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Rabobank Term Deposit

Best rate (up to 1 year)
1.05% p.a.1 year
Interest paid to another bank?
no

Mozo editorial review Rabobank Term Deposit

Last updated: 29 July 2020.

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What's hot
  • 1.05% for a 1 year term
  • 0.10% loyalty bonus applied when a term deposit is automatically reinvested
What's not
  • A 31 day advance notice period required for withdrawing funds before maturity + fees may apply
Mozo snapshot

If you’re looking into securing your cash away in a term deposit, you’ll be after an account with competitive interest rates, and the Rabobank Term Deposit does just that. The maximum rate is 1.10% paid annually on a 5 year term. For shorter term deposits, a 0.90% rate will be paid upon maturity on a 6 month term, with the same rate for a 1 year term where users are able to choose to have their interest paid on a monthly, quarterly, half-yearly or yearly basis.

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Key features

Searching for an account that gives you a secure return on your savings? The Rabobank Term Deposit offers competitive interest rates on a range of terms from one month to five years on investments between $1,000 and $2,000,000.

For a six month term on balances between $1,000 and $2,000,000 you’ll be able to earn a 0.90% interest rate. For a one year term, you’ll also earn an interest rate of 1.05% paid annually and for a five year term, you’ll receive an interest rate of 1.10%. And if you automatically reinvest your term deposit into a new one when it reaches the maturity stage, an extra 0.10% interest is added for your loyalty.

When it comes to interest Rabobank provides flexibility, giving their users the choice to have their interest payments paid monthly, quarterly, bi-annually, annually and at maturity. Just keep in mind that there is a 31 day notice requirement for the withdrawal of any funds from the term deposit before maturity (early withdrawal fees apply), otherwise the earliest you may be able to obtain the funds is at the maturity stage. Also, money will be automatically rolled into a new account for the same terms if you fail to give Rabobank one business day notice before reinvesting your deposit into new terms.

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Who is it good for

The Rabobank Term Deposit is a great choice for savers with a minimum balance of $1,000 ready to store away and who won’t be tempted to withdraw it early.

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Any catches

Just keep in mind that there is a 31 day notice requirement for the withdrawal of any funds from the term deposit and you'll need to pay an early withdrawal fee, unless RaboBank agrees that you're suffering financial hardship. 

Details

Rates and fees information correct as at 14 August 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
  • 0.40% p.a. ($1,000 to $2,000,000)

  • 0.90% p.a. ($1,000 to $2,000,000)

  • 0.90% p.a. ($1,000 to $2,000,000)

  • 0.90% p.a. ($1,000 to $2,000,000)

  • 1.05% p.a. ($1,000 to $2,000,000)

  • 1.00% p.a. ($1,000 to $2,000,000)

  • 1.00% p.a. ($1,000 to $2,000,000)

  • 1.00% p.a. ($1,000 to $2,000,000)

  • 1.10% p.a. ($1,000 to $2,000,000)

Other financial bits
  • $1,000.00

  • $2,000,000.00

Features
  • direct credit

  • no

  • yes

  • none

  • 0.10% loyalty bonus applies when a term deposit is automatically reinvested.

*Different interest rates apply to different amounts or different interest payment frequencies.

Customer Reviews

How are Rabobank term deposits rated by the Mozo community?

Overall customer rating
7.9/10
Price
8.3/10
Features
8.0/10
Customer service
7.3/10
Convenience
7.3/10
Trust
8.0/10

Latest reviews of Rabobank Term Deposit

  • Overall 7/10
    excellent

    You have to be computer literate.

    Read full review

    You have to be computer literate.

    Price
    8/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Bernard, Queensland reviewed over 6 years ago
  • Overall 9/10
    Best banking secret

    I did my research into banks, with my criteria being a competitive interest, easy access to my money and most of all a bank that was safe and reliable in times of economic uncertainty. As Rabobank mainly deals with agricultural business loans, it seems a very safe, secure option for term deposits. I found Rabobank met my criteria. Although the only con was that their interest rate on offer at the time wasn't the highest around, but was still fairly competitive, however I overlooked that for the banks security. Also I didn't want to tie up my investment for any length on time, and wanted it available at short notice. Rabobank offers this option too, and make it very simple. I was also impressed by the banks security consciousness, giving a free token code for added online security for accounts, as I have had to pay extra for these from other banks. I was impressed with the friendliness and level of personal service given and the bonus of very minimal waiting time, not surprising as it's not one of the major mainstream banks. Would definitely recommend it as one of the best banks around for anyone looking at Term Deposit options.

    Read full review

    I did my research into banks, with my criteria being a competitive interest, easy access to my money and most of all a bank that was safe and reliable in times of economic uncertainty. As Rabobank mainly deals with agricultural business loans, it seems a very safe, secure option for term deposits. I found Rabobank met my criteria. Although the only con was that their interest rate on offer at the time wasn't the highest around, but was still fairly competitive, however I overlooked that for the banks security. Also I didn't want to tie up my investment for any length on time, and wanted it available at short notice. Rabobank offers this option too, and make it very simple. I was also impressed by the banks security consciousness, giving a free token code for added online security for accounts, as I have had to pay extra for these from other banks. I was impressed with the friendliness and level of personal service given and the bonus of very minimal waiting time, not surprising as it's not one of the major mainstream banks. Would definitely recommend it as one of the best banks around for anyone looking at Term Deposit options.

    Price
    5/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Philippa, Queensland reviewed almost 7 years ago
  • Overall 8/10
    Very competitive

    Rabo Direct is excellent.

    Read full review

    Rabo Direct is excellent.

    Price
    8/10
    Features
    6/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Mozo community reviewer, Queensland reviewed about 7 years ago
  • Overall 1/10
    Disgraceful customer service

    Some of the Rabo Direct rates are OK - but their service and ease of use is absolutely appalling. Many other financial institutions will look after your needs better than Rabo.

    Read full review

    Some of the Rabo Direct rates are OK - but their service and ease of use is absolutely appalling. Many other financial institutions will look after your needs better than Rabo.

    Price
    2/10
    Features
    0/10
    Customer service
    0/10
    Convenience
    1/10
    Trust
    0/10
    Less
    Bruce, New South Wales reviewed about 7 years ago
  • Overall 10/10
    Excellent rates and very professional

    Excellent rates. Very secure. No fuss. Excellent customer service. Most transparent bank that I have ever dealt with.

    Read full review

    Excellent rates. Very secure. No fuss. Excellent customer service. Most transparent bank that I have ever dealt with.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    David, Queensland reviewed over 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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