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.
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.
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.
This is an on call online high interest savings account, with no limitations on when or how often you access your money.
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.
- 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. When you begin the application, you will be asked if you meet certain eligibility requirements.
Eligibility to apply online
- 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.