This was posted 7 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
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c64 on 23/05/2024 - 13:47 rabobank.com.au (2275 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

          • MrThing on 01/06/2024 - 15:28

            @surfingedge: not everyone on this website are old fart >36

          • c64 on 01/06/2024 - 15:32

            @surfingedge: 5.50% only for balances < $50k, 3.00% > $50-250k

            seems fine if you are under 35 and have limited money

  • 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.

  • noddypiper on 24/05/2024 - 10:09

    Hi, I'm trying to see if I have the $200 per month part correct.
    So on day 1 of a new account I have $100,000, by the last business day of the month I need to have $100,200.

    What is confusing is that it needs to be by the last business day, I'm with ING and as long as the balance is at least 1c higher each month I’m fine, + the other conditions.
    ING can be the weekend, business day doesn't matter.

    I don't understand the part 'excluding interest', if I'm ongoing, and I get the interest each month won't that be in the total at day 1 each month anyway.
    Sorry for sounding dumb.

    Terms
    9.9 Interest on a PremiumSaver Account will be paid at the maximum rate if the closing balance on the last Business Day of the calendar month is at least
    $200 ($2,000 for businesses) higher than the balance as at the beginning of the first day of that month, excluding interest earned for that month. If these
    conditions are not met, interest for that month will be paid at the PremiumSaver base rate.

    • jackofspade on 24/05/2024 - 10:49

      If you opened a new account today then you just need to have at least $200 by the last biz day of this month.
      The 'excluding interest' part just means that the interest earned for the current month (which is paid on the last biz day of month) does not count towards the $200 requirement.

      • keithie on 08/06/2024 - 17:02

        Do you know if "excluding interest" is only in their favour or ours as well? i.e. do I have to keep the accrued interest in there and another $200 on top, or is it just +$200 from the pre-interest balance?

        • jackofspade on 04/07/2024 - 09:38

          Interest + $200

          • Gooddeal21 on 13/09/2024 - 07:29

            @jackofspade: missed this and took the interest, added $200 but missed bonus interest for a month 🙈,
            need to find another one less convoluted

      • Gooddeal21 on 04/07/2024 - 08:29

        does it matter when we add tje $200 ? would that affect the way the interest is calculated on the month ? wondering if I set up an automatic transfer early / mid / or end of month

        • jackofspade on 04/07/2024 - 09:41

          Doesn't matter as long as you add $200 by the last biz day of the month

        • c64 on 04/07/2024 - 10:30
          +1

          i recommend doing any bank account requirements as soon as possible at the start of each month so you don't forget later on

    • Chris T on 24/05/2024 - 11:35

      I think they are just trying to clarify that any interest credited to your account on the last day of the month does not count towards the required $200 increase in balance.

      BTW I'm glad you pointed out that the closing balance of concern is on the last Business Day, which is different to comparable accounts at other banks. I had missed that.

      Something else to consider with this account is that the increase in balance has to occur in a given month in order to earn the maximum rate in that same month. This differs from other comparable accounts such as ING Savings Maximiser and ME Bank HomeME account. With those you need to meet the bonus conditions (including balance increase) in a given month in order to earn the maximum rate in the next month.

      The Rabobank PremiumSaver way of doing it makes it harder to avoid a significant interest penalty when the time comes when you want to withdraw your funds. You would have to withdraw on the first day of a month, and that would have to be a business day for the transfer to arrive in another bank on the same day. If you withdraw any later than the first day you will be earning a measly 1.50% for that month.

  • plantatree2013 on 24/05/2024 - 11:05

    Good morning everyone, just a quick note the premium saver comes automatically with a HISA account.

    • YouSirName on 24/05/2024 - 12:09

      Even without selecting PremiumSaver + HISA while opening the account?

      • plantatree2013 on 25/05/2024 - 08:25

        Yes correct in my case I had a HISA 2 years ago so better for me to have a new HISA account and after 5.75% expires I open a premium saver account.

    • Gooddeal21 on 04/07/2024 - 08:26

      No it doesn't …I opened a HISA account for the 4 months introductory, now I am done with the 4 months and just opened a premium saver, took me 3 clicks, super quick, and I transferred the $$

  • atomicus on 24/05/2024 - 12:26

    Where is best place to put a lump sum of money ($150k) for a period of 6 months, in order to get the best GUARANTEED return on it?

    • tooblue on 24/05/2024 - 15:56

      Rabobank HISA first three months honeymoon rate 5.75% then AMP saver 5.40% with $1,000 monthly deposit (can withdraw instantly).

      • petergriffinoz on 02/06/2024 - 21:39

        Isn't Rabo 5.45% after the first 4 months of 5.75%? Or are there any strings attached to withdrawal?

        • tooblue on 02/06/2024 - 21:59

          Two different products
          HISA: 5.75% first 4 months then 4.40% afterwards
          Premium Saver: 5.45% grow capital by >=$200 before the end of the month, otherwise 1.50%

    • payless69 on 25/05/2024 - 02:40

      Under your mattress is hacker free

  • laddoo1 on 24/05/2024 - 18:45
    +2

    Just checked with Rabobank. If you had an HISA account earlier and if it was closed for more than 2 years back, then only you will be eligible for 5.75% interest rate, else 4.40%.

  • tooblue on 24/05/2024 - 21:16
    +2

    Definition of "new customers"

    Rabobank Online Savings Terms and Conditions (October 2023)
    Clause 11.1
    Where we offer a promotion which we limit to ‘new customers’, we define this as a customer that has not held an Account with us in the previous 2 years. If in our opinion, you attempt to misuse, ‘game’, or attempt to access a promotional offer in a manner that is not in our opinion, in line with the intent of the offer, we may withdraw or refuse to honour the offer.

  • tooblue on 24/05/2024 - 21:30
    -2

    To meet the deposit requirement, I'd move at least $(estimated interest income + 200) from the Premium Saver account to the HISA on the last day of the month, and move it back to the Premium Saver account on the first day of the next month.

    But given AMP is offering 5.40% with less hoops to jump, the maximum extra $10.62 per month from Rabo is not really worth the risk.

    • Crownie on 25/05/2024 - 10:49
      -1

      How is AMP better with a $1,000 minimum deposit requirement per month.
      These are investment accounts where you're basically taking leftover salary and putting it into an account that generates the highest interest with the minimal amount of risk.
      Depositing $200+ each month is actually great for your savings as you're compounding your investment each month and, therefore, earning even more $$$.

      • tooblue on 02/06/2024 - 22:02

        You need to understand the difference between growing balance and depositing (which can be withdrawn immediately).
        I don't see your last two sentences relevant to your argument.

  • magic8ballgag on 29/05/2024 - 10:26
    +1

    Good deal, but waiting to see what Ubank's new bonus interest tiers are before considering the move.

    • ElectroGhoul on 31/05/2024 - 12:03

      I called Ubank yesterday and they said they aren't revealing the specific rates for each tier until July!

      Pretty disappointed in that. Might start the move to somewhere else before then due to the changes and lack of disclosure of the rates.

      • magic8ballgag on 31/05/2024 - 12:58
        +1

        Same, I understand waiting until the new FY to implement rate changes, but they could at the very least disclose what they are.

      • SomeGuyOnOzB on 31/05/2024 - 20:01
        +1

        You can put $200 in a Rabobank premium saver, ready to move in July IF the rates aren't good.

      • TheDolphin on 01/06/2024 - 14:03

        I emailed them this is what they replied with, so I expect to know mid June. Will probably jump ship though.

        "As this change does not go live until 1st July, we are still working out the details in preparation for the launch of our new tiered interest rate structure.
        Information will be provided a few weeks before the launch to provide customers with enough time to understand what the change means to them."

    • SomeGuyOnOzB on 15/06/2024 - 17:15

      So the tiers are
      $0 to $100,000
      $100,000+ to $250,000
      $250,000+

      Rates not specified.

  • SomeGuyOnOzB on 31/05/2024 - 13:59

    As at Dec 2021, Rabobank does not have OSKA

    I'm doing tests on an old Premium Saver and the $0.02 isn't showing up after 10 minutes.

    • SomeGuyOnOzB on 31/05/2024 - 19:54
      +1

      It's now in there. Took somewhere between 3 and 6 hours, but it cleared on the same day.

      • c64 on 31/05/2024 - 20:13
        +1

        thanks

        • SomeGuyOnOzB on 31/05/2024 - 20:23
          +1

          You're welcome. I did my transactions during the business day.

  • surfingedge on 01/06/2024 - 16:57

    Payments between Rabo and BOQ go through the same day (at least for interest-earning purposes).

    You can only transfer $1000 out from BOQ by OSKO per day, in total (not per transfer). Once you have sent more than $1000 it may take one business day to arrive.

    If you have 50k in BOQ at 5.5%, you would lose $7.53 if it took a day to transfer (and 9x this if you have the max 9 accounts). I lost quite a lot of interest in order to figure this out. As I've now opened this Rabo account I will use it to get my money out of BOQ and then change the nominated account

    • tooblue on 01/06/2024 - 17:58

      Is it BOQ's normal accounts (require soft token for large Pay Anyone) or the phone app only myBOQ?

    • Ave Maria on 07/06/2024 - 20:34

      Rabo does not do OSKO/NPP fast payments - so the $1K BOQ/MEB/ING limits do not apply - transfer out as much as the normal transfer daily limit allows you. Generally transfers send early in the morning will arrive at Rabo at noon, just before noon at 3pm. Some banks do batch payments every 3 hours (like CBA) so any delays would be from the sending bank not Rabobank, although the 3 hour interval noon/3pm/6pm etc may come into play.

  • Ave Maria on 07/06/2024 - 20:29
    +1

    You can always use the Rabobank Direct Debit/Credit Facility to send out $300K (to your nominated account) from each of the HISA/Premium Saver/Notice Saver accounts & up to $5 Milion credited instantly (via direct debit) for transfers in via the nominated linked account. This is the only bank offering this feature. The only downside is that they only allow one nominated account & each time you need to switch you need to go through the verification process even for previously nominated accounts. I suggested to them to keep a list of verified noninated accounts for an easier switch but improving their systems (same look & feel as 20 years ago) is out of the question.

  • umoddbro on 11/06/2024 - 18:53

    Does rabo require you to send physical verified documents? Or just online ID check?

    • plantatree2013 on 13/06/2024 - 13:22

      Online ID check then they asked for verified Driver license to email to them.

  • PvsNP on 30/08/2024 - 17:45

    Thanks OP but I had a bad experience with them.

    Outdated tech.
    Hopeless customer service / communication. They ask you to do something via email and then once you do it, they'd say we cannot do it via email. Went around in circles for a month. Finally closed the account itself.

    I'd take hoops and lower interest rates any day.

  • Ave Maria on 08/09/2024 - 17:28

    Well done to Rabobank, on how they managed the replacement of the Digipass with an App generated code. The latest App version, not only makes the use of a digipass redundant it also removes the need to have a separate app installation on multiple smart phone devices as the App allows multiple switchable profiles to be added onto the same app (just one device required). On the other hand Ubank has made a complete mess in their use of a forced passkey.

  • Ave Maria on 13/09/2024 - 17:50

    No problem with the secure code access. However please be advised (by me not Rabobank).

    On switching to secure code, for the next 2 weeks you will be blocked from changing your Nominated Bank Account via online banking.
    Instead you have to contact customer support and provide either a statement or a letter from your bank that includes all account details.
    The provided document should include the bank name and official image logo, your residential address, account name, account number and be addressed to you.

    So if you need to switch nominated accounts perhaps for an SMSF Term Deposit or other investment, in the next 2 weeks, stick to the digipasss for a pleasant and unblocked online banking experience.

    • Mad Max on 16/09/2024 - 10:31

      No mention of the digipass being phased out. I am happy with it.

      • Ave Maria on 16/09/2024 - 16:39

        Update August 2024
        The Secure Code generator on the Rabobank Online Savings app is now available for use for our existing and new customers. For those currently using a physical security token, we suggest making the switch to Secure Code at your convenience to avoid any interruptions in accessing your account. Please note that physical security tokens will be phased out, making the transition to Secure Code essential

        https://www.rabobank.com.au/online-savings-secure-code

        • Mad Max on 16/09/2024 - 18:43

          Hopefully they will give enough notice when phasing out.
          The later the better. Just in case they lower rates like AMP, making their account no longer competitive.

          • Ave Maria on 17/09/2024 - 22:52

            @Mad Max: More likely you will find out that your digipass no longer works. What they really mean is move to secure code now or you may find yourself locked out of your account. There is no valid reason of not moving to secure code unless you do not have a smart phone compatible with app.

            • Mad Max on 18/09/2024 - 10:40

              @Ave Maria: I don't like how they all want to force people to install their apps.
              They have not given a specific deadline for the phasing out, so I think they will notify again before they do.

  • mun4 on 19/09/2024 - 17:15

    Anyone know if this account allows direct debits?

  • Mad Max on 03/10/2024 - 16:50

    Down to 5.35%

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