Rabobank accounts focus on helping Australians grow their wealth through a number of different types of savings products
Rabobank is known for its focus on agriculture and is a large investor in local farming
Rabobank is a part of the Dutch Rabobank Group which was founded in 1898 is now one of the world's largest financial institutions
Rabobank operates entirely online in Australia
Accounts offered by Rabobank
Rabobank High Interest Savings Account.
This account offers a bonus interest rate for the first four months with no conditions to meet. Once the introductory period ends, the account will revert down to the standard base rate.
This account requires you to give notice before accessing your savings, and is designed to stop you from dipping into your savings for impulse purchases. There are three separate notice periods you can choose; 31 days, 60 days or a 90 day notice before you can take cash out of your savings account.
Rabobank Term Deposit.
For as little as $1,000 you can invest in a term deposit for one month or up to five years. There are no fees charged, plus you can get a bonus rate if you choose to reinvest at the end of the term.
Rabobank operates mostly online in Australia. It has no bank branches for customers to visit and doesn't have an ATM network.
Bank@Post
If you need to deposit cash or a cheque into your Rabobank account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.
Rabobank Internet and mobile banking
Customers can access Rabobank's Internet banking portal 24/7 (called Online Savings Internet Banking) to review transactions and balances, transfer money between accounts, download your statements and open new Rabobank savings accounts.
The mobile app is called Rabobank AU and is free to download to manage your savings account. The app has a 1.5 star rating in the Google Play Store and a 4 star rating in the App store.
Any pros and cons to Rabobank accounts?
Pros
Variety of savings accounts. Rabobank's savings accounts are designed to meet various saving styles.
No fees. You are not charged any fees when with Rabobank accounts.
Bonus rates. You have the opportunity to earn bonus interest when you are able to meet certain conditions.
Link account from another bank. You can link your transaction account from another bank to your savings account with Rabobank.
Cons
No branch access. There are no physical Rabobank branches for you to visit. All banking is done online.
Poor app ratings. The mobile app has a very low user rating, particularly with Android users.
Conditions. You have to meet specific conditions in order to receive the bonus interest on the savings accounts.
How to apply for a Rabobank account online
You can apply for a new account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
With Rabobank you get simplified savings with better rates on your investments, especially if you are looking for complete access with a high interest savings account.
Your deposit with Rabobank up to the value of $250,000 is protected by the Australian Government guarantee. If you’d like to open a Rabobank savings accounts, simply head to their official website where you can submit an online application.
As a friendly reminder, review the eligibility criteria and read up on the Terms and Conditions of the account before committing to the product. Feel free to reach out to the bank if you need any clarifications.
If I put money into the high-interest savings account;
Do I need a mobile phone?
Do I need to put in an amount each month?
How do I pay it into the account as at the moment I have not got a Rabo account?
Will it be linked to my personal bank account?
Looking forward to your reply.
3. How do I pay it into the account as at the moment I have not got a Rabo account? Will it be linked to my personal bank account?
You will need to link your Australian transaction account with the RaboDirect High-interest Savings Account in order to move your savings in and out of it. Any Australian transaction account will do.
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hello .
can I deposit money into my high interest account from any another bank other than my linked account .
thank you george
Hi George, yes you can transfer money into the account as a normal bank to bank transfer using the BSB and Account Number.
How and where do I apply for a Rabobank term deposit in joint names ( 2 people)?
Hi Peter,
You can see the current rates for a Rabo term deposit here.
When you apply online, you can open the account as a joint account.
Thanks,
Alison
Is a Rabobank term deposit guaranteeed by the government for the first $250,000
Hi Elizabeth,
Good day and thanks for your inquiry!
Your deposit with Rabobank up to the value of $250,000 is protected by the Australian Government guarantee. If you’d like to open a Rabobank savings accounts, simply head to their official website where you can submit an online application.
As a friendly reminder, review the eligibility criteria and read up on the Terms and Conditions of the account before committing to the product. Feel free to reach out to the bank if you need any clarifications.
Hope this helps!
Best,
Nikki
If I put money into the high-interest savings account;
Do I need a mobile phone?
Do I need to put in an amount each month?
How do I pay it into the account as at the moment I have not got a Rabo account?
Will it be linked to my personal bank account?
Looking forward to your reply.
Regards,
Michael
Hi Michael,
Thank you for your inquiry.
1. Do I need a mobile phone?
Yes, you need to provide an email address and at least one mobile phone number so that RaboDirect can contact you about your account.
2. Do I need to put in an amount each month?
With RaboDirect High-Interest Savings Account, there is no limit or restriction on the number of monthly deposits you can make into the account.
3. How do I pay it into the account as at the moment I have not got a Rabo account? Will it be linked to my personal bank account?
You will need to link your Australian transaction account with the RaboDirect High-interest Savings Account in order to move your savings in and out of it. Any Australian transaction account will do.
Cheers,
May