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.
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.