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.
What savings accounts does Rabobank offer?
Rabobank offers three main savings account products:
The High-Interest savings account, which has a higher introductory interest rate for the first four months before reverting to a lower rate;
The Premium Saver Account, with an ongoing interest rate, no account keeping fees and no required minimum balance; and
The Notice Saver Account, an account where you need to provide up to 90 days' notice to access the money, forcing you to save.
100% of your money deposited with Rabobank funds Aussie farmers and agribusinesses
As a registered ADI, all funds up to $250,000 with Rabobank are guaranteed by the Federal Government.
Does Rabobank also offer transaction accounts?
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
Does Rabobank offer other banking products?
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.
Does Rabobank charge any fees?
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 minimum & maximum balance limits
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.
How to apply for a Rabobank savings account
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 must be at least 18 years old
You must have a least one form of ID available (Australian driver’s licence or passport).
You must have an Australian residential address.
You’ll also need the following:
An Australian bank account in your name with another financial institution;
A valid Australian driver's licence or passport;
Your Tax File Number (TFN)
Compare other high-interest savings accounts
Rabobank isn’t the only savings account on the market. There are dozens of others available, some of which have higher interest rates.
Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG) The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.