Rabobank Online Savings High Interest Savings Account

Rabobank Online Savings High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80

Kickstart your savings with a competitive, introductory rate of 3.05% p.a. for 4 months.

  • Introductory rate of 3.05% p.a. for 4 months
  • $0 account keeping fee and no minimum balance
  • 24/7 online access to account
  • No deposit or withdrawal conditions
  • Link to any Australian everyday bank account

Product details

Take advantage of a competitive variable interest rate of 3.05% p.a. available on balances up to $250,000 on your first Rabobank Online Savings High Interest Savings Account. There's no monthly deposit conditions, and you'll still be eligible for interest even when you make withdrawals.

There are no deposit conditions or withdrawal restrictions to meet in order to earn the high bonus interest rate. Simply open the account and you'll be eligible for the bonus interest for 4 months.

Product Name
Rabobank Online Savings High Interest Savings Account
Maximum Variable Rate
3.05% p.a.
Standard Variable Rate
1.80% p.a.
Bonus Variable Rate
1.25% 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
$0
Minimum Opening Deposit
$0
Introductory Interest Period
4 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
No
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
16
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 Rabobank Online Savings High Interest Savings Account?

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

Earn 3.05% p.a. for the first 4 months

When you open your first Rabobank Online Savings High Interest Savings account, you will receive an additional 1.25% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 3.05% p.a. for the first 4. This bonus rate is applicable to balances up to $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 1.80% p.a.

This is the ongoing, standard interest rate that you'll earn after the introductory four-month period is over. There are no conditions to meet to earn this rate, and all balances up to $250,000 will earn this rate.

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

Nope! There is no penalty for withdrawing money from the account, so you can dip into your savings when needed while still earning interest. A lot of other savings accounts restrict you to one or no withdrawals each month.

$0 account keeping fees

You're charged no account keeping fees with this high-interest savings account, meaning each dollar you save gets you closer to your savings goal.

Link to any Australian everyday bank account

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

Access your account online, over the phone or via the Rabobank mobile app

Rabobank operates online only, with no branches in Australia to visit. You can access your account at any time of the day, any day of the week using Internet banking, phone banking or mobile banking.

No monthly balance requirements to meet

You are not required to maintain a certain balance with this account, and there's no monthly deposit requirement either. This means that you'll still earn interest even for months you don't deposit any money.

$0 minimum opening deposit

There is no minimum opening balance requirement with this account, so you can get started straight away.

Added security of a Digipass

Rather than your typical username and password to access online banking, Rabobank uses Digipass, 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 Rabobank Online Savings High Interest Savings account you open, including joint accounts.

Covered under the Australian Government Guarantee.

Your deposit with Rabobank up to the value of $250,000 is protected by the Australian Government Guarantee.

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.

SMSF accounts available

This account is available for personal uses only. Rabobank offers high interest savings accounts specifically for SMSFs. For SMSF Accounts, more information can be found on our Rabobank High Interest Savings Account SMSF review page.

Pros

  • Introductory rate of 3.05% 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 1.80% p.a. after the introductory period
  • No branches available
  • Online or phone access only

How do I apply for the Rabobank Online Savings High Interest Savings Account?

Applications for the Rabobank Online Savings High Interest Savings Account are accepted online. 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, Rabobank 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, Rabobank 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.








































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123 Responses

  1. Default Gravatar
    PeteApril 11, 2019

    Is there a daily limit on withdrawals from a RaboDirect High Interest Savings Account?

    • finder Customer Care
      JhezelynApril 11, 2019Staff

      Hi Pete,

      Thank you for your comment.

      Yes, there is a daily withdrawal or transaction limit is $100,000 between your RaboDirect accounts (including between RaboDirect accounts and/or your Linked account), and $20,000 to registered Third Party Payees. The daily limits are reset at 12am each day, except for the weekend, when you have a single limit across Saturday and Sunday.

      Regards,
      Jhezelyn

  2. Default Gravatar
    FrankMarch 31, 2019

    Hi folks. Are there any “hidden” fees, such as transaction fees potentially associated with moving funds from the linked account to the Rabo account or vice versa? Thanks!

    • finder Customer Care
      MaiApril 1, 2019Staff

      Hi Frank,

      Thanks for reaching out to Finder.

      There is no charge to transfer funds from RaboDirect, however, you may need to check the linked bank account to know if they charge a fee when you move the money from their account to RaboDirect.

      Hope this helps.

      Kind Regards,
      Mai

  3. Default Gravatar
    KimJanuary 7, 2019

    Is there a Promotion code for RaboDirect High Interest Savings Account?

    • finder Customer Care
      JohnJanuary 7, 2019Staff

      Hi Kim,

      Thank you for reaching out to finder.

      We currently do not have Rabodirect promotional codes available. You may however contact Rabodirect directly to check on existing promotions as well as vouchers if available. Hope this helps!

      Cheers,
      Reggie

  4. Default Gravatar
    KylieJanuary 1, 2019

    After the first 4 months, can I reinvest funds at a later time at the highest rate and what time gap between accounts is required?

    • finder Customer Care
      JeniJanuary 1, 2019Staff

      Hi Kylie,

      Thank you for getting in touch with finder.

      This RaboDirect High Interest Savings Account’s introductory interest rate is applicable on new customers only. After the first 4 months and you wish to reinvest, you will only earn the standard variable rate at 1.80% p.a.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  5. Default Gravatar
    jacquelineDecember 10, 2018

    How safe is my money as I haven’t heard of them?

    • finder Customer Care
      JhezelynDecember 14, 2018Staff

      Hello Jacqueline,

      Thank you for your comment.

      If you’re referring to the safety of your savings with the RaboDirect High-Interest Savings Account, they are committed to keeping your money and identity secure. Rabodirect protects you with a security device called a Digipass that gives you strong online security. Your eligible deposits with a balance up to $250,000 are guaranteed by the Australian Government’s Financial Claims Scheme.

      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

  6. Default Gravatar
    MaryNovember 19, 2018

    Hi,

    After the 4 months for the savings account at 3.05%, is there a fee if I transfer my savings?

    • finder Customer Care
      JeniNovember 19, 2018Staff

      Hi Mary,

      Thank you for getting in touch with finder.

      There’s no fee in transferring your savings however if you request to cancel your term deposit account with Rabo Direct you must pay a termination fee, which they will determine, and a processing fee of $25.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  7. Default Gravatar
    ninjaNovember 13, 2018

    what’s the interest rate of this bank account?

    • finder Customer Care
      NikkiNovember 13, 2018Staff

      Hi Ninja,

      Thanks for reaching out to us! You can find the interest rates below:

      Maximum Variable Rate 3.05% p.a.
      Standard Variable Rate 1.80% p.a.
      Bonus Variable Rate 1.25% p.a.

      Let us know if you have further questions, we’re on standby!

      Best,
      Nikki

  8. Default Gravatar
    lesleyOctober 3, 2018

    Just want to know what are the conditions under this offer? What’s minimum term for this account? What would happen if I decided to use the fund after 4 months?

    • finder Customer Care
      JhezelynOctober 3, 2018Staff

      Hello Lesley,

      Thank you for your comment.

      According to Rabodirect, there is no financial penalty for closing this account before the four-month introductory offer. You can close this account as early as the first month. Before they close your account, you are advised to ensure that you have transferred all the funds from your RaboDirect account back to your linked account. To close the account, you’re advised to fill out the Close of Account form which is found on their website and submit it to them.

      You may also want to check our guide on how to close your transaction or bank account for you to get more ideas about closing an account.

      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

  9. Default Gravatar
    AmandaSeptember 5, 2018

    Is there any penalty for withdrawing from the RaboDirect High Interest Savings account?

    • finder Customer Care
      JhezelynSeptember 5, 2018Staff

      Hello Amanda,

      Thank you for your comment.

      Upon checking, there is no penalty for taking out the funds from RaboDirect High-Interest Savings Account.

      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

  10. Default Gravatar
    RodSeptember 4, 2018

    The 3.05% interest for the High-Interest Savings Account, for new customers, would we be regarded as new customers if we haven’t had a Rabo account for the last 2 years approx?

    • finder Customer Care
      JhezelynSeptember 4, 2018Staff

      Hello Rod,

      Thank you for your comment.

      According to RaboDirect, all new customers who opened their RaboDirect HISA account on or after the 15th of June 2015 will receive the introductory variable rate for 4 months. Hence, since you have been a RaboDirect customer, you can still open the account but you may not be eligible for the bonus interest rate.

      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

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