RaboDirect Premium Saver
RaboDirect Savings Account the Premium Saver
Saving is all about getting where you want to go, and high interest savings accounts are all about getting you where you want to go faster. The best way to accelerate your savings is to find a high interest savings account which will reward you for the way you prefer, and are able, to save; if you are a regular saver, making healthy regular contributions to your savings fund, then the RaboDirect Premium Saver account could be the most rewarding for you.
| Maximum Variable Rate | 6.00% |
|---|---|
| Standard Variable Rate | 5.00% |
| Bonus Variable Rate | 1.00% |
| Monthly Fee | $$0 |
| Minimum Deposit | $0 |
Features of the RaboDirect Premium Saver
The feature of the RaboDirect Premium Saver account your savings goal will be most interested in is the bonus interest rate which is very competitive. However, there are a number of other important features of the RaboDirect high interest savings account which can help you manage your savings responsibly and effectively, including:
- A bonus to encourage you to make deposits. The high 6.00% interest rate is payable when you increase your balance by $200 or more a month on your Premium Saver. On the months your balance increases by at least $200, after interest calculations, you will earn the higher 6.00% interest rate. Even if you don’t make the $200 mark in a month, you will still earn a very competitive 6.00% interest on your balance.
- No minimum opening balance. While the Premium Saver encourages you to make premium sized deposits every month, it is not inhibitive in its opening balance requirements. You can open the RaboDirect Premium Saver without any initial deposit and start making deposits when you can to build up your balance and beef up your interest rate.
- Fee free saving. The RaboDirect Premium Saver account is an online high interest savings account and so can be managed entirely fee free. There are no fees to receive deposits or make withdrawals to or from the account and there is no monthly service fee either. This means you can use your account as much or as little as you like and you won’t face any penalty fees which can eat into your savings.
- Interest calculated daily and paid monthly. As your interest rate is not determined until the end of the month when you have met your minimum balance increase requirements, your interest calculations are made at the end of the month too. However, your interest is calculated on your daily closing balances throughout the month, and your interest is compounded monthly.
- Can be used as a DIY super, or trust account. If you want to take control of your finances now and into the future, you can also set up the RaboDirect Premium Saver as a DIY super fund. Ask your accountant or financial advisor to organise the necessary paperwork, as a DIY super fund must be properly registered with its own ABN, must appoint trustees and make sure to have the correct number of members, making the right contributions to be eligible for all tax and government benefits. Using the Premium Saver account as your own DIY super fund you can avoid the fees, paperwork and impersonality of a regular super fund and make sure that every single dollar is working hard for you, harder if you’re meeting the monthly $200 balance increases.
- You know your money is safe. When you deposit your savings and make your financial plans with RaboDirect, you know your savings are safe because they are currently protected by the government’s deposit scheme; until October 2011, deposits up to the value of $1 million are protected by the Australian Government, who will reimburse those funds to you if your financial institution can’t provide you with your funds.
- Come the end of the government guarantee you want to still be sure your money is safe. RaboDirect is the direct banking division of Rabobank, Australia’s only AAA rated financial institution. Rabobank is also the world’s safest non-government owned bank and is bigger than all of Australia’s Big Four Banks. RaboDirect and Rabobank also use advanced online security so you know your money is safe when you use internet banking. When you open an account with RaboDirect, you will be issued a Digipass which generates a unique PIN each time you log into your account online, to create an extra layer of unique security for your funds.
Net Increases Net You More High Interest Savings
Several other high interest savings accounts offer bonus interest rates on the months you make deposits to a certain value; however, the RaboDirect bonus interest rate is based on whether you increase your net monthly balance by $200 or more.
This means you can’t simply deposit $200 at the beginning of the month and move it straight out again to pay bills or use as spending money. Instead, the RaboDirect Premium Saver encourages you to make genuine savings by requiring that your closing balance at the end of the month is at least $200 greater than the opening balance at the beginning of the month. You can make as many deposits and withdrawals as you like during the month, fluctuating your balance, but the net difference between your opening and closing balance must be at least $200, excluding the addition of any interest charges.
The closing balance of your Premium Saver account is taken on the last business day of the month, so to avoid missing out on your bonus interest in a month, make your deposits via direct debit transfer from your transaction account to avoid length processing delays. If you’re not sure you can keep track of the deposit requirements for the Premium Saver account, don’t worry because when you log into internet banking, you will be able to clearly see the amount in deposits you need to make up before the last business day of the month, so there is no reason you need to miss out on your bonus.
For more information about the RaboDirect Premium Saver high interest savings account, or to complete an online application form now, follow our secure link. In most cases you can be using your Premium Saver account within days and be well on the way to reaching your savings goal.
Read the official terms and conditions
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- RaboDirect Premium Saver Account
- Raboplus Premium Saver – Savings Account With A Premium Interest Rate
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