Our verdict

Kickstart your savings with a competitive, introductory rate of 5.6% p.a. for 4 months.

This savings account has one of the highest variable rates in the market at 5.6%. You’ll get this rate for the first 4 months after opening the account, and there are no deposit conditions or withdrawal restrictions to meet to earn this bonus rate. However, this interest rate is only available on your first account so if you’ve already had a Rabobank High Interest Savings Account in the past you won’t be eligible for the bonus interest again.

Once the 4 month introductory period ends you’ll get the standard variable rate of 4.35%. This ongoing rate may seem low compared to other savings accounts in the market, but there are no conditions to meet to get it. In comparison to the standard base rates offered by other accounts it’s actually quite competitive.

If you’re comfortable committing to a monthly deposit condition you’ll be able to earn a higher ongoing bonus rate elsewhere. However, this account could be suited to you if you’re looking for a flexible account that still pays a decent interest rate without requiring you to regularly deposit money. Another benefit of this savings account is that you can link any Australian transaction account to it to move your money back and forth. So you don’t need to open a new transaction account with Rabobank, you can simply use the one you’ve already got.

Pros

Introductory rate of 5.60% p.a. for first 4 months
Flexible, transfer funds in and out and still earn the bonus rate
$0 Account keeping fees

Cons

Interest rate drops to 4.35% after the introductory period
No branches available
Online or phone access only

Take advantage of a competitive variable interest rate of 5.6% p.a. available on balances up to $250,000 on your first Rabobank High Interest Savings Account. There's no monthly deposit conditions, and you'll still be eligible for interest even when you make withdrawals.

Details

Key details

Product Name	Rabobank High Interest Savings Account
Maximum Variable Rate	5.60% p.a.
Standard Variable Rate	4.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Key features

Earn 5.6% p.a. for the first 4 months

When you open your first Rabobank High Interest Savings account, you will receive an additional 1.25% p.a. on top of the standard rate bringing the maximum variable rate to a competitive 5.6% p.a. for the first 4 months. This bonus rate is applicable to balances up to $250,000 and valid for the first 4 months. After the 4 month period ends, the rate reverts back to the standard rate.

Standard interest rate of 4.35% p.a.

This is the ongoing, standard interest rate that you'll earn after the introductory four-month period is over. There are no conditions to meet to earn this rate, and all balances up to $250,000 will earn this rate.

After the 4 months, is there any penalty for taking out the funds?

Nope! There is no penalty for withdrawing money from the account, so you can dip into your savings when needed while still earning interest. A lot of other savings accounts restrict you to one or no withdrawals each month.

$0 account keeping fees

You're charged no account keeping fees with this high-interest savings account, meaning each dollar you save gets you closer to your savings goal.

Link to any Australian everyday bank account

You will need to link your Australian transaction account with the Rabobank account in order to move your savings in and out of it. Any Australian transaction account will do. During the application process you'll be prompted to enter in these details.

Access your account online, over the phone or via the Rabobank mobile app

Rabobank operates online only, with no branches in Australia to visit. You can access your account at any time of the day, any day of the week using Internet banking, phone banking or mobile banking.

No monthly balance requirements to meet

You are not required to maintain a certain balance with this account, and there's no monthly deposit requirement either. This means that you'll still earn interest even for months you don't deposit any money.

$0 minimum opening deposit

There is no minimum opening balance requirement with this account, so you can get started straight away.

How is my interest calculated?

Your interest earned is calculated daily and paid monthly – it applies as soon as the account is opened. The bonus interest rate is only available on the first Rabobank High Interest Savings account you open, including joint accounts.

Covered under the Australian Government Guarantee.

Your deposit with Rabobank up to the value of $250,000 is protected by the Australian Government Guarantee.

How long do electronic transfers to my linked bank account take?

Please allow up to 1-3 business days for the funds to appear in your linked account.

SMSF accounts available

This account is available for personal uses only. Rabobank offers high interest savings accounts specifically for SMSFs. For SMSF Accounts, more information can be found on our Rabobank High Interest Savings Account SMSF review page.

How to apply

You can apply for this account online as either an individual or joint account with someone else. When you begin the application, you will be asked if you meet certain eligibility requirements.

Eligibility

These include:

Your age. Applicants must be at least 16 years old.
Your address. You will need to provide a valid residential or postal address in Australia.
Your phone number. You need a valid Australian mobile phone number.
Your email. You need a valid email address.

Your residency. Only permanent residents of Australia can be eligible for this account.
Bank account. You will have to already hold a bank account with an Australian financial institution.

Documentation needed

Once you have confirmed that you are eligible, Rabobank suggests that you have the following documentation readily available in order to help with completing the application:

Bank account number. You will have to provide the BSB and account number for the existing Australian bank account that is open in your name.
Tax file number. It is helpful that you provide your tax file number or exemption to ensure that the correct withholding is being applied to your account.
Identification. As with any financial institution, you will be required to provide proof of your identity, either with a driver's licence or passport.

What happens after I submit my application?

After you have submitted your application online, Rabobank will review your information and confirm your identity. Once satisfied, you will be notified of your new savings account details.

Go to site More info

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ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.60%	Standard Variable Rate p.a. 4.35%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
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ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 5.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Maximum Variable Rate p.a. 5.05%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.85%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $50 No withdrawals Balances up to $1,000,000	Go to site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...
Rabobank PremiumSaver	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 1.45%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow your balance by $200+ each month Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
St.George Incentive Saver	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 1.85%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance $50 ($0.01 if under 21) Balance up to $249,999.99	Go to site View details Compare	Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.	loading Fetching your data...

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Denis

April 21, 2024

Can I deposit from my super fund directly into this type of account?

Angus Kidman Finder

September 23, 2024

Hi Denis, Funds from your super account can’t generally be accessed pre-retirement. If you have retired and your funds are sitting in an Australian bank account, you’d be able to transfer into this account after adding it as your nominated transfer account with Rabobank.

Liz

February 22, 2024

Hi, is the 5.75% guaranteed for the first 4 months

Sarah Megginson Finder

March 25, 2024

Hi Liz, No, this is a variable rate savings account, so rates are subject to change at any time. If you want a fixed rate return, you could consider a term deposit.

Lisa

November 20, 2023

Can I deposit an opening balance of $250k and what interest will I receive once my balance exceeds this amount in the high interest savings account? Can I also make additional monthly deposits for the 4 months?

Richard Whitten Finder

November 22, 2023

You will earn interest on a balance above $250K but this will be a lower rate (3.40% currently). You earn the full rate on every dollar up to $250K (if you meet the conditions). Any any money deposited above that earns interest at the lower rate.

You can make additional deposits.

Reema

November 04, 2023

Is there a charge to closing the account ?

Richard Whitten Finder

November 06, 2023

Hi Reema,

I was not able to find any account closing fees. But I suggest contacting Rabobank directly and asking about this to be 100% sure.

Dee

July 25, 2023

If I open I interest savings account and deposit $250,000 can I transfer that $250,000 to another bank in one day? Is there any way that that would be possible even if there is a fee involved?

Alison Banney Finder

August 01, 2023

Hi Dee, you’ll need to speak with the bank directly about this as they’ll need to facilitate the transaction.

Rabobank High Interest Savings Account