This was posted 9 months 11 days ago, and might be an out-dated deal.

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PremiumSaver Account 5.45% p.a. on Balance up to $250,000 (Grow Balance by $200/Month Required) @ Rabobank

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PremiumSaver Account 5.45% p.a. on Balance up to $250,000 (Grow Balance by $200/Month Required) @ Rabobank
Go to Deal
c64 on 23/05/2024 - 13:47 rabobank.com.au (2285 clicks)
Last edited 31/05/2024 - 16:38 by 2 other users

Effective 23 May 2024. Grow your balance by $200 by the last business day each month to qualify for bonus interest (withdrawals OK). Edit: WARNING: No OSKO or instant payments; allow days for processing

"Maximum rates apply when your closing balance on the last business day of the month is at least $200 higher than it was at the beginning of the first day of the month (excluding interest earned). Available for Personal (Individual and Joint). Different rates apply to SMSF customers."

No account keeping fees
No minimum balance
Interest paid monthly

New Rabobank customers can open a HISA instead for an introductory rate of 5.75% for 4 months, no hoops.

Rabobank online savings rates page https://www.rabobank.com.au/rates/personal-rates/

Financial Bank Account Savings Account

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closed Comments

  • cashless on 23/05/2024 - 13:54
    +2

    Beat me by 2 mins OP. Great deal with only the one hoop to jump through

    • jofa on 23/05/2024 - 14:56
      +30

      For those who haven't already seen this, there is a great spreadsheet of all high interest savings accounts here

    • cashless on 23/05/2024 - 14:07

      Nope, it's the ongoing variable rate w.e.f. today

      • BluebirdV on 23/05/2024 - 14:30
        +1

        Am I a new customer if I had an account 15-20 years ago and I haven't used that account in the last 12 years? Would they have closed the old account? I've lost all details of it long ago.

        • ifonlyiwasyounger on 23/05/2024 - 16:48

          I had an account with a nil balance which I had not used for more than 5 years, and I was told that I did not meet the new customer requirements because I had not formally closed that account.

  • mitty on 23/05/2024 - 14:10

    So is 5.45 just an intro rate?

    • PeterA07 on 23/05/2024 - 14:11
      +5

      No. The person above you confused the PremiumSaver account with the High Interest Saving Account. For the PremiumSaver account (which is what this post is about), it's 5.45% ongoing.

      • mitty on 23/05/2024 - 17:55

        nice!

    • borgainerz on 23/05/2024 - 14:20
      -1

      plz explain

          • payless69 on 23/05/2024 - 15:17

            @c64: thanks for correcting this, I got the email before this deal went up and it looked clearly for new clients only.
            Still the title should also include the legacy stile use of a dongle, may actually be more secure?

  • seraphim64 on 23/05/2024 - 14:14
    -1

    does this come with a chequing account?

    • payless69 on 23/05/2024 - 15:25
      +2

      A stone age dongle instead.
      Cheque books are sort of Bronze Age…

      • webkit on 24/05/2024 - 16:03

        A chequing account (or checking account) is nothing to do with a cheque book, it just means a transaction account.

  • shanlee on 23/05/2024 - 14:16

    When did Rabobank open up in Australia?

    • PeterA07 on 23/05/2024 - 14:18

      2007.

    • cashless on 23/05/2024 - 14:19

      "Rabobank’s Australian story began in 1994"

  • royale on 23/05/2024 - 14:19
    +3

    So in the month where you need the cash and leave the balance $200 less than last month, you will not get interest?

    • Gunther on 23/05/2024 - 14:25
      +2

      Balance not increased by $200 a month
      1.50% applies

      https://www.rabobank.com.au/rates/personal-rates/

    • turtlesinmypants on 23/05/2024 - 15:59
      +4

      UBank 5.10% is not as many hoops . (Up to 250k per person)
      Need to deposit $200, but then can withdraw it again without penalty.

      • SomeGuyOnOzB on 31/05/2024 - 13:29

        BEWARE
        UBank is changing the account.

        I think the deposit is going up to $500.
        They are introducing a tiered interest payment system, with details still to come.
        This will need scrutiny.

    • dontpanic on 23/05/2024 - 23:29

      Just keep a buffer account in a (slightly) lower interest account with less/no hoops (i.e. ANZ Plus) and put the bulk of your savings here.

    • md333 on 24/05/2024 - 14:05

      It's all or nothing. Whenever I need to make a withdrawal I put the entire account balance elsewhere for a month.

      • SomeGuyOnOzB on 31/05/2024 - 13:31

        If you need money temporarily and can get it back to the account before the end of month (+$200 increase), you can!

  • scrambledeggs on 23/05/2024 - 14:19
    -5

    Teachers Mutual Bank 5.5%

    • Zapwap on 23/05/2024 - 14:26
      +2

      Post a deal mate

    • Roobah on 23/05/2024 - 14:34

      Which account? Online savings account is only 1.75%

      • scrambledeggs on 23/05/2024 - 14:39
        -2

        Mine is still at 5.5%, maybe a glitch

        Does appear they have closed the account to new customers, I was not aware

        • payless69 on 23/05/2024 - 15:27

          Sounds super dodgy!
          Worse than AMP?

          • TilacVIP on 24/05/2024 - 08:16

            @payless69: Every Bank seems dodgy to you. Just keep doing as you have and hide your money under your mattress… :D

          • gimme on 25/05/2024 - 11:24

            @payless69: what's dodgy about AMP?

            • payless69 on 25/05/2024 - 16:03
              -1

              @gimme: The only way to find out is to try them out.

              • gimme on 25/05/2024 - 18:58

                @payless69: been with them for years no issues and quite decent interest.

        • xdigger on 23/05/2024 - 17:14

          Where did you check the rates for hiver bank? The app doesn't show the rates and I'm struggling to find out from the non existent customer service.

          • Herbs on 23/05/2024 - 17:56
            +1

            @xdigger: https://www.hiver.bank/products/products-no-longer-for-sale/

            I only found out they dropped the rate in March when the interest received looked low. And I still haven't received any notification, a bit shifty on their part…

            • md333 on 24/05/2024 - 14:16

              @Herbs: Don't you read the public notices in "The Australian" every day? That's where they published the notification, in accordance with the T&Cs. Watching the relevant threads on whirlpool forum seems a more effective way to stay informed.

              • tooblue on 24/05/2024 - 16:00

                @md333: Who reads paper nowadays? Let alone every day.

                • md333 on 24/05/2024 - 16:20

                  @tooblue: For the few people who don't read the public notices everyday, it is also available on a PDF download from the "Term Deposits" section of the webpage, perfectly obvious. Make sure you check there every day too.

  • tatnal on 23/05/2024 - 14:25
    +2

    When will ubank follow?

    • Balthraka on 23/05/2024 - 20:18

      May not. They don't have a balance growth requirement (just a deposit of $200 which you can then immediately withdraw) so it's a slightly different offering.

    • payless69 on 29/05/2024 - 17:39

      Your wish has come true, randy Andy took it to the grave.

  • FiDad on 23/05/2024 - 14:39
    -2

    .05% more than AMP but with increasing balance condition. Might not switch over for now

    • payless69 on 23/05/2024 - 15:19
      +1

      AMP call centre is in The Phillipines, very poor English, every task takes around 10 days.
      Girls there want 3 of your 4digit pin how safe is this?

      • justtoreply on 23/05/2024 - 18:03

        About 10%

      • arcticmonkey on 23/05/2024 - 20:46
        +3

        Wow. This offshored rubbish has to stop.

        You'd think better from a billion dollar bank with a very questionable reputation.

        Or maybe not.

        AMPathetic.

        • muncan on 24/05/2024 - 08:16
          +2

          Fear not, AI is coming. Will take offshore call centres to a whole new level.

          • arcticmonkey on 24/05/2024 - 09:07
            -1

            @muncan: Greedy executives are chomping at the bit.

            Shorten wanted to go after the top end of town but the public fell for Morrison's lies and now they're back to being untouchable

            • muncan on 24/05/2024 - 12:50

              @arcticmonkey: Hey, if I can get my question/issue sorted in seconds by AI rather than waiting for an hour on hold for an offshore customer services person to tell me the wrong info, hen I don’t mind Shorten or Morrison doing whatever they want. Maybe I’ll ask the AI to send them a nice postcard.

  • cooni on 23/05/2024 - 14:48

    No Osko still I believe with Rabobank

    • 1st-Amendment on 25/05/2024 - 09:31

      I signed up for an account last month and every step of the way was difficult. They sent out a pack with a 1990's style 2FA device which told me that this is not a place I want to do business with. Most banks these days do everything through an app. They seem to be way behind the times

  • mumof2sydney on 23/05/2024 - 14:50

    is it the HISA or Hisa plus premium a new customer shoudl apply for?

      • mumof2sydney on 23/05/2024 - 14:58

        thank you!

      • YouSirName on 23/05/2024 - 21:45

        Sorry that I had to ask this - but what’s the purpose of the Premium Saver Account if HISA account is what that gives you all the benefits? I’m just confused.

        • md333 on 24/05/2024 - 14:08

          The premium saver has much better interest rate than the HISA, once past the 3 month intro rate.

  • Utsav23 on 23/05/2024 - 14:53

    How about their app experience? Is it any good

      • franz87 on 23/05/2024 - 17:28
        -1

        Huh?

        • Herbs on 23/05/2024 - 18:03
          +1

          I think they've lost the plot

  • mumof2sydney on 23/05/2024 - 15:00

    ok- how long do they take to open new accounts generally?

    • mitty on 23/05/2024 - 18:02

      It'll take a while. You have to wait for the dongle thingy to get posted out. I'm not joking.

  • mumof2sydney on 23/05/2024 - 15:03
    +1

    and to clarify- new customers with HISA only- still need to deposit 200 per month?

  • Asti on 23/05/2024 - 15:11
    +2

    The grow balance requirements are super annoying. Maybe some pople would
    like to invest the money instead ?

  • team teri on 23/05/2024 - 15:14

    Looks like this works well for people who never make withdrawals and have a spare $200 every month.

    Or if they need any money, are prepared to withdraw everything on the first of a month and park it elsewhere for the rest of the month.

    Keeping money there for just 1 month where the bonus doesn't apply leaves you worse off than uBank at a constant 5.1%.

    • payless69 on 23/05/2024 - 15:29

      Better off buying HVN stock.
      Then bribe your TV station to bring out the whinge of that old fart. Then take profits from his shares!
      Of forgot: Besides crap service in his stores he actually pays dividends!

  • Joshminey on 23/05/2024 - 15:44
    +1

    The reviews on google reviews don't look very promising

    • Iluvfreebies on 23/05/2024 - 16:12

      Came here to ask this. Anyone like to share experience with this bank?

      • Mr Bargain Hunter on 23/05/2024 - 16:16
        +1

        The ProductReview reviews are what stop me from going with this

        • wangasm on 23/05/2024 - 17:45
          +1

          ProductReview means nothing for certain things like banks. Check nearly any other bank and they'll have even worse reviews than Rabobank

      • GreenLego on 23/05/2024 - 16:40
        +1

        I've been with Rabo for many many years and have not had any issues.

      • Jasow4444 on 23/05/2024 - 17:27
        +1

        Been with them 4 months for the high interest savings account then took out after the intro rate ended. Moved to ubank more modern banking experience.

      • foxmulder on 07/06/2024 - 00:29
        +1

        Probably the most secured bank in the world as they use this HSBC like authenticator - heard they are about to change this year to phone app - thank God for that. This account is definitely only for savings - not for day to day - you may need to still keep your uBank for now and this Rabo as saving accounts - at least this one is much easier than ING and has higher deposit (ING only does high interest up to $100k).

        I had this account from 2009 - I tried to close this account recently as I do not use it anymore from 2016 - but with this high interest news - I will keep it for now.

    • payless69 on 23/05/2024 - 16:15

      https://www.productreview.com.au/listings/ozbargain

      ratings went up when jv got his reviews removed just to say!

      • Gunther on 23/05/2024 - 17:52
        +1

        My personal favorite:

        Sheng 2 posts
        3mo
        5
        A Nazi controlled website?Feels like a Nazi controlled website (ozbargain) that disallows forum discussion topics containing criticism of certain Australian government departments or system

    • cashless on 23/05/2024 - 16:28
      +5

      I've been with them for 2 years.
      Rabobank is not a high budget bank and it (being Dutch-owned) can be slightly weird.
      They mainly target rural farmers as customers and presumably would like to grab their savings, hence today's increase in the PS account interest rate.
      The App (someone asked above) is also quite primitive compared to high street banks, but it is functional enough and you can organise transfers/monthly DD's etc. pretty easily.
      No "instant transfer" available, but you normally receive payment to your nominated bank account within the day, if you transfer early that day.
      There is no 2FA, but if you need to transfer large amounts, or make payments to a new payee, they issue you with this "Digipass" machine that looks like a 1980's calculator. It simple requires your PIN and provides an authorisation code. It's a bit weird and funky.
      If you simply use Rabo as an online high interest savings account, it'll work well.
      If you expect it to be a high end banking experience, you'll be disappointed.

      • fredblogs on 24/05/2024 - 17:19

        Cancelled my account years ago because of the Digipass

    • team teri on 23/05/2024 - 17:16
      +2

      They are slightly different in some ways.

      The hardware security token for example. More secure, but more hassle.

      I called them one time and was surprised there was no wait at all to speak to someone in a local call centre.

    • Drakesy on 23/05/2024 - 21:06

      Do any of the banks have good reviews?

  • Frozensage on 23/05/2024 - 16:01
    +1

    anymore and Ill be making money on my mortgage

  • glyptothek on 23/05/2024 - 16:33
    +1

    Thx for this Got an email this morning from Rabo Going to open one tomorrow since Ubank is only up to $250K

  • Hiphopopotamus on 23/05/2024 - 16:35

    Good rate, very competitive.

    Accounts Leaderboard by techt.

  • shaybisc on 23/05/2024 - 16:45
    +2

    They still got these little silver Digipass thingos? I had one 20 years ago when I was with Rabobank and it's probably still the best bank security.

    • ldd-mn on 23/05/2024 - 18:39
      +1

      Yep

    • md333 on 24/05/2024 - 14:10

      Yep, the battery went flat in my ancient one recently and they sent out a new one.

  • MrThing on 23/05/2024 - 17:07
    -3

    Boq 5.5% been that way for ages

    Make 5x transactions on the transaction account a month, ez, no other conditions

    • flightcrank on 31/05/2024 - 13:36

      2 many hoops

    • SomeGuyOnOzB on 31/05/2024 - 17:31

      Don't you mean, Boq 5.0% for ages?

      They exited the top savings accounts ages ago

      • MrThing on 31/05/2024 - 18:26

        Nope boq is base rate 0.05% plus bonus of 5.45% for a total 5.5%

  • SickDmith on 23/05/2024 - 17:26
    +1

    Did I miss RBA announcement?

  • shaybisc on 23/05/2024 - 17:36

    Their 5 year term deposit is 5.10%. Must think the cash rate won't move much.

    • team teri on 23/05/2024 - 20:09

      They and Judo Bank lead the pack in that respect.

      With Judo I know why: they are a new player with a rapidly expanding loan book, and during COVID they got lots of almost interest free money from the RBA that they now have to pay back, so they have a need for deposits.

      No idea why Rabo is so keen. Maybe farmers are borrowing more?

  • nokia3660 on 23/05/2024 - 22:46
    +1

    why does the deal say long running? I am pretty sure Rabo was not above 5 in the recent past.

    • SickDmith on 24/05/2024 - 01:08

      The current interest rate is here for a long run.
      Right? :)

      • nokia3660 on 28/05/2024 - 19:24

        haha.. let's see if the RBA feels the same.

    • cashless on 30/05/2024 - 15:47

      Strangely the PremiumSaver account was at 5.25% until earlier this year. They then dropped it down to 5.0% around March this year without there being any change in RBA rates.
      Now we have this increase up to 5.45%
      Not sure what the plan is

  • josem on 24/05/2024 - 09:17
    +2

    Rabobank is the safest bank ATM with their physical authenticator device. Even if you phone number has been hijacked, they need the physical device to create the digipass numbers.

    • shaybisc on 24/05/2024 - 12:21

      So simple. Why don't all the banks use physical authenticator devices to stop all the knuckleheads getting scammed? Well not all of them; It won't help if you make the deposit into a scammer's account.

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