Rabobank High Interest Savings Account
Rabobank High Interest Savings Account
Mozo Review Rabobank High Interest Savings Account Review
Last updated: 4 October 2019.
What's hot:
Multiple Mozo Experts Choice Award Winner 2019
No account fees
4 month introductory rate of 2.50% 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 2.50%, which you'll get for the first four months. The ongoing base rate is also competitive at 1.05% and unlike other savings accounts in the market there are no minimum monthly deposit or withdrawal conditions.
Rabobank's account was also awarded an impressive two 2019 Mozo Experts Choice Awards in the No Strings Savings and Kick Start Savings categories.
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 1.05% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 0.80% 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.
Who it's 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.
Any catches?
The bonus interest rate is only available for the first 4 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 25 January 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: 1.05% p.a.
Balances from $250,001: 0.80% p.a. -
Balances from $0: 2.50% p.a.
Balances from $250,001: 0.80% 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?
Latest reviews of Rabobank High Interest Savings Account
-
Very good introductory interest rate
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.
Price8/10Features0/10Customer service6/10Convenience4/10LessTrust7/10 -
Exceptionally accessible and efficient.
The ease of operation is exceptional.
Read full reviewThe ease of operation is exceptional.
Price8/10Features7/10Customer service10/10Convenience10/10LessTrust10/10 -
Great customer service
Great customer service. If only the interest rates could be better !!
Read full reviewGreat customer service. If only the interest rates could be better !!
Price9/10Features9/10Customer service9/10Convenience9/10LessTrust9/10 -
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 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.
Price6/10Features3/10Customer service3/10Convenience1/10LessTrust5/10 -
Great
Excellent customer service
Read full reviewExcellent customer service
Price10/10Features9/10Customer service10/10Convenience10/10LessTrust10/10
About Rabobank
RaboDirect 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 RaboDirect takes security seriously, protecting customers with its Digipass security device, plus balances up to $250,000 are guaranteed by the Australian Government.
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