Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
0.90% p.a. (for $0 to $250,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Rabobank PremiumSaver - last updated: 9 March 2021

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What's hot
  • No account fees
  • Unlimited free transactions from internet banking
  • 100% online
What's not
  • Interest rate drops for balances over $250,000
Mozo snapshot

If you want motivation to save, how about the ability to earn higher interest every month you deposit at least $200 into your account? The PremiumSaver account from Rabobank offers you just that. It has a 0.90% p.a. interest rate when your balance is at least $200 more than it was at the beginning of the month. If you don't make a deposit, you'll still get a rate of 0.10% p.a.

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Key features

The Premium Saver account is designed to help you stay on track to reach your savings goals. It has no account keeping fees or minimum terms like a term deposit so you can save money, knowing that your money isn't being eaten up by fees or locked in should you need to access it.

There are three rate tiers depending on how much you've got in the account. The good news for most of us is that the best rate is available to balances under $250,000, at 0.90% p.a. For balances up to $1 million the rate is 0.70% p.a. and for over $1 million the rate is 0.50% p.a. No matter what tier you fall into, all balances up to $250,000 will be covered by the government guarantee.

Rabobank is 100% online so you'll be able to set up and manage the account through the online or mobile banking app. You'll need to have a linked everyday account (but this can be with any financial institution). It's a good idea to set up automatic monthly deposits of $200 into the account so that you'll always get the bonus interest.

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Who is it good for

Anyone that has a savings goal and can deposit at least $200 a month so that they meet the bonus interest rate requirements.


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Any catches

If you find that you can't keep up the deposit conditions in order to get the bonus rate, think about switching to Rabobank's High Interest Saver. You'll get a higher base rate of 0.25% p.a. rather than 0.10% p.a and you won't have to make a regular monthly deposit.

Details

Rates and fees information correct as at 22 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: 0.10% p.a.

Balances from $0: 0.90% p.a.
Balances from $250,001: 0.70% p.a.
Balances from $1,000,000: 0.50% p.a.

Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).

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

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