For those looking for a place to earn interest on their hard-earned cash, then Rabobank could be the bank for you. It has several savings account products with relatively competitive interest rates.
Rabobank was initially founded 121 years ago by Dutch farmers, with the aim of providing rural areas and communities with credit and to support regional businesses. Now, Rabobank is a Dutch multinational bank , and has offices in almost 40 countries with over 8 million customers (7 million of which are dutch). Rabobank first established an Australian office in 1990, and now employs more than 1,000 people across the country.
Rabobank offers three main savings account products:
Learn more about the different kinds of savings account interest rates.
As a registered ADI, all funds up to $250,000 with Rabobank are guaranteed by the Federal Government.
Rabobank does not actually offer any specialised transaction accounts linked to its savings accounts - you need to specify an external bank account for your everyday banking needs. Rabobank supplies a video on how to do that.
Source: Rabobank YouTube
Yes, it does. As a large multinational bank, Rabobank offers more than just savings accounts in Australia. It also offers term deposits, SMSF products, farm deposits and farm loans. Farm deposits and farm loans are different to regular home loans, as they are more specifically catered to farms where income can be more seasonal.
Rabobank does not charge any account keeping fees on its savings accounts or term deposits, although early termination fees for term deposits can apply. Check the terms and conditions for more information on any situational fees that can apply to Rabobank’s products.
Rabobank does not have any minimum account balance requirements, but the maximum interest rates do only apply on balances up to $250,000.
These minimum and maximum account balances are subject to change, so make you double-check with Rabobank before applying by reading the terms and conditions.
To apply for a Rabobank savings account, simply head to Rabobank’s website and hit ‘apply now’ on your chosen account, and follow the prompts.
To be eligible for a Rabobank savings account:
You’ll also need the following:
Rabobank isn’t the only savings account on the market. There are dozens of others available, some of which have higher interest rates.
You can compare some of them in the table below.