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.
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.
Anyone that has a savings goal and can deposit at least $200 a month so that they meet the bonus interest rate requirements.
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.
| Balances from $0: 0.10% p.a. | |
| Balances from $0: 0.90% 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). |
| $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 |
Their introductory rate of 2.5% for 4 months is the best deal I could find.
Read full reviewTheir introductory rate of 2.5% for 4 months is the best deal I could find.
Great service, all from your home. Nothing is too much trouble. Excellent customer service, great products.
Read full reviewGreat service, all from your home. Nothing is too much trouble. Excellent customer service, great products.
Excellent interest rate compared to others. Easy to use mobile app with quick sign in. Logging on to the internet banking through the website is a bit of a hassle with the digipass but it does have a secure feature I guess.
Read full reviewExcellent interest rate compared to others. Easy to use mobile app with quick sign in. Logging on to the internet banking through the website is a bit of a hassle with the digipass but it does have a secure feature I guess.
RaboDirect have consistently had the best interest rates. Customer service is excellent.
Read full reviewRaboDirect have consistently had the best interest rates. Customer service is excellent.
Rabo is ok at the moment, not terrible. I think the new notice saver takes priority right now. Hope they think about their existing customers.
Read full reviewRabo is ok at the moment, not terrible. I think the new notice saver takes priority right now. Hope they think about their existing customers.
Rabobank
High Interest Savings Account
0.25% p.a.(for $0 to $250,001)
1.35% p.a. (for $0 to $250,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
1.35% p.a. (for $0 to $250,001)
0.25% p.a.(for $0 to $250,001)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.50% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Rabobank
High Interest Savings Account
1.35% p.a. (for $0 to $250,001)
0.25% p.a.(for $0 to $250,001)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
0.05% p.a.(for $1 and over)
1.05% p.a. (for $1 to $250,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.25% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.25% p.a. (for $0 and over)
Yes up to $250,000