Rabobank PremiumSaver Bonus Interest Criteria for This Month or Next Month?

saintmagician0 on 07/03/2025 - 22:56
Last edited 07/03/2025 - 23:00

Can someone clarify how Rabobank's PremiumSaver bonus interest criteria works?

According to the website, interest is calculated daily, but the criteria for bonus interest is met on a monthly basis.

The website says:

"All you need to do is ensure that you grow your balance by at least $200 by the last business day of the month (excluding interest). For example, if your starting balance for March was $2,500 and you withdraw $800 to pay your car insurance on the 5th of March you will need to deposit at least $1,000 by the last business day of March to ensure that your balance grows by at least $200."

In this example, if I do deposit at least $1000 by the last business day of March, does that allow me to:
- receive all the bonus interest from March (which was already calculated daily)?
- receive bonus interest in April (which will be calculated daily)?

In other words, if I want to receive bonus interest for a particular month, do I need to meet that criteria on that month or on the month prior?

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Comments

  • foxmulder on 07/03/2025 - 23:23
    +2

    You will get interest for March.

    I won't leave the deposit thingy at last day of month though. Transfering money into Rabo took 1 extra day.

  • Wiadro on 08/03/2025 - 00:01
    +1

    You’re getting robbed from Rabo bank

    • cashless on 08/03/2025 - 08:01
      +1

      Yeah, paltry 5.2% interest. Absolute thievery.

  • cashless on 08/03/2025 - 07:45
    +1

    Why would you think that making a deposit in March will earn you bonus interest for April? The terms, as written, couldn’t be clearer

    • mitty on 08/03/2025 - 07:48
      +4

      Probably because with a lot of other banks that is the case… eg Virgin, ING, you have to meet the "hoop" criteria in the previous month to earn interest in the next month. But yes the Rabo wording is very clear. There are other banks, eg Great Southern, where you meet criteria in that month to earn bonus interest for that month. I've always found with Rabo that if you send the money in the morning from another bank it's there in the afternoon (on a weekday at least).

    • saintmagician0 on 08/03/2025 - 09:10

      Because it's common for other banks where you have to jump through hoops to get bonus interest. So I just wanted to be sure.

  • timhn on 08/03/2025 - 09:20
    +3

    In this example, if I do deposit at least $1000 by the last business day of March

    Do it in first week of the month if you can.

  • bluesky on 08/03/2025 - 16:12

    BTW There is an indicator which shows if you qualify for the bonus rate at any given time. Check that if you want to be sure you have met the criteria. It helped me last month - due to multiple deposits and withdrawals, I was off by $1 to fulfil the bonus criteria. Fortunately, I had a look at this at the end of month, and promptly deposited the $1 to fulfil the criteria.

  • Ave Maria on 09/03/2025 - 13:44
    +1

    If you look at the Premium Saver account details, it tells you by how much you need to increase your balance to meet the bonus criteria for the month (this month). Don't leave the increase on the last day of the month, Rabobank does not transact on weekends/public holidays and does not use fast payments.

  • surfingedge on 09/03/2025 - 14:30

    For me, as long as I sent the money (from various Aus banks to Rabobank) before around 2pm on a business day, it has always arrived in by the evening of the same day. Basically how bank transfers in Aus used to be in 2013/2014

    You can also use Rabobank's direct debit but you have to arrange it the day before

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