The Dutch multinational bank has increased the 4-month introductory variable rate to its High Interest Savings Account by 40 basis points (0.40%) taking the rate to 4.00% p.a.

The 4.00% p.a. offering applies to new Rabobank customers for savings balances up to $250,000 with no deposit or withdrawal conditions to earn the rate.

New customers looking to take advantage of the 4.00% rate can only open one High Interest Savings Account with Rabobank.

@savings.com.au Rabobank has joined the 4% savings club, increasing its High Interest Savings Account to 4.00% p.a. 💰 For all the latest savings news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #rabobank #moneytok #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, Rabobank increased its PremiumSaver account by 25 basis points (0.25%) to a rate of 3.40% p.a.

To receive this rate up to balances of $250,000, customers are required to deposit $200 each month.

RBA’s latest deposit rate data details since the cash rate begun climbing north in May, bonus or introductory savings account rates have increased from an average of 0.45% to 2.25% p.a, meaning Rabobank is 175 basis points ahead of the average.

Those in the '4% club' include Rabobank alongside Macquarie and Bank of Queensland with ING being the current market-leader at 4.05% p.a.

Australian Mutual Bank also has a 4% p.a. savings account, but it's for under-18s and has a deposit cap of $5,000.

The 4% Savings Club

Bank Rate Per Annum Conditions
ING 4.05% Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month
Rabobank 4.00% 4 month intro rate, reverts to 2.75% p.a. max balance $250k
Macquarie 4.00% 4 month intro rate, reverts to 3.20% p.a. max balance $250k
Bank of Queensland 4.00% Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions, 
Australian Mutual Bank 4.00% Ages 0-18, max balance $5k

Source: Savings.com.au Market Research

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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 28, 2024. View disclaimer.

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