RaboDirect High Interest Savings Account

RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
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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
  • 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. 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, RaboDirect has been the recipient of Smart Investor Blue Ribbon Awards’ Savings Institution of the Year. In addition, it's 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
$0
Minimum Opening Deposit
$1
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 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.

$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 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.

No 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 SMSF accounts available

This account is available for personal uses only. RaboDirect offers high interest savings accounts specifically for businesses and SMSFs. To find out more about RaboDirect's Business High Interest Savings account, take a look at our product review page. For SMSF Accounts, more information can be found on our RaboDirect High Interest Savings Account SMSF review page.

View more RaboDirect banking products.

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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 RaboDirect High Interest Savings Account?

Applications for the RaboDirect 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, 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.








































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109 Responses

  1. 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

  2. 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

  3. 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

  4. Default Gravatar
    santinaAugust 31, 2018

    am i able to deposit cash savings with the use of bank tranfer? like going to a post office or do i need a card for that ? and can i use my work split paying system so my work pays what i say to put into it?

    • finder Customer Care
      CharisseSeptember 1, 2018Staff

      Hi Santina,

      Thank you for reaching out to finder.

      With RaboDirect, deposits are done via electronic fund transfer. In order for you to make a deposit, you have to link your everyday account to your RaboDirect account. If you want to deposit a portion of your work money, that money should go into your linked everyday account first so it can then be deposited or transferred to your RaboDirect account.

      If you are still looking to compare high-interest savings account, you can review and compare your other options here.

      Hope this helps.

      Cheers,
      Charisse

  5. Default Gravatar
    KerrieAugust 27, 2018

    For the Rabo High-Interest Savings Account introductory offer of 3.05%, does interest apply daily and paid monthly no matter what the account balance is?

    • finder Customer Care
      JhezelynAugust 28, 2018Staff

      Hello Kerrie,

      Thank you for your comment.

      Interest is calculated daily throughout the month and is paid into your High-Interest Savings Account at the end of each month. You can see the amount of interest you have earned for the previous month on the next months account statement or transaction history. You can only earn the bonus interest along with the standard interest within 4 months from account opening with a balance that’s not more than $250,000.

      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
    EmilyJuly 24, 2018

    is the four months calculated from the date e.g.: 7th of august to 7th december or calculated by days? e.g.: 4 x 30 or 4 x 31?
    can my linked account be a savings account?

    • finder Customer Care
      NikkiJuly 24, 2018Staff

      Hi Emily!

      Thanks for your message.

      The 4 months is calculated from day 1 of opening your account whether the months following are 30 days or 31 days. You will need to link your Australian transaction account and not a savings account with this 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.

      Hope this helps!

      Regards,
      Nikki

  7. Default Gravatar
    NaomiJuly 19, 2018

    Hi,
    If I open a joint account can I link two transaction accounts for the transfer of money in and out or only one?

    • finder Customer Care
      NikkiJuly 20, 2018Staff

      Hi Naomi!

      Thanks for getting in touch with finder.

      You can open a joint account using the RaboDirect HISA account and link it to any Australian bank 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 and you can only link 1 account to this HISA account.

      Hope this helps!

      Nikki

  8. Default Gravatar
    RebeccaJuly 13, 2018

    Hi there
    can i open the high interest account with you without having to have a bank account, and can add/take out money whenever i want with no penalties/time restrictions

    • finder Customer Care
      NikkiJuly 13, 2018Staff

      Hi Rebecca!

      Thanks for reaching out to us.

      Unfortunately, as one of RaboDirect’s requirements, a bank account is imperative from an Australian institution.
      You are free to withdraw any funds anytime and there are no penalties involved in it. However, your money won’t earn the maximum variable interest of 3.05% if funds are withdrawn before the first 4 months after opening an account.

      Also note, 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.

      Hope this clarifies!

      Regards,
      Nikki

  9. Default Gravatar
    KylieJune 21, 2018

    Are funds covered by the Australian Government security guarantee of deposits up to $250,000?

    • finder Customer Care
      JhezelynJune 21, 2018Staff

      Hello Kylie,

      Thank you for your comment.

      Yes, eligible deposits with a combined balance up to $250,000 are guaranteed by the Australian Government’s Guarantee Scheme.

      Regards,
      Jhezelyn

  10. Default Gravatar
    heatherMay 4, 2018

    I already have a hig interest savings account…if I transfer $50000 can I get 3.05 interest rate

    • finder Customer Care
      NikkiMay 4, 2018Staff

      Hi Heather,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      Are you a new or existing Rabo cardholder? The introductory interest rate is applicable to new customers with balances of up to $250,000. You can earn the 3.05 interest rate for 4 months only then your interest goes back to the standard rate of 1.8% pa.a Available for 4 months from the day account is opened.

      Hope this helps! Feel free to message us anytime should you have further questions.

      Cheers,
      Nikki

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