Thumbnail icon for Rabobank

Rabobank High Interest Savings Account

Advertiser disclosure
Interest rate
0.55% p.a.(for $0 to $250,001)
Maximum rate
2.00% p.a. (for $0 to $250,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Rabobank High Interest Savings Account

Last updated: 26 October 2020.

binocular icon
What's hot
  • Mozo Experts Choice Award winner 2020
  • No account fees
  • 4 month introductory rate of 2.00% p.a.
What's not
  • Lower rate for balances over $250,000
Mozo snapshot

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 2.00%, which you'll get for the first four months. The ongoing base rate is also competitive at 0.55% and unlike other savings accounts in the market there are no minimum monthly deposit or withdrawal conditions. 

Rabobank's account was also awarded a 2020 Mozo Experts Choice Award in the Kick Start Savings category!

key icon
Key features

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 0.55% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 0.30% p.a, so if you are lucky enough to be in this position 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. 

snapshot
Who is it good for

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. 

snapshot
Any catches

The 2.00% bonus interest rate is only available for the first four months, and 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.

Details

Rates and fees information correct as at 28 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.55% p.a.
    Balances from $250,001: 0.30% p.a.

  • Balances from $0: 2.00% p.a.
    Balances from $250,001: 0.30% p.a.

  • 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.

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • no

  • no

  • Must link to a transaction account

  • none

  • none

Customer Reviews

How are Rabobank savings accounts rated by the Mozo community?

Overall
8.3/10
Price
8.7/10
Features
7.2/10
Customer service
7.9/10
Convenience
7.7/10
Trust
8.6/10

Latest reviews of Rabobank High Interest Savings Account

  • Overall 4/10
    Disappointing product.

    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 review

    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.

    Price
    4/10
    Features
    3/10
    Customer service
    3/10
    Convenience
    3/10
    Trust
    4/10
    Less
    Jemma, Victoria reviewed about 1 month ago
  • Overall 7/10
    Very good introductory interest rate

    Very good introductory interest rate, however not simple to set up account and other services are limited.

    Read full review

    Very good introductory interest rate, however not simple to set up account and other services are limited.

    Price
    8/10
    Features
    0/10
    Customer service
    6/10
    Convenience
    4/10
    Trust
    7/10
    Less
    Lachlan, New South Wales reviewed over 4 years ago
  • Overall 9/10
    Exceptionally accessible and efficient.

    The ease of operation is exceptional.

    Read full review

    The ease of operation is exceptional.

    Price
    8/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Ian, New South Wales reviewed over 5 years ago
  • Overall 9/10
    Great customer service

    Great customer service. If only the interest rates could be better !!

    Read full review

    Great customer service. If only the interest rates could be better !!

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    John, New South Wales reviewed over 5 years ago
  • Overall 4/10
    fair, but not good

    The account is configured to work through the web. This makes it difficult if you (for some specific transaction) want to speak to a person. The staff I habve spoken to have been helpful, but they are up against it owing to the structure of the account.

    Read full review

    The account is configured to work through the web. This makes it difficult if you (for some specific transaction) want to speak to a person. The staff I habve spoken to have been helpful, but they are up against it owing to the structure of the account.

    Price
    6/10
    Features
    3/10
    Customer service
    3/10
    Convenience
    1/10
    Trust
    5/10
    Less
    John, New South Wales reviewed over 5 years ago
Rabobank

About Rabobank

Rabobank has created a suite of savings accounts that work together to give you flexibility and choice. Open one account and you automatically get access to the whole set, with no fees and without the hassle of multiple applications. As an 100% online savings account provider Rabobank takes security seriously, protecting customers with its Digipass security device, plus balances up to $250,000 are guaranteed by the Australian Government.

See Rabobank savings accounts

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Citi

Citi

Online Saver

1.35% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Up

Up

Saver Account

1.60% p.a. (for $0 to $50,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

1.50% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

1.15% p.a. (for $0 to $250,000)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.20% p.a. (for $1 to $250,000)

0.20% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

Saver Account

1.60% p.a. (for $0 to $50,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Citi

Citi

Online Saver

1.35% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

0.15% p.a.(for $0 and over)

1.50% p.a. (for $0 to $250,000)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

1.15% p.a. (for $0 to $250,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

0.20% p.a.(for $1 and over)

1.20% p.a. (for $1 to $250,000)

Yes up to $250,000

Citi

Citi

Online Saver

0.35% p.a.(for $0 and over)

1.35% p.a. (for $0 to $500,000)

Yes up to $250,000

Up

Up

Saver Account

0.10% p.a.(for $0 and over)

1.60% p.a. (for $0 to $50,000)

Yes up to $250,000

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.70% p.a. (for $0 and over)

Yes up to $250,000

Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

1.80% p.a. (for $0 and over)

Yes up to $250,000

UniBank

UniBank

Mighty Saver Account

0.10% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000