Thumbnail icon for Rabobank

Rabobank PremiumSaver

Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
1.20% p.a. (for $0 to $250,001)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Rabobank PremiumSaver

Last updated: 4 August 2020.

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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 1.20% 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 1.20% p.a. For balances up to $1 million the rate is 1.05% p.a. and for over $1 million the rate is 0.85% 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 0.55% 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 24 October 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: 0.10% p.a.

  • Balances from $0: 1.20% p.a.
    Balances from $250,001: 1.05% p.a.
    Balances from $1,000,000: 0.85% 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

Customer Reviews

How are Rabobank savings accounts rated by the Mozo community?

Overall
8.3/10
Price
8.7/10
Features
7.2/10
Customer service
7.9/10
Convenience
7.7/10
Trust
8.6/10

Latest reviews of Rabobank PremiumSaver

  • Overall 8/10
    Great intro rate!

    Their introductory rate of 2.5% for 4 months is the best deal I could find.

    Read full review

    Their introductory rate of 2.5% for 4 months is the best deal I could find.

    Price
    8/10
    Features
    -1/10
    Customer service
    8/10
    Convenience
    -1/10
    Trust
    8/10
    Less
    Dana, South Australia reviewed 12 months ago
  • Overall 10/10
    Great rural bank, great customer service

    Great service, all from your home. Nothing is too much trouble. Excellent customer service, great products.

    Read full review

    Great service, all from your home. Nothing is too much trouble. Excellent customer service, great products.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Heather, Queensland reviewed over 2 years ago
  • Overall 9/10
    Competive interest rate and great customer service

    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 review

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    9/10
    Less
    Darren, New South Wales reviewed about 5 years ago
  • Overall 9/10
    Consistently offers the best interest rates.

    RaboDirect have consistently had the best interest rates. Customer service is excellent.

    Read full review

    RaboDirect have consistently had the best interest rates. Customer service is excellent.

    Price
    10/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Gloria, New South Wales reviewed about 5 years ago
  • Overall 5/10
    Ok at the moment

    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 review

    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.

    Price
    4/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Mozo community reviewer, New South Wales reviewed about 7 years ago
Rabobank

About Rabobank

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.

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