Take advantage of a competitive variable interest rate of 5.75% p.a. available on balances up to $250,000 on your first Rabobank High Interest Savings Account. There's no monthly deposit conditions, and you'll still be eligible for interest even when you make withdrawals.
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Rabobank High Interest Savings Account
- Maximum variable rate
- 5.75% p.a.
- Base interest rate
- 4.4%p.a.
Our verdict
Kickstart your savings with a competitive, introductory rate of 5.75% p.a. for 4 months.
This savings account has one of the highest variable rates in the market at 5.75%. You’ll get this rate for the first 4 months after opening the account, and there are no deposit conditions or withdrawal restrictions to meet to earn this bonus rate. However, this interest rate is only available on your first account so if you’ve already had a Rabobank High Interest Savings Account in the past you won’t be eligible for the bonus interest again.
Once the 4 month introductory period ends you’ll get the standard variable rate of 4.4%. This ongoing rate may seem low compared to other savings accounts in the market, but there are no conditions to meet to get it. In comparison to the standard base rates offered by other accounts it’s actually quite competitive.
If you’re comfortable committing to a monthly deposit condition you’ll be able to earn a higher ongoing bonus rate elsewhere. However, this account could be suited to you if you’re looking for a flexible account that still pays a decent interest rate without requiring you to regularly deposit money. Another benefit of this savings account is that you can link any Australian transaction account to it to move your money back and forth. So you don’t need to open a new transaction account with Rabobank, you can simply use the one you’ve already got.
Pros
-
Introductory rate of 5.75% p.a. for first 4 months
-
Flexible, transfer funds in and out and still earn the bonus rate
-
$0 Account keeping fees
Cons
-
Interest rate drops to 4.4% after the introductory period
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No branches available
-
Online or phone access only
Details
Key details
| Product Name | Rabobank High Interest Savings Account |
| Maximum Variable Rate | 5.75% p.a. |
| Standard Variable Rate | 4.40% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 16 |
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Alison Finder
Editor
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Sarah Megginson Finder
March 25, 2024
Hi Liz, No, this is a variable rate savings account, so rates are subject to change at any time. If you want a fixed rate return, you could consider a term deposit.
Lisa
November 20, 2023
Can I deposit an opening balance of $250k and what interest will I receive once my balance exceeds this amount in the high interest savings account? Can I also make additional monthly deposits for the 4 months?
Richard Whitten Finder
November 22, 2023
You will earn interest on a balance above $250K but this will be a lower rate (3.40% currently). You earn the full rate on every dollar up to $250K (if you meet the conditions). Any any money deposited above that earns interest at the lower rate.
You can make additional deposits.
Reema
November 04, 2023
Is there a charge to closing the account ?
Richard Whitten Finder
November 06, 2023
Hi Reema,
I was not able to find any account closing fees. But I suggest contacting Rabobank directly and asking about this to be 100% sure.
Dee
July 25, 2023
If I open I interest savings account and deposit $250,000 can I transfer that $250,000 to another bank in one day? Is there any way that that would be possible even if there is a fee involved?
Alison Banney Finder
August 01, 2023
Hi Dee, you’ll need to speak with the bank directly about this as they’ll need to facilitate the transaction.
Paul
July 13, 2023
What interest applies if i deposit $650k …
Sarah Megginson Finder
July 14, 2023
Hi Paul, Currently the base interest rate on offer is 4.2% for up to $250k, and 3.2% for amounts above $250k. These rates are subject to change.
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Liz
February 22, 2024
Hi, is the 5.75% guaranteed for the first 4 months