RaboDirect High Interest Savings Account

RaboDirect High Interest Savings Account

Maximum Variable Rate

2.70

Standard Variable Rate

2.00

Get a combination of competitive base rates, introductory bonus interest and enhanced account security.

  • Earn competitive interest rates on your trust funds
  • No fees or minimum balance
  • Physical security for online accounts

Product details

RaboDirect specialises in providing savings accounts for SMSFs and trusts, as well as for individual and businesses use. This high interest SMSF and trust savings account combines competitive rates and enhanced security features to grow and protect your funds.

You will get a free RaboDirect DigiPass with this account, to bring physical, real world security to your online savings.

Product Name
RaboDirect High Interest Savings Account (SMSF & Trusts)
Maximum Variable Rate
2.70% p.a.
Standard Variable Rate
2.00% p.a.
Bonus Variable Rate
0.70% 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 RaboDirect High Interest Savings Account?

All RaboDirect customers need to hold one High Interest Savings Account with the bank. This page is for SMSF and trust accounts, but you can also a personal account or a business account with different features and rates. This features of this SMSF and trust High Interest Savings Account account include:

The DigiPass handheld security system

No one can move funds from your account without also having your RaboDirect DigiPass security device, and the codes for it which are sent to you alone. This handheld device works alongside your online account, so your savings stay secure even if your online account is compromised. What this means is that even if someone manages to steal your internet banking passwords, they still can't get at your account.

No need to switch

You don’t have to switch banks to open this account. You can continue using your existing everyday banking account, and you can use this account as your superannuation savings hub.

Money stays in Australia

RaboDirect invests its deposits into Australian food and agri-businesses, so your savings grow along with one of Australia's most important industries.

Your deposits are guaranteed by the Australian Government

The Australian Government’s Guarantee Scheme for Large Deposits protects up to $250,000 of you combined balances with RaboDirect.

Bonus introductory interest rates

For the first four months, new accounts earn an introductory interest rate of 2.70% p.a. for balances up to $250,000.

2.00% p.a. base interest rates

Tiered interest rates apply, with balances up to $250,000 earning 2.00% p.a.

No monthly account fees

Pay no monthly account keeping fees on this savings account.

Online and mobile access

Access account details and make transfers with RaboDirect’s online banking platform or mobile banking app, in conjunction with your DigiPass. Compare other RaboDirect products.

No minimum balance requirements

This savings account does not require you to maintain any minimum ongoing balance. No matter how much money you have in your account, it will earn interest.

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Pros

  • Earn competitive ongoing and bonus rates
  • Tailored for SMSFs and trusts
  • No minimum balance required
  • No monthly account-keeping fees
  • Access to the unique DigiPass security system

Cons

  • Online only with no in-store branch access

How do you apply for the RaboDirect High Interest Savings Account

Check if the features of the SMSF and trust RaboDirect High Interest Savings Account are right for you, and open an account online.

Eligibility to apply

  • You’re applying as an authorised signatory
  • You are at least 16 years old
  • You are a resident of Australia for taxation purposes
  • Your trust is registered in Australia
  • Your trust has an ABN

Documentation required

In order to complete the application successfully, keep the following handy.

  • Your trust’s name and ABN
  • The trust deed
  • Account number of an existing Australian bank account in the trust’s name along with the bank’s BSB
  • The trust’s Tax File Number or exemption
  • Complete details of an individual or a company to serve as trustee
  • Complete details of an individual or a company to serve as Settlor (if applicable)

What happens after I've submitted my application?

RaboDirect will send you a Welcome Pack containing your DigiPass and brochure. It is usually mailed out the next business day after your account is opened. Your PIN for your DigiPass can be received via SMS or email.

It may take up to 5 business days for your Welcome Pack to arrive.

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