If saving is on your agenda for the new year then opening a Rabobank High Interest Savings Account is something to put on your to-do list. It's got one of the market's highest introductory interest rates at 5.75% p.a., which you'll get for the first four months. The ongoing base rate is 4.40% p.a. and unlike other savings accounts in the market there are no minimum monthly deposit or withdrawal conditions.
The High Interest Savings Account from Rabobank is 100% online so you can set up the account wherever you've got internet access. There are no account keeping fees or costs to open the account so you'll get to enjoy fee free banking.
You'll need to have a linked transaction account so that you can move money into and out of the account when you need. This account can be with any bank or financial institution of your choosing.
Interest on the account is tiered. For balances under $250,000 you'll get a rate of 4.40% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 3.40% p.a, so if you are lucky enough to be in this position be sure to shop around, as there are savings accounts with higher rates.
Interest is calculated daily and paid monthly on the account. Balances up to $250,000 are protected by the Australian Government Guarantee.
There are no minimum balance or deposit requirements so the High Interest Savings Account is good for people who don't have a regular savings pattern.
It's also a great account for people who want simple, easy banking as all account management is available through online and mobile banking.
The 5.75% bonus interest rate is only available for the first four months to new customers. While the account does have a good ongoing base rate, just make sure you do an annual review of the savings account market to ensure you're getting the best return on your money for your needs.
Balances from $0: 4.40% p.a. |
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Balances from $0: 5.75% p.a. |
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Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers. |
$0.00 |
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n/a |
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Unlimited free transactions. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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n/a |
$1.00 |
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$0.00 |
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Monthly |
no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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no |
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yes |
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no |
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no |
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Must link to a transaction account |
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none |
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none |
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.
Read full reviewI 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.
Read full reviewI 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.
Read full reviewI 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.
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.
Read full reviewAs 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.
Read full reviewI 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.
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Hero Saver
1.00% p.a.(for $0 to $5,000,001)
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Life - 18-29 years old
2.00% p.a.(for $0 and over)
5.20% p.a. (for $0 to $30,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000