The variable rate is offered for four months, before reverting to a standard variable rate of 3.75% p.a.
There are no conditions to attain the rate, and unlike some intro accounts the rate is variable, meaning savers benefit from further rate rises during the honeymoon period.
According to Savings.com.au's market research, there are now three savings account rates starting with a 5 available to a broad market, the other two being BOQ's and ING's.
There are also two 5.00%+ accounts for under-18s offered via Great Southern Bank and Australian Mutual Bank.
@savings.com.au #Rabobank now has a #savings rate starting with a 5, following the #RBA ♬ original sound - Savings.com.au
RaboBank also boosted its ongoing account rate by an outsized 30 basis points to 4.45% p.a.
To attain this rate, savers must grow their balance by $200 a month.
Other deposit rates will also be increased by similar amounts, according to RaboBank's head of online savings Julia Blanchard.
“And there's no need for customers to switch their existing transactional banking to be able to access this new rate,” Ms Blanchard said.
“Customers can link their Rabobank high-interest savings account to their everyday transaction account held at another bank.”
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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Savings Maximiser (<$100k)
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Savings Maximiser (<$100k)
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0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
No monthly fees | Save Account
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Save Account
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Boost Saver |