RaboDirect Term Deposit

2.85% p.a.6 months

no

 

RaboDirect Term Deposit Review

Review published: 23 January 2019

What's hot:

  • Rates of up to 3.40% for deposits of $1,000 and $2,000,000

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

  • 2018 Mozo Experts Choice Award winner

What's not:

  • A 31 day advance notice period required for withdrawing funds before maturity

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 RaboDirect Term Deposit does just that. The maximum rate is 3.40% and users are able to choose to have their interest paid on a monthly, quarterly, half-yearly or yearly basis. The account was also named a winner in the 2018 Mozo Experts Choice Awards in the Term Deposits category, making it a wealthy contender for reaching your savings goals.

Key features:

Searching for an account that gives you a secure return on your savings? The RaboDirect 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 2.85% interest rate. For a four year term, you’ll earn an interest rate of 3.20% and for a five year term, you’ll recieve an interest rate of 3.40%. And best of all, 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 RaboDirect 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, 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 RaboDirect one business day notice before reinvesting your deposit into new terms.

Who it's good for:

The RaboDirect 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.

Any catches?

Just keep in mind that there is a 31 day notice requirement for the withdrawal of any funds from the term deposit.

How are RaboDirect term deposits rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.0

Based on 41
RaboDirect term deposits reviews

8.3 8.0 7.3 7.4 8.1

Read RaboDirect term deposit reviews by the Mozo community

Latest reviews of RaboDirect Term Deposit

RaboDirect

RaboDirect Term Deposit term deposit review

Overall rating   7 / 10

excellent

You have to be computer literate.

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 almost 5 years ago

RaboDirect

RaboDirect Term Deposit term deposit review

Overall rating   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,...

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 about 5 years ago

RaboDirect

RaboDirect Term Deposit term deposit review

Overall rating   8 / 10

Very competitive

Rabo Direct is excellent.

Full review

Rabo Direct is excellent.

    Price   8 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   10 / 10

Less

Name not supplied, Queensland, reviewed over 5 years ago

RaboDirect

RaboDirect Term Deposit term deposit review

Overall rating   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.

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 over 5 years ago

RaboDirect

RaboDirect Term Deposit term deposit review

Overall rating   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.

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 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

  • 1.90% p.a. ($1,000 to $2,000,000)

  • 2.30% p.a. ($1,000 to $2,000,000)

  • 2.85% p.a. ($1,000 to $2,000,000)

  • 2.75% p.a. ($1,000 to $2,000,000)

  • 2.50% p.a. ($1,000 to $2,000,000)

  • 2.70% p.a. ($1,000 to $2,000,000)

  • 2.90% p.a. ($1,000 to $2,000,000)

  • 3.20% p.a. ($1,000 to $2,000,000)

  • 3.40% p.a. ($1,000 to $2,000,000)

  • yes

  • no

  • none

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

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.

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

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