How does Rabobank’s High Interest Savings account at 5.75% p.a. compare to Police Bank’s U30 SUPER CHARGE saver?

Rabobank's High Interest Saver currently offers a bonus rate of 5.75% p.a. for the first 4 months, making it the highest savings interest rate in the Mozo database as of June. 

Meanwhile, Police Bank's Base Rate Saver offers a high base interest rate of 5.25% p.a., the highest of the base rate savers in the Mozo database right now (but is only available for 18-29 year olds).

Each of these savings accounts comes with benefits but the choice for young adults can be difficult between these types of high interest savers and other leading savings accounts.

The interest rate is probably the first thing you'll look at, but there are other important things to consider such as balance limits, your time frame, and more. 

So let’s compare the two accounts: Rabobank High Interest Savings account vs Police Bank U30 super charge account.

Rabobank High Interest Savings Account

Rabobank's High Interest Saver currently offers a bonus rate of 5.75% p.a., which means it’s an intro rate that reverts to a lower rate of 4.40% p.a. 

Pros:

• High promotional interest rate of 5.75% p.a. for 4 months
• No minimum balance requirement
• Unlimited free transactions

Cons:

• After 4 months, rate drops to 4.40%p.a.
• Interest is applicable on balances up to $250,000

Police Bank U30 SUPER CHARGE account

Police Bank's Base Rate Saver has a high interest base rate of 5.25% p.a which means you don’t have to meet bonus rate conditions, though there are some restrictions to be aware of that we’ve highlighted below:

Pros:

• Consistently high base rate of 5.25% p.a.
• 3 accounts (One transaction and 2 savings accounts)  
• No ongoing fees

Cons:

• Exclusively available to members aged 18-29 
• Highest rate is applicable on a combined account balance of up to $30,000 ($10,000 per account)
• Balance limit of $30,000 
• Interest earned up to $10,000

How to compare savings accounts

When comparing these two high-interest savings accounts, consider some of the following:

1. Interest rate: If you prefer a consistently high rate without any promotional periods, Police Bank's U30 Super Charge account may be the better choice. Just keep in mind that savings accounts have variable rates and can move up or down at the provider's discretion.
2. Balance cap for maximum interest rate: The highest rate on Rabobank's High Interest Saver is for balances up to $250,000 while the highest rate applicable to Police Bank’s U30 Super Charge account is up to $10,000 per account for a combined total of $30,000.
3. Short-term returns: If you're looking to maximise how much your cash earns in the short term, Rabobank's High Interest Savings Account with its 5.75% p.a. promotional rate for 4 months could be the better option.
4. Long-term returns: Consider the standard variable rate of Rabobank's High Interest Saver after the promotional period ends to determine which account will provide better long-term returns.

If you’re interested in exploring more savings account options, then you can check out some more providers in the list below or compare high interest savings accounts on our hub page.