RaboDirect Savings Accounts

RaboDirect Savings Accounts

RaboDirect is able to offer some of the highest available interest rates in the Australian market due to the fact that they operate primarily online, which helps reduce their overheads and inturn pass on high interest rates.

RaboDirect is one of the safest banks in the world having been a cooperative for over 110 years – meaning their interest is in their customers, not their shareholders are they are not listed on the sharemarket. All your savings deposits under $1 million are guaranteed by the Australian Government Deposit Guarantee and RaboDirect’s parent company, RaboBank.

Featured RaboDirect Savings Account

RaboDirect offer arguably the best savings account on the market today, with the RaboDirect High Interest Savings Account. One of the highest promo rates on the market, a great ongoing interest rate and no fees make this savings account a winner.

• Maximum Rate: 6.01%
• Standard Variable Rate: 5.40%
• Bonus Rate: 0.61%
• Monthly Account Fees: $0
• Minimum Balance: $0
• Minimum Deposit: $0

Read the RaboDirect High Interest Savings Account terms and conditions

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
RaboDirect High Interest Savings Account	Earn a high rate of interest on balances up to $200,000	6.01%	5.40%	0.61%	$0	$0 / $0

Choose RaboDirect for your Savings and Transaction Accounts

RaboDirect offers a full range of investment financial services including high interest savings accounts, term deposits and managed funds.

To choose a savings account with RaboDirect:

• You can review the savings accounts offered by RaboDirect – Rabobank’s online banking service.
• RaboDirect operates entirely online which allows them to offer low or no fees on savings accounts, coupled with high interest rates and attractive returns.
• When launched in Australia in 2007, RaboDirect was (and remains) the only single online platform for Australian savers.
• RaboBank has branches in all major Australian cities, and in regional areas.
• RaboBank is able to guarantee all deposits in a RaboDirect high interest savings account or term deposit up to $1 million, under the Australian Government’s deposit guarantee.

Compare RaboDirect High Interest Savings Accounts

RaboDirect offers two high interest online savings accounts and depending on whether you know you will be able to make consistent deposits to your savings account, or whether you want the freedom to divert your spare funds somewhere else every now and then, you can choose how much interest you earn.

Features of the RaboDirect Always High Interest online savings account:

• A high variable interest rate of 6.01% calculated daily and paid monthly. Your money remains on call in your online account and there are no penalties or catches to your interest rate.
• No monthly fee or transaction fees. Your Always High Interest online savings account can be linked to any existing personal savings or transaction account you already have open in your name. While RaboDirect will not charge you transaction or monthly fees on your online savings account, make sure you will not be charged transaction fees from your linked account either.
• No minimum balance is required. You don’t have to maintain a minimum balance amount to earn the high 6.01% interest rate, nor do you have to deposit a minimum opening balance amount.
• Using your online savings account is safe with the Digipass. RaboDirect will issue you with a Digipass on opening your online high interest savings account. To use the Digipass you enter your access code when you want to use internet banking and the Digipass will generate a one-time, unique code which you then use to access internet banking. This provides a second layer of security for your savings investment.

Features of the RaboDirect Premium Saver online savings account:

• A super high interest rate of 6.00% calculated daily and paid monthly. Your savings are on call and you can make as many withdrawals from your high interest savings account as you like – all you have to do is increase your balance by $200 each month to earn the high 6.00% interest rate.
• A competitive standard interest rate of 6.00%. Even if you don’t manage to increase your balance by $200 each month you can still earn a great standard interest rate on your savings.
• A Premium Saver account is opened for you automatically when you become a new RaboDirect customer. You can open your RaboDirect account online at any time, and access your Premium Saver account from your Master Saver account using your Digipass and online banking.
• Transfer funds to your Premium Saver from existing personal accounts. You can add to your savings at any time by making an online transfer from your existing personal account, even if that account is with another financial institution – all you need is the RaboDirect BSB number and your Premium Saver account number.

How to Invest in a Term Deposit with RaboDirect

If you are looking for more security and certainty in your investments and want to be able to calculate the exact return on your investment without having to factor in interest rate rises and other financial pressures, then you may want to consider one of RaboDirect’s term deposit accounts. RaboDirect offers a variety of term deposit options and because your term deposit account can be opened and managed entirely online, there are no account fees and no time consuming paperwork to get in the way of your investments and savings plans.

Features of a RaboDirect term deposit account:

• You can start earning guaranteed returns with an opening investment of just $1,000. Of course the more you invest the more you will get back, but investing an initial $1,000 allows that investment to grow, and at the end of your chosen term you can reinvest the principal and the return for a larger investment…and so on.
• You can choose a term for your investment from one month to five years. If you want to get a feel for term deposit investing you may choose to make an initial investment for just one month. At maturity you will see just how easy a term deposit is to manage and RaboDirect can automatically reinvest your savings at the end of the term, and keep your investment growing.
• You can choose when your returns are paid. If you want to let your investment grow then you can choose for your returns to be paid back to you at the maturity of the term. If you want to use your term deposit as a supplement to your income then you can choose monthly, quarterly or six monthly returns. When and how often you choose to have your interest paid, can affect the rate of interest your term deposit earns and for the highest interest rate, choose an annual return, or payment at maturity.
• You can open, view and manage your term deposit account online. This means you can save on paper statements by checking your returns in internet banking and you can change your mind about reinvesting when you login to your account online too.

How much interest you can earn on your savings with a RaboDirect term deposit account?

The current interest rates are as follows:

• 1 month, at 4.50%
• 3 months, at 5.60%
• 6 months, at 5.80%
• 1 year, at 5.60%
• 2 years, at 5.70%
• 3 years, at 6.00%
• 4 years, at 6.00%
• 5 years, at 6.50%

For more information on choosing the best savings account for your financial needs and goals, or to read more about RaboDirect high interest online savings accounts, see the Savings Account Finder™ RaboDirect product reviews below. Savings Account Finder™ offers you well-rounded and unbiased advice to explain all of the fine print, terms and conditions to help you make the right decision for your investments.

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