Rabo advised me they were reviewing my smsf account. This was to take 5-10 days and they locked my account. 15 days later no contact and stated review ongoing ...the information (ABN numbers and the like) they requested was submitted at time of opening account - years ago and resubmitted 15 days ago. No time frame as to when account might be re-opened. I threatened to close all accounts and was blithely told no problem we won't have to bother with the review!!! I will leave this bank asap - I cannot have my saving hi-jacked
As others have said, stay away from this mob. They wanted to know where I obtained my initial account opening amount from, despite it coming from a reputable banking establishment. They would not process my account until I explained this. I have a disability and the money came as a result of a court determination. (I see no reason why I should have to divulge this!) I also have a child to look after. They demanded to know about my personal life. And then I came into contact with this robot of a customer service representative. He would not let me talk to a supervisor and said someone will get back to me in 2 days.I am still waiting, 2 weeks later. Have taken my complaint to the Anti-Discrimination Board and the Banking Ombudsman. Have no idea where my opening money is as you cannot access your account until you answer their questions and their machine arrives. I repeat: Stay away. They are obviously not from this planet and have no idea about privacy issues, courtesy and being human. Again, stay away from these aliens. And then they wrote a response: "Thank you for taking the time to share your concerns relating to our customer service and your account opening experience. We are looking into your feedback and have escalated to our management team. We’d like to assure you we will be in touch with you soon to address this." Liar, liar pants on fire: they cancelled my account, kept my money and I can't track its location. And they are earning interest from my money.
I specifically joined this bank for their High Interest Saving Account product. Since I joined the interest rate has decreased dramatically, which is disappointing. I understand that COVID is causing havoc; however, it would have been nice to receive an email or some sort of communication outlining the huge decrease in rate. The bank also uses a handheld digital pin formulator. This is very inconvenient, especially if you are away from home and need to transfer a large amount of money. Having this process transferred to an app would be much more relevant for today's society. Overall, my experience hasn't been unpleasant, simply disappointed in the lack of communication and difficult processes to transfer money.
I deposited a sum of money the day before they dropped the interest rate severely and without warning that is now locked in for 3 months and there is nothing I can do about it. Very unfair! This product should not meet Australian consumer rights. They can sell you something and trap you with something else!
PRO: The interest rates are generous. CON: Their phone app is terrible and the keypass login system needlessly complex.
I would only recommend to others because savings interest is so high with this bank. Onboarding process with bank was buggy (website kept having technical glitches so had to keep re-doing).
Interest rates are great compared to other banks and my money was at call at a higher interest rate than term deposits that are locked in. Great customer service over the phone as banking is all on-line. Recommend this bank to others.
This had relatively good savings interests. But there's a really complex process to log in. There's a separate remote you have to use. I understand security is important, but when I couldn't find my customer number, there was no process set up to recover the information, and no relevant contact information provided. I'm glad I found it, because I think it might have been difficult to recover that information with no email recovery etc, or even an online messanger or virtual assistant.
Their introductory rate of 2.5% for 4 months is the best deal I could find.
Great service, all from your home. Nothing is too much trouble. Excellent customer service, great products.
Very good introductory interest rate, however not simple to set up account and other services are limited.
Excellent interest rate compared to others. Easy to use mobile app with quick sign in. Logging on to the internet banking through the website is a bit of a hassle with the digipass but it does have a secure feature I guess.
Very high security rating, very secure online banking, communications are straight forward with minimum finance speak.
RaboDirect have consistently had the best interest rates. Customer service is excellent.
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Minimum deposit of at least $250.
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
Minimum deposit of $200 and no withdrawals in the month.
Bonus rate for first 3 months, reverting to 0.15% rate after
Increase balance by at least $300 in the month
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