Resolved: Rabobank Premium Saver Still Requires a $200 Balance Increase Each Month to Get The Max Rate

Ave Maria on 02/11/2024 - 17:39
Last edited 03/11/2024 - 21:22 by 1 other user

updated 3/11/2024 - Rabobank account has now gone back to normal behaviour - $200 balance increase still a requirement

Original Post on 2/11/2024

To qualify for the Rabobank Premium Saver maximum interest rate (with bonus) you normally have to increase your balance by $200 (excluding interest earned).

Up to November 1st the interest was added on the last day of the month. It is now added on the 1st of the month.

I checked my account details and on earning monthly interest over $200 on the 1st of November I now qualify for the max rate (according to the app) without having to do the extra $200 deposit/increase. Had anyone else noticed that?

Related Stores

Rabobank

• 

  foxmulder on 03/11/2024 - 00:06

  +1

  I won't risk it. I've scheduled to add external money to my Rabobank account at the beginning of the month. If you have less than $100k, Ubank has slightly better interest and easier requirement.

  • 

    Ave Maria on 03/11/2024 - 01:38

    I agree & will still do the extra $200 deposit on a scheduled transfer each month. I already maxed my ING/UBANK $100K buckets. Making the most of Rabobank before they drop the rate again on zero notice. Rabobank is the only bank I cannot take money out without interest loss unless it is done on the 1st of the month. I only put money in Rabobank when the interest rate was 5.45%. If they drop it again from 5.35% I will transfer to an account where increasing the balance each month is not a requirement, ME Bank 5.25%, GSB 5.25%, AMP 5.20% or even Macquarie 5% (no hoops/high limit/supports direct debits) are good options. Even Hiver Target Saver (not offerd to new customers) still at 5.25% would be a better option than Rabobank for long term savings. Here is the scary part, the next 1st of the month that is a business day is the 1st of April 2025 (fools day), very unlikely that Rabobank will keep the rate as is until then, even without an RBA rate drop in the next 5 months.

• 

  mreddie on 03/11/2024 - 07:04

  +1

  Bankwest is offering 5.35% for 4 months, no hoops. https://www.bankwest.com.au/personal/bank-and-save/savings-a…

• 

  Ave Maria on 03/11/2024 - 12:28

  The thought of transferring money just for the 4 month special rate and then taking it out when the rate drops put me of -:). The 4 month gain on $100K at an extra 0.10% (compared to 5.25% prevalent options) is ony $33 - not worth the trouble. If other rates drop further then it is worth considering.

• 

  Ave Maria on 03/11/2024 - 19:46

  +1

  Looks like Rabobank fixed the anomaly and it now displays a message to deposit the extra $200 to get the max rate.

  I will expire/close/resolve this post