest Savings Account
Maximum Variable Rate
3.20% p.a.
Standard Variable Rate
2.05% p.a.
Bonus Variable Rate
1.15% p.a.
Introductory / Bonus Offer Conditions
Introductory interest rate is applicable on new customers with balances of up to $250,000. Available for 4 months from the day account is opened.
Monthly Fee
Minimum Opening Deposit
Introductory Interest Period
4 month(s)
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the RaboDirect High Interest Savings Account?

When you look at the feature of the RaboDirect High Interest Savings Account, the following features should stand out.

Competitive, introductory bonus rate of up to 3.20% p.a. for the first 4 months

When you open your first RaboDirect high interest savings account, you will receive an additional 1.15% p.a. on top of the standard rate. This bonus is only applicable to balances under $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 2.05%

This is the revert rate and all balances above $250,000 will have this rate applied. You can compare savings accounts that award the maximum rate on balances >$250,000 here.

After the 4 months, is there any penalty for taking out the funds?

There is no penalty for taking your funds out.

Link to any Australian everyday bank account

You will need to link your Australian transaction account with the 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.

No branches - online or phone access only

RaboDirect operates online only, with no branches in Australia to visit.

$0 Fees

You pay no monthly fees with this account.

$0 Monthly balance requirements

You are not required to maintain a certain balance with this account.

$0 Monthly deposit requirements

There is no limit or restriction on the number of monthly deposits you can make into the high interest savings account.

$0 Minimum opening deposit

There is no minimum opening balance requirement with this account.

Flexible terms

This is an on call online high interest savings account, with no limitations on when or how often you access your money.

RaboDirect app

Manage your savings with ease using the RaboDirect app from your smartphone or other mobile devices. You can download the app on up to six different devices for added convenience.

Added security of a Digipass

Rather than your typical username and password to access online banking, RaboDirect uses Digpass, 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 RaboDirect HISA you open, including joint accounts. It is a variable interest rate, so will most likely move along the RBA cash rate.

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.

Launch savings calculator


  • Introductory rate of 3.20% p.a. for 4 months
  • Flexible, transfer funds in and out and still earn the bonus rate
  • $0 account keeping fees and no transaction fees


  • Online only with no in-store branch access
  • Reverts to 2.05% p.a
  • Needs a Digipass for access (also a pro)

How do I apply for the RaboDirect High Interest Savings Account?

Applications for the RaboDirect High Interest Savings Account are accepted online, and can be accessed by clicking ‘Go to Site’. When you begin the application, you will be asked if you meet certain eligibility requirements.

Eligibility to apply online

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 for your online application

Once you have confirmed that you are eligible, RaboDirect 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 apply?

After you have submitted your application online, RaboDirect 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.

RaboDirect what bank they with?

RaboDirect is an Australian bank and an Authorised Deposit-taking Institution (ADI), covered by the Financial Claims Scheme and regulated by the Australian Prudential Regulation Authority (APRA). RaboDirect Australia is part of the Dutch Rabobank Group.

Can you please tell me the amount of your transfer limits on this account, and if they can be increased and decreased with little effort?

A transfer limit of $5 million applies for inward transfers to your RaboDirect account via direct debit. If you’d like to increase or decrease this amount, you can call RaboDirect using the number provided on their website between 8am-7pm on business days.

Is this account available to SMSF’s ?

This account is available for personal uses only, there’s a specific SMSF savings account offered by RaboDirect.

Can a high-interest savings account be opened for a trust fund?

RaboDirect offers separate accounts and rates for trust accounts. I’ve emailed you for more information.

The RaboDirect Business Savings Account can be linked to your everyday business savings account. Unfortunately at this time zero feeds from this account are not available.

Is there a maximum withdrawal amount per day?

The daily limit is $5 million per day.

What is the interest rate for an account on behalf of a child

Different rates apply to Business, SMSF and Trust accounts.Depending on how you intend to set it up, all other High Interest Savings Accounts will likely have the standard variable rate as stated above.

I am resident in UK, but make regular visits to WA. Can I open a HISA account and have it linked to my bank account in the UK

Unfortunately to be eligible for this account you must have a residential address in Australia, be an Australian resident for tax purposes, and have a bank account with another Australian financial institution.

I want to set up a RaboDirect High Savings ac that can receive monthly deposits from a third party is this possible? If its possible, are any deposit fees payable by me? And will the third party be charged any fees from their bank? Or can your bank be given permission to withdraw funds from third party’s account ? if so do i pay fees for this transfer deposit?

Any funds coming or going from this account must first go into your linked everyday account, so you might want to check with the provider of this account as to whether this would be possible and what fees might be applicable. This account is a High Interest Savings Account, meaning it’s not as flexible as a regular transaction account.

I am interested in opening a joint saving account but was wondering if the linked everyday transaction account needs to be in joint names or can it be an one of account holders transaction account?

There’s no requirement to link this account to a joint everyday account. You can link to either a joint account or an account held in a single name.

Is that compounding interest? If how often does it compound?

The interest on this account is calculated daily and paid monthly.

Do you have an account with a debit card?

At the current time RaboDirect doesn’t offer a specific everyday account with a debit card. You can compare accounts with debit cards here.

Is there a penalty if I withdraw money?

There’s no penalty for withdrawals with this account. The bonus interest rate is offered for a limited time regardless of how much you deposit or withdraw each month, as long as your balance is no greater than $250,000.

In regards to opening a high interest savings account, and you penalised for making withdrawals and do you need to deposit a minimum amount each month to retain the base variable interest rate?

The base variable rate on this account is offered on this account regardless of the monthly amount being deposited or any withdrawals which are made in the month.

How can I make a deposit if you don’t have a branch office?

Rabodirect is an online bank, you make deposits through transferring funds electronically. The bank that holds your linked account can help set this up for you.

Can I set up the DD or Periodic Payment from my Rabo account?

Yes. you can set up a direct debit to authorise RaboDirect to withdraw funds from your Linked account.

Will the DD incur fees?

The direct debit itself won’t incur fees, but if there are insufficient funds in your account then you may incur fees and charges.

I have a comm bank goal saver, and netbank account.I am interested to use these accounts for everyday.if i link the RaboDirect HISA to one of these accounts, which comm account is more beneficial, without losing interest on the Rabo and comm account?

The account you link to your RaboDirect High Interest Savings Account needs to be an everyday account such as a transaction account, meaning savings accounts cannot be linked to it. You might want to consider linking this savings account to an account which allows you to deposit funds in a range of ways and allows easy access to funds so you can move money in and out of your RaboDirect account easily.

How do you bank a chq and how long does it take?

This will depend on the linked everyday bank account you link to this account, as any funds deposited into the RaboDirect HISA will need to come through this first, so we’d recommend checking with the institute your everyday account is with.

How can I transfer my money from Nab i saver to a new Rabo online savings account?

You’ll have to link the RaboDirect account to an everyday account, and will then have to transfer your funds from your NAB account into this account. From this account you can transfer your funds into your RaboDirect account.

Is there a financial penalty if I were to open a RaboDirect High Interest Savings Account and then close it at the end of the introductory 4mth period.

There is no financial penalty for closing this account before the four month introductory offer.

Can you have two bank accounts linked to a Rabo high int savings acc? My husband and I need the ability to individually deposit savings from our own respective accounts.

Unfortunately you can only have one active Linked account with the RaboDirect HISA. You can transfer money from one account to another if you have the recipient’s BSB and account number, which RaboDirect will provide for you when you open an account.

As my parents power of attorney they have given me some funds …via 2 cheques to manage their estate when they move into an aged care facility. About $30.000 I will need to access the account to pay for cleaning the property up etc. will this account give me this flexibility ?

You can deposit cheques into the everyday account you link to the RaboDirect High Interest Savings Account and then transfer these funds across.

Currently, we have a joint HISA account which has just gone from Maximum rate to base rate after the 4 months. If I open another account in my name only will I qualify for the 4 month maximum rate?

Unfortunately you must never have held an account in your name before to qualify for the introductory interest.

I am considering opening High Interest acc with you. If I wish to transfer funds back into my say st George acc to pay for something how quickly would my funds be available at the St George end because I have all my Bpay acc’s etc attached to these acc’s.

Please allow up to 3 business days for the first transfer, and then please allow up to 2 business days for any transfers from there on.

If I was to open a Rabo HISA account online, can this account be linked to my current CBA bank account to transfer monies in between?

This can be done provided the account it’s being linked to is an everyday account.

I am a sole trader, and at the moment I have an account with NAB that I use as my business account,and an account with St George that has a Freedom account, a Direct Saver account and a Visa card account. I generally do all of my spending on visa and then transfer what I need from my NAB account to cover my expenses each month. I also have automatic payments set up from my Freedom account to pay my rent, car payments, etc. I don’t get a good interest rate anywhere, and I am wondering if there is a better way for me to be doing all of this with you? Also do you have some sort of business account?

We have a comparison of the different RaboDirect accounts here, which you might want to add to your comparison of accounts. It should be known that RaboDirect at the current time doesn’t have any transaction accounts available, so you might want to compare these here.

I wanted to know for how long this offer is available as I would like to open my account with a decent amount of funds Also I would like to know.. Will I be protected/compensated if RaboDirect closes or better yet is bankrupt? In other words would I get my money back and how?

This offer is limited time only, but there’s no date given by RaboDirect as to when it will end. Also keep in mind that the account has a variable interest rate, so any fluctuations in the cash rate could change the offer terms. In the event that the rate changes RaboDirect will inform all customers via email. Deposits with RaboDirect are guaranteed by the government for up to $250,000, so amounts up to this are protected in worst case scenario.

Can I link this RaboDirect High Interest Savings Account to my Bendigo Everyday Account?

You can link the RaboDirect HISA to any Australian everyday bank account.

Im looking for an account to set up with my girlfriend for savings alone. would you recommend this one? and would we both be able to access it?

Legally we can’t recommend one specific product, but to help you with your decision, you may want to see how the interest rate of this account compares to other accounts in the market. Rabodirect is also an online bank and doesn’t have physical branches. If you open the RaboDirect HISA as a joint account, both of you will be able to access the account.

When transferring from my Rabo high interest account, to my normal bank account, will the money transfer straight away ? or will it take a day or so ? What's the difference between the high interest saver account and the SMSF ?

It usually takes about 1-2 business days. If you’d like to invest using your SMSF with Rabodirect, then the SMSF would be suitable. However if you’re just using the account personally, then the regular HISA is suitable.

I am reading some information on your savings accounts prior to deciding which one to choose. One of the “cons” of choosing your accounts is that Rabobank is a “Non-government owned bank”. What does this mean and what are the implications is the market crashes?

We’ve removed that reference as we understand it is confusing, apologies for an inconvenience. RaboDirect is covered by the Government Guarantee which protects your deposits of up to $250,000 per person per institution. I’ve emailed you a page with more information about RaboDirect’s safety.

Can i set up a SMSF account using a power saver account from St George as the transaction account, also do you have to wait thirty days for transactions between both accounts that are set up for SMSF.

The account you link to the RaboDirect SMSF account must be classified as an everyday account. For more information about if your specific account qualifies please contact RaboDirect directly.

how many accounts can I open in the same name. Can I have accounts in my name and my SMSF?

You can open as many accounts as you want, but the bonus interest will only apply to your first account. Rabodirect also has a range of products available with a SMSF.

Can you still make withdrawals and get the interest rate?

If you’re a new customer you’ll earn this interest rate for four months regardless of if you make withdrawals.

Regarding the FSG point “25.2 we process your withdrawal instruction, the funds will not be released from the Notice Saver Account until the first Business Day following the expiry of:
31 days in the case of a 31 Day Notice Saver Account;
60 days in the case of a 31 Day Notice Saver Account; or
90 days in the case of a 31 Day Notice Saver Account.
You may however, receive funds into your Notice Saver Account(s) at any time.”
What does this mean? Is it that when I want to take my money out it will take At least 31days before it will be in my linked account?

Your assumption is correct. The Notice Saver as you mention imposes a time period you must wait before getting access to your money. You can choose between 31, 60 or 90 days notice that you’ll need to provide to get access to your money. This means you can reduce the chance of you withdrawing money for impulse purchases.

Can this account be opened with 3 signatories

There’s a maximum of two individuals per account.

Can the linked account be a non-RaboDirect account?

Yes the linked account needs to be a non-RaboDirect account, and it needs to be from a financial institution in Australia.

Can I transfer funds from/to a non-RaboDirect account or do I need to set up a new account as I am not an existing customer?

With the RaboDirect HISA, you have a ‘linked account’ from which you use to transfer money in and out from your Rabodirect HISA.

On the high interest savings account is the interest calculated daily?

Yes, the interest is calculated daily and then paid monthly into your Rabodirect HISA.

Can you have more than one everyday account linked to this savings account?

You can only have one active Linked account with the RaboDirect High Interest Savings Account.

If I was to open a joint savings account with RaboDirest will I be sent 2 debit cards? If so, what ATMs can I withdraw from?

It’s important to note that this product is a savings account which is linked to an everyday transaction account. It comes with no debit cards of its own, so to get access to your money you’d need to transfer money to your linked transaction account.

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59 Responses to RaboDirect High Interest Savings Account

  1. Default Gravatar
    Nathan | October 15, 2016


    Does the 4 month interest period start after opening the account? or after the first deposit? If the account is opened mid month does the interest period apply from the date opened? How long does it take for a digi pass to arrive by mail?

    • Staff
      Clarizza | October 17, 2016

      Hi Nathan,

      Thanks for your question.

      Interest earned is calculated daily and paid monthly – it applies as soon as the account is opened. You should receive your digi pass between 5-7 business days.


  2. Default Gravatar
    Sofia | September 9, 2016

    Hello..if I open a high interest account with Rabo is it paid 3% for the first 4 months ? And what is the standard variable monthly interest ? Can I close this account any time if I wish without penalties? Thanking you kindly

    • Staff
      Clarizza | September 9, 2016

      Hi Sofia,

      Thanks for your question.

      The standard variable interest rate after the initial 4 months is 2.05% p.a. There’s also no penalties for closing the account after 4 months.


  3. Default Gravatar
    Alicia | August 26, 2016

    Good morning …
    I would like to know how much I should get a month on a $10000 with a 3% that you have variable ??
    I done the compare and show me that you give more a month that the others banks than they have more por center than you …
    For your bank or the other bank:
    YOUR BANK: 3.00% 2.05% 0.95% $0 $0 / $0 $32.92
    OTHER BANK: 3.10% 1.30% 1.80% $0 $0 / $0 $25.83
    Would you send me your response to my email address ??
    Thank you so much

    • Staff
      Clarizza | August 26, 2016

      Hi Alicia,

      Thanks for your question.

      I have sent you a response via email. You can also view and compare interest earned on our high interest savings account page.


  4. Default Gravatar
    Darren | August 10, 2016

    How secure is RaboDirect – what is the parent bank?

    • Staff
      Shirley | August 11, 2016

      Hi Darren,

      Thanks for your question.

      Rabodirect is secure and is covered by the Government Guarantee. They are also regulated by APRA and ASIC.

      RaboDirect Australia is part of the Dutch Rabobank Group, founded in 1898. However, funds held in RaboDirect Australia are held in Australia.

  5. Default Gravatar
    Jake | August 3, 2016

    What will my rate with Rabo be for over $250k?

    • Staff
      Shirley | August 4, 2016

      Hi Jake,

      Thanks for your question.

      Amounts more than $250,000 will receive the standard variable rate, 2.30% p.a. at the time of writing.

  6. Default Gravatar
    Neil | August 3, 2016

    where is the bank registered. Are deposits covered under the australian government proection

    • Staff
      Shirley | August 3, 2016

      Hi Neil,

      Thanks for your question.

      RaboDirect Australia is part of the Dutch Rabobank Group, founded in 1898. However, funds held in RaboDirect Australia are held in Australia.

      Deposits are covered under the Government Guarantee.

  7. Default Gravatar
    | July 22, 2016

    Hi! I want to open a joint account for the Rabodirect HISA. Is it $250K covered by the Government Guarantee or it will become $500K being a joint account? Hope to hear from you soon.

    • Staff
      Clarizza | July 25, 2016

      Hi GA,

      Thanks for your comment.

      The $250,000 Government Deposit Guarantee applies per person, per ADI so in a joint account both account holders will be eligible for the $250,000 guarantee.

      Hope this helps.


  8. Default Gravatar
    Adrian | May 22, 2016

    How do I transfer funds from my Rabo account to ANZ?

    • Staff
      Shirley | May 23, 2016

      Hi Adrian,

      Thanks for your question.

      Please note that you can only transfer funds from your RaboDirect High Interest Saving Account to your linked Australia everyday bank account.

      If the ANZ account is your linked account, please log into Rabodirect and click on “transfer” funds and follow the prompts.

  9. Default Gravatar
    Lauren | May 19, 2016

    Hi there, what is a digipass and how will it effect how I do my banking? Also, are there any penalty fees if I withdraw the funds before the bonus interest rate runs out.

    • Staff
      Shirley | May 20, 2016

      Hi Lauren,

      Thanks for your question.

      You’ll need your Digipass to generate a password every time you log into RaboDirect online banking.

      There are no penalty fees before the bonus interest rate runs out.

  10. Default Gravatar
    Damon | April 4, 2016

    1. Can I withdraw funds from a new HISA during the 4 month honeymoon period, without penalty (e.g. lower interest rate, fees etc)?

    • Staff
      Shirley | April 4, 2016

      Hi Damon,

      Thanks for your question.

      Yes you can withdraw funds from your new HISA during the honeymoon period without penalty.

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