Your selected savings accounts
Rabobank is a provider with a focus on the agricultural sector, serving Australia's farming community and agribusiness. With Rabobank, savers have access to several banking products and savings account products.
Among its products are a High Interest Savings Account, a Premium Saver and a 90 Day Notice Saver. Each of these has its own interest rate terms, benefits and features which should be considered before deciding.
High introductory rate of 5.75% p.a. for 4 months
Competitive ongoing base rate of 4.35% p.a.
Monthly interest payments
Available for both Personal and Business/SMSF customers (with different rates)
Requires linking to a transaction account
Rate drops after the introductory period
Rabobank's High Interest Savings Account could be an excellent choice for savers, offering a high interest rate on balances up to $250,000. The 5.75% p.a. introductory rate for the first four months is particularly attractive and sits at the higher end of the market. After the initial four-month period, the account lowers to a 4.35% p.a. base rate.
It's worth noting that the account must be linked to a transaction account. While this is an extra step, it can provide more flexibility in managing your cash, allowing for easy transfers between your savings and day-to-day banking needs.
Rabobank also caters for business/SMSF customers on top of personal banking, though it's important to note that different rates may apply for business and SMSF accounts.
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
Your selected savings accounts
Our teenage children recently opened high interest savings accounts with Rabobank. The interest rate on their accounts was very competitive and the accounts incredibly easy to open and manage. Highly recommend.
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 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 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.
Rabobank is an Authorised Deposit-taking Institution (ADI) in Australia. As such, deposits up to $250,000 are protected by the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.
High-interest savings accounts usually have minimal to no monthly fees and Rabobank is no exception.
^See information about the Mozo Experts Choice Savings Account Awards
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