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Our verdict

Save a modest amount each month and you can stay on track to earn a higher interest rate.

This account offers a decent interest rate with no minimum balance. You just need to save at least $200 a month. Plus, you'll pay no account keeping fees, meaning every dollar you save gets you closer to achieving your savings goal.

Pros

Ongoing interest rate of 5.00% p.a. (conditions apply)
$0 Account keeping fees

Cons

Need to increase balance by $200 each month in order to earn bonus interest.

Details

Key details

Product Name	Rabobank PremiumSaver
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	2.50% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

$0 monthly account keeping fees

With the PremiumSaver you are not charged any monthly fees for maintaining the account.

Earn up to 5% interest on your balance

You can earn a competitive maximum variable rate of 5% on your balance each month you deposit at least $200. If you don't meet the deposit requirement, you'll earn the standard variable interest rate of 2.5%.

Monthly deposit requirements for bonus interest

If the closing balance on your account is at least $200 higher on the last business day of the month than it was on the first day of the month (excluding interest earned) you'll receive the bonus interest rate.

Internet and mobile banking

You can view and manage your account through internet and mobile banking. The Rabobank mobile app can be downloaded for free to the iOS or Android device of your choice.

Features to keep your money secure

Rabobank will send you a special security device that generates a unique number to use as a pass code every time you wish to log in to your account. The device is not needed for the app, as that is equipped with its own version. This feature makes it difficult for anyone to gain access to the account who does not know your pin number as well as how to login to your DigiPass for the pass code.

Compare more Rabobank savings accounts.

Launch savings calculator

How to apply

Eligibility

If the features of the Rabobank PremiumSaver provide you with what you need to meet your savings goals, click "Go to Site" and be redirected to the secure application page. Check first to make sure that you are able to meet the eligibility requirements for this account:

Minimum age. Applicants for this account must be at least 18 years of age.
Residency requirements. Only Australian residents and citizens can apply for the PremiumSaver.

Depository requirements. You are not required to make any initial opening deposit.

Documentation needed

If you meet the requirements and believe the Rabobank PremiumSaver meets your needs, put the following documentation together in order to help you in completing the online application quickly:

Tax file number. Rabobank is required to withhold tax on the interest earnings for this account. By providing your tax file number (TFN) or TFN exemption code you are ensuring that it is withheld at the correct rate.
Identification. Information from your driver's licence, passport or Medicare card will be needed in order for Rabobank to be able to electronically verify your identity.
Linked account. You'll automatically receive a Rabobank High Interest Savings Account also when opening your PremiumSaver. You must have a transaction account in the same name (with Rabobank or at another Australian financial institution) that the High Interest Savings Account can be linked to and provide the account number and BSB on your application. For all accounts, you are required to provide Rabobank with a valid direct debit authority so that they may make transfers on your behalf.

What happens after I submit my application?

After having confirmed the details that you provided, the PremiumSaver account will be opened in your name. A welcome pack will then be sent to your address containing the details of the account and your DigiPass. Instructions on how to setup and use the DigiPass will also be included. You should allow up to five business days for the welcome pack to arrive in the mail.

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Alison Finder

Editor

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June 27, 2023

Can Rabobank’s Premium Saver Account be held jointly?

Alison Banney Finder

July 06, 2023

Hi, yes it can.

Les

March 06, 2023

Does Rabo bank have its own banking licence in Australia or does it use another banks licence

Alison Banney Finder

March 07, 2023

Hi Les,

Rabobank has its own banking license in Australia.

Thanks,

Alison

Rabobank PremiumSaver

Pros

Cons

Key features

$0 monthly account keeping fees

Earn up to 5% interest on your balance

Monthly deposit requirements for bonus interest

Internet and mobile banking

Features to keep your money secure

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

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