Bonus rate for the first 4 months from account opening
I have been with Rabobank, after researching high interest savings accounts (they rated in the top 3) because they charge no fees and offer reasonable returns on your money. After Covid they have dropped in rankings and I am currently considering other higher interest account returns but will remain with them until I decide to switch. The pros: No fees, no deposit required, competitive interest rates, can speak with a customer service rep who is helpful and no penalising fee for withdrawing your savings. The cons: Only allowed to transfer to one account (which you must nominate) and can take up to 24 hours to receive your own money.
I was very happy to find that Rabobank offers a great interest rate on its high interest savings accounts. It was a simple process to open the account and the app is very easy to use.
I wouldn’t recommend opening up a high savings account with Rabobank. We had nothing but problems opening the account, setting up online banking and then closing the account.
I have been with Rabobank for over ten years. They have competitive rates and a wide selection of savings accounts to choose from. Of course they entice new members with a very good short term savings rate but after the initial period, their rates are still very good, compared to other banks. With their newest portal they have lost the function of being automatically told how much interest you accrue month by month. This was really a good feature. However, not that important if you don't have much money. I have only ever used online banking. Money is not a problem to move to and from the acccount. Main thing is they are easy to use and have very good security. It is a pleasure to do business with this bank.
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.
Bonus rate for the first 4 months from account opening
Bonus variable rate is available for the first four months.
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
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