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Rabobank High Interest Savings Account

Advertiser disclosure
Interest rate
0.25% p.a.(for $0 to $250,001)
Maximum rate
1.35% p.a. (for $0 to $250,001)
Govt deposit guarantee
Yes up to $250,000
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Mozo editorial review Rabobank High Interest Savings Account - last updated: 8 July 2021

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What's hot
  • No account fees
  • 4 month introductory rate of 1.35% p.a.
  • 100% online
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 1.35% p.a., which you'll get for the first four months. The ongoing base rate is 0.25% p.a. and unlike other savings accounts in the market there are no minimum monthly deposit or withdrawal conditions. 

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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 0.25% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 0.05% 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. 

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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. 

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Any catches

The 1.35% 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. 

Details

Rates and fees information correct as at 20 October 2021. 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: 0.25% p.a.
Balances from $250,001: 0.05% p.a.

Balances from $0: 1.35% p.a.
Balances from $250,001: 0.05% 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.

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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

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