RaboDirect PremiumSaver

0.85% p.a.(for $0 and over)

2.45% p.a. (for $0 to $250,001)

 

RaboDirect PremiumSaver Review

Rates and fees information correct as at 12 December 2018.

Review published: 23 December 2015

What's hot:

  • Special 2.45% p.a. interest rate

  • No account fees

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 RaboDirect offers you just that. It has a 2.45% 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 0.85% p.a.

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 2.45% p.a. For balances up to $1 million the rate is 2.3% p.a. and for over $1 million the rate is 2.1% p.a. No matter what tier you fall into, all balances up to $250,000 will be covered by the government guarantee.

RaboDirect 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.

Who it's 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.


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 Rabo's High Interest Saver. You'll get a higher base rate of 1.80% p.a. rather than 0.85% p.a and you won't have to make a regular monthly deposit.

How are RaboDirect savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.4

Based on 239
RaboDirect savings accounts reviews

8.7 7.3 8.0 7.8 8.7

Read RaboDirect savings account reviews by the Mozo community

Latest reviews of RaboDirect PremiumSaver

RaboDirect

RaboDirect PremiumSaver savings account review

Overall rating   10 / 10

Great rural bank, great customer service

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

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 10 months ago

RaboDirect

RaboDirect PremiumSaver savings account review

Overall rating   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.

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 3 years ago

RaboDirect

RaboDirect PremiumSaver savings account review

Overall rating   9 / 10

Consistently offers the best interest rates.

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

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 over 3 years ago

RaboDirect

RaboDirect PremiumSaver savings account review

Overall rating   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.

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

Name not supplied, New South Wales, reviewed over 5 years ago

RaboDirect

RaboDirect PremiumSaver savings account review

Overall rating   8 / 10

High interest, reliable & secure

Always reliable, no fees. Has served me well for a number of years.

Full review

Always reliable, no fees. Has served me well for a number of years.

    Price   10 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Anne, Australian Capital Territory, reviewed almost 6 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: 0.85% p.a.

  • Balances from $0: 2.45% p.a.
    Balances from $250,001: 2.30% p.a.
    Balances from $1,000,000: 2.10% p.a.

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

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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