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!
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.
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 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.
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.
$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
$1.00
$0.00
Monthly
no
none
no
no
no
no
no
no
yes
no
no
Must link to a transaction account
none
none
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.
Very good introductory interest rate, however not simple to set up account and other services are limited.
Read full reviewVery good introductory interest rate, however not simple to set up account and other services are limited.
The ease of operation is exceptional.
Read full reviewThe ease of operation is exceptional.
Great customer service. If only the interest rates could be better !!
Read full reviewGreat customer service. If only the interest rates could be better !!
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 reviewThe 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.
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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Smart Saver
0% p.a.(for $0 and over)
1.80% p.a. (for $0 and over)
Yes up to $250,000
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
