- Rabobank increases its high interest savings account intro rate to 5.10 p.a.
- The four-month welcome rate matches the highest on the market
- The move comes as the market sets the groundwork for interest rates to increase in 2026
Dutch-owned online bank Rabobank has increased the four-month welcome rate by 0.10% (up from 5.00% p.a.) on deposits up to $250,000 to new personal banking customers.
The rate reverts to a standard variable rate of 3.45% p.a. after that time and 2.70% p.a. for amounts $250,001 and over, as follows:
| Balance | New rate | % Change |
| up to $250,000 | 5.10% p.a. | +0.10% |
| $250,001 - $1 million | 2.70% p.a. | - |
| More than $1 million | 2.70% p.a. | - |
The new Rabo welcome rate matches the top introductory bonus rate offered by NAB-owned Ubank although there are conditions attached to achieving Ubank's best rate.
See also: Guide to Ubank savings account
The change came as Rabobank also lifted its term deposit rates last week, revealing its new market-leading five-year term deposit rate of 4.70% p.a. for amounts $500,000 and more.
Market prepares for rate increases
Term deposit rates and fixed home loan rates have been lifting across the market over recent weeks.
See also:
They're strong signals deposit-takers and lenders are preparing for interest rates in rise in 2026, with economists from two major banks - CommBank and NAB - predicting the first cash rate hike will come in February.
Savings accounts rates generally don't shift too much outside of movements linked to the official cash rate, although banks can decide to adjust them at any time for competition reasons.
Rabobank's introductory rate now matches the highest on the market and comes without the balance growth condition imposed by fellow-market-leader Ubank.
Other savings account rate movements
Earlier this month, NAB adjusted the rate structure on its Reward Saver Account, lifting the bonus rate by 0.09% to 4.14% p.a. and cutting the base rate to 0.01% p.a.
See also: Quick guide to NAB savings accounts
In November, the Westpac group, including its retail brands St George, BankSA, and Bank of Melbourne, also stripped 0.15% from a base rate, adding it to its conditional bonus rates on its Life and Bump products (Westpac) and Incentive accounts (other brands).
See also: Quick guide to Westpac savings accounts
Earlier in the month, online bank ING rejigged its savings account rates, cutting the highest variable rate on its popular Savings Maximiser product and boosting its "kick starter" Savings Accelerator rate for new customers.
See also: Quick guide to ING savings accounts
What to watch for in savings products
The Australian Competition and Consumer Commission (ACCC) noted the trend of banks offering low base rates and higher conditional bonus rates in its report on Australian savings accounts products, released two years ago.
During its investigation period, it found 71% of savings accounts with conditions attached did not receive bonus interest.
Despite the ACCC's recommendation for banks to actively alert customers about to miss out on bonus interest and pave the way for increased savings account portability, more banks have gone down the low-base rate path with bonus conditions becoming increasingly complex at many.
It seems some customers have voted with their feet with the latest APRA data showing Macquarie Bank, which offers a popular no-condition savings product, continues to grow its share of the deposit market.
Macquarie's household deposit book has more than tripled in the past four years and looks set to hit the $100 million mark for the first time in the next few months.
See also: A quick guide to Macquarie Bank savings accounts
Macquarie Bank's Savings Account offers a variable four-month introductory rate of 4.60% p.a. on balances up to $250,000 - half a percentage point down on the savings market's highest intro rates - but currently pays a 4.25% p.a. variable ongoing rate on balances up to $2 million with no strings attached.
In July, AMP also launched a no-condition savings product, its app-based GO Save account, currently paying an ongoing interest rate of 4.25% p.a.
See also: Guide to AMP's savings accounts
Rabobank's new 5.10% p.a. intro rate applies to new customers only, including those who have not held a Rabobank online savings product within the past two years.
Rabobank also increased the rate on its business High Interest Savings Account by 0.25% to 4.25% p.a. on balances up to $1 million.
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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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
