RaboDirect High Interest Savings Account

RaboDirect High Interest Savings Account

Maximum Variable Rate


Standard Variable Rate


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

  • Introductory rate of 3.05% p.a. for 4 months
  • $0 account keeping fee and minimum balance
  • 24/7 online access to account
  • Link to any Australian everyday bank account

Product details

Take advantage of a competitive variable interest rate of 3.05% 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
3.05% 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
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 3.05% p.a. for the first 4 months

When you open your first RaboDirect high interest savings account, you will receive an additional 1.25% 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 1.80% p.a.

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 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 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.

Business and Trust accounts

This account is available for personal uses only. RaboDirect offers high interest savings accounts specifically for businesses, where you can open the account under a company name. To find out more about RaboDirect's Business High Interest Savings account, take a look at our product review page.

For Trust Accounts, more information can be found on our RaboDirect High Interest Savings Account Trust review page.

View more RaboDirect banking products.

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  • 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


  • 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 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 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.

A transfer limit of $100,000 applies between RaboDirect accounts. 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.

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

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.

The daily limit is $5 million per day.

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.

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.

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.

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.

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

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

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.

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.

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.

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

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

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.

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.

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.

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

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.

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

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

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.

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

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.

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

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.

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.

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.

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.

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.

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

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.

There’s a maximum of two individuals per account.

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

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

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

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

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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75 Responses

  1. Default Gravatar
    PatSeptember 1, 2017

    I want to know if I close my account with Rabo, how long before I would be considered a new customer to get the. Introductory
    Higher interest rate. A

    • Staff
      GruSeptember 2, 2017Staff

      Hello Pat,

      If you have previously held a RaboDirect HISA re-applying will result in the existing account being re-opened, as the account existed prior to 15th June 2015 it will not be eligible for the introductory variable rate.

      For more details and if you want to clarify on what your other options are, you may also get in touch with RABO directly at:
      1800 445 445
      Weekdays 8am to 7pm AEST.

      Please also note the following:
      - Customers can only open one HISA account. If you have a more funds to invest and would like to maximise your interest we have a range of savings products that may meet your needs.
      - You can reopen an existing closed account, however, the introductory rate offer is only available for new customers.

      Hope this helped.


  2. Default Gravatar
    TaraMay 13, 2017


    If I deposit $150,000 in my RaboDirect High Interest Savings Account, can I put another deposit in after a month or do I have to wait 4 months? Thank you.

    Kind Regards,

    • Staff
      JasonMay 14, 2017Staff

      Hi Tara,

      Thank you for your enquiry.

      You may deposit money anytime in your RaboDirect High Interest Savings account. There is also no limit or restriction on the number of monthly deposits that you can make into the high interest savings account. Please note that the Bonus Variable Rate only applies to balances of up to $250,000 and customers can only open one RaboDirect High Interest Savings account.

      I hope this helps.

      Kind regards,

  3. Default Gravatar
    samApril 15, 2017

    hi guys

    I applied for a RaboDirect savings account around 2 months ago, and since then have heard nothing from anyone, no paperwork, no account. not too sure whats going on?


    • Staff
      AnndyApril 15, 2017Staff

      Hi Sam,

      Thanks for your question.

      It would be best if you directly contact RaboDirect on 1800 445 445 to follow up the status of you application.


  4. Default Gravatar
    MiaApril 12, 2017

    What if I withdraw money before the 4 months is up?

    and how do I earn the bonus interest on this account once the standard interest reverts back to 1.9%

    • Staff
      AnndyApril 12, 2017Staff

      Hi Mia,

      Thanks for your question.

      Kindly note that the introductory interest rate offered for this account is only applicable on new customers with balances of up to $250,000. The bonus rate is available for the first 4 months from account opening. After the 4-month period, you’ll just receive the standard variable rate of 1.90% p.a.

      You can withdraw your money before the end of 4 months. You’ll only earn interest on your remaining balance.


    • Default Gravatar
      April 13, 2017

      Thanks. Can you answer the second half of my question? How do you earn the bonus interest after the rate reverts back to 1.9%?

    • Staff
      HaroldApril 13, 2017Staff

      Hi Mia,

      Thank you for your follow-up inquiry.

      Bonus interest rate is an introductory offer only. After 4 months you can no longer have the bonus interest rate.

      I hope this information has helped.


  5. Default Gravatar
    peterFebruary 7, 2017

    RaboDirect High Interest Savings Account
    Maximum Variable Rate
    % 3.05p.a.

    Standard Variable Rate
    % 2.00p.a.

    a competitive, introductory rate of 3.05% p.a. for 4 months with an online bank
    ■Introductory rate of 3.05% p.a. for 4 months
    question: what happen after 4 months, what is the rate? can we keep % 3.05p.a. for 36monthes?

    • Default Gravatar
      RichardMarch 21, 2017

      If i remove some of my funds during the 4month period does that effect the 3.05% interest i receive? Also when the 4 months is up can i close the account and re-open a fresh account to get whatever new interest rates you are offering at the time.

    • Staff
      MayMarch 21, 2017Staff

      Hi Richard,

      Thank you for your inquiry.

      The bonus interest rate is offered for the first 4 months whether you make withdrawals during that period. So long that your balance is no greater than $250,000, you would receive the bonus rate in the 4-month period.

      You can close your account after 4 months, but once you re-open, you will no longer receive the bonus/maximum interest rate, as it is only applicable to the first account that open.


    • Staff
      AnndyFebruary 7, 2017Staff

      Hi Peter,

      Thanks for your question.

      Unfortunately, you can’t get the maximum variable rate of 3.05% p.a for 36 months. After 4 months, your balance will just earn a standard variable rate of 2.00% p.a.

      If you’d like to open a savings account that will let you continuously receive a bonus rate, please check and compare your options here.


  6. Default Gravatar
    November 29, 2016

    (1)Why are there 2 lists in Finder.com.au?? And why is Rabobank only on the 2nd list “Compare and search savings accounts”. First list is headed “Compare and Search FOR Savings accounts” Whats the difference??
    (2)how many names can there be on a joint account?

    • Staff
      AnndyNovember 29, 2016Staff

      Hi Mike,

      Thanks for your question.

      On this page, the list with the heading “Compare and search for savings accounts” is actually a comparison table where initially, the accounts are arranged in random order. When you use the calculator on top of the table, you can then arrange the result in ascending or descending order so you’ll know which account can give you high interest earning.

      The table below with the heading “Compare and search savings accounts” gives a summary of the savings account listed on the comparison table. The accounts are not ranked in any particular order.

      Furthermore, a joint account can be either a transaction or savings account that is held in two or more names. A joint account can be set it up as either: both parties need to sign to approve transactions, or online one account holder has to sign.

      I hope this helps.


  7. Default Gravatar
    NathanOctober 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 digipass to arrive by mail?

    • Staff
      ClarizzaOctober 17, 2016Staff

      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 digipass between 5-7 business days.


  8. Default Gravatar
    SofiaSeptember 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
      ClarizzaSeptember 9, 2016Staff

      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.


  9. Default Gravatar
    AliciaAugust 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
      ClarizzaAugust 26, 2016Staff

      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.


  10. Default Gravatar
    DarrenAugust 10, 2016

    How secure is RaboDirect – what is the parent bank?

    • Staff
      ShirleyAugust 11, 2016Staff

      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.

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