Rabobank is a relative newcomer to Australia banking, only opening for business in 2007. It's a historical institution though, originating in the Netherlands in 1895 as an agricultural bank. To this day, agriculture underpins Rabobank's business. In Australia, it doesn't issue home loans or personal loans, focusing entirely on agribusiness lending.

However, these loans need funding, and Rabobank's relevance to consumers not involved in farming comes from its range of deposit products. Rabobank has consistently offered highly competitive rates to savings account and term deposit customers in recent times. Here's what to know.

Rabobank savings accounts & interest rates

Rabobank has three savings account products currently available, along with several term deposit options. These products are also available to SMSFs, although rates may vary.

Here's a breakdown of the different options:

Update resultsUpdate
Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
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
 Disclosure
0.65% p.a.
Bonus rate of 4.75%
Rate varies on savings amount.
5.40% p.a.
$1,107
–
$0
$249,999
$0
$0
3.45% p.a.
Bonus rate of 1.65%
Rate varies on savings amount.
5.10% p.a.
Intro rate for 4 months
then 5.10% p.a.
$1,032
4 months
$0
$249,999
$0
$1
4.70% p.a.
4.70% p.a.
$961
–
$0
$249,999
$0
$0
4.65% p.a.
4.65% p.a.
$950
–
$0
$249,999
$0
$0
4.60% p.a.
4.60% p.a.
$940
–
$0
$249,999
$0
$0
0.65% p.a.
Bonus rate of 3.10%
Rate varies on savings amount.
3.75% p.a.
$763
–
$250,000
$99,999,999
$0
$0
3.60% p.a.
3.60% p.a.
$732
–
$250,000
$99,999,999
$0
$0
3.55% p.a.
3.55% p.a.
$722
–
$250,000
$99,999,999
$0
$0
3.50% p.a.
3.50% p.a.
$711
–
$250,000
$99,999,999
$0
$0
More savings accounts
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning

High Interest Savings Account

As you'd expect, Rabobank's 'High Interest' savings account offers the bank's highest interest rate. Its 'introductory rate' is generally the highest maximum rate on Savings.com.au's database (as it is at the time of writing). This rate applies for the first four months on balances up to $250,000 before reverting to a lower ongoing base rate.

See also: The different types of savings account interest rates

Rabobank head of deposits Julie Blanchard told the Savings Tip Jar podcast the bank's strong introductory rate is an attempt to catch the eye of customers who might be unfamiliar with Rabo.

"[There are] no ongoing conditions, no hoops to jump through to actually earn the rate, it's an introductory rate to get people on board with Rabo and hopefully enjoy the experience so they want to stay," she explained.

Premium Saver

The 'Premium Saver' is Rabobank's bonus rate savings account. It has a modest base interest rate, with an additional 'bonus rate' added each month that customers grow their balance by at least $200. Again, the maximum rate applies on balances up to $250,000, with a lower rate for balances over $250,000.

At the time of writing, the ongoing rate on the Premium Saver (on balances up to $250,000) is higher than that of the High Interest account, excluding that initial four month period.

Notice Saver

The 'Notice Saver' is an alternative product slightly unusual in that it requires advance notice to access your funds. The longer the notice period, the higher the rate. Currently, Rabo offers 31, 60 and 90 day Notice Saver accounts, with a higher ongoing rate than the revert rate on the 'High Interest' account (although not quite as high as the 'Premium Saver').

Term Deposits

Rabobank also offers a variety of term deposit options, with terms ranging from one month to five years. The minimum deposit amount is $1,000 and the usual penalties apply for early withdrawal.

Rabobank Savings Account eligibility

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 license or passport).

  • You must have an Australian residential address.

You'll also likely need to provide the following:

  • An Australian bank account in your name with another financial institution.

  • A valid Australian driver's license or passport.

  • Your Tax File Number (TFN).

${thisWidget.smgExpertQouteAuthorName}