RaboDirect High Interest Savings Account

1.80% p.a.(for $0 to $250,000)

3.05% p.a. (for $0 to $250,000)

 

RaboDirect High Interest Savings Account Review

Rates and fees information correct as at 22 August 2018.

Review published: 23 December 2015

What's hot:

  • 4 month introductory rate of 3.05% p.a.

  • No account fees

  • Multiple Mozo Experts Choice Awards Winner 2018

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 RaboDirect 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 3.05% p.a., which you'll get for the first four months. The ongoing base rate is also a high at 1.80% and unlike other savings accounts in the market there are no minimum monthly deposit or withdrawal conditions. It was awarded Mozo Experts Choice Awards in the No Strings Savings and Kick Start Savings categories.  

Key features:

The High Interest Savings Account from RaboDirect 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 1.80% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 1.55% 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.

How are RaboDirect savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.0

Based on 24
RaboDirect savings accounts reviews

8.3 7.1 7.5 7.4 8.1

Read RaboDirect savings account reviews by the Mozo community

Latest reviews of RaboDirect High Interest Savings Account

RaboDirect

RaboDirect High Interest Savings Account savings account review

Overall rating   7 / 10

Very good introductory interest rate

Very good introductory interest rate, however not simple to set up account and other services are limited.

Full review

Very good introductory interest rate, however not simple to set up account and other services are limited.

    Price   8 / 10

    Features   0 / 10

    Customer service   6 / 10

    Convenience   4 / 10

    Trust   7 / 10

Less

Lachlan (NSW), reviewed over 2 years ago

RaboDirect

RaboDirect High Interest Savings Account savings account review

Overall rating   9 / 10

Exceptionally accessible and efficient.

The ease of operation is exceptional.

Full review

The ease of operation is exceptional.

    Price   8 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Ian (NSW), reviewed about 3 years ago

RaboDirect

RaboDirect High Interest Savings Account savings account review

Overall rating   9 / 10

Great customer service

Great customer service. If only the interest rates could be better !!

Full review

Great customer service. If only the interest rates could be better !!

    Price   9 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

John (NSW), reviewed over 3 years ago

RaboDirect

RaboDirect High Interest Savings Account savings account review

Overall rating   8 / 10

Secure with pretty good interest rates

This account is really secure yet easy to access. I like that you can transfer money out of it to a linked count but can't draw straight from the account which makes it easier to save. Good interest rates with pretty ok incentives to not draw...

Full review

This account is really secure yet easy to access. I like that you can transfer money out of it to a linked count but can't draw straight from the account which makes it easier to save. Good interest rates with pretty ok incentives to not draw money out.

    Price   7 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Carly (QLD), reviewed over 3 years ago

RaboDirect

RaboDirect High Interest Savings Account savings account review

Overall rating   6 / 10

A good 'set & forget' option

I like this savings account because you can elect to have the money transferred directly from your transaction account to the savings account. It soon builds up. The only thing you have to remember is when you want to take it out you have to send...

Full review

I like this savings account because you can elect to have the money transferred directly from your transaction account to the savings account. It soon builds up. The only thing you have to remember is when you want to take it out you have to send it back to your transaction account. The savings bank does that straight away but it can take the destination bank a couple of days to show it in your account. It is meant to happen the same day!

    Price   5 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   6 / 10

Less

Karen (NSW), reviewed over 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 1.80% p.a.
    Balances from $250,000: 1.55% p.a.

  • Balances from $0: 3.05% p.a.
    Balances from $250,000: 1.55% 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

  • none

  • Unlimited free transactions from internet.

  • none

  • none

  • none

  • none

  • none

  • none

  • none

  • $0.00

  • none

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

About RaboDirect

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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