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Rabobank Now 7.8%

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Rabobank Now 7.8%
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bevisaurus on 11/04/2008 - 16:51 raboplus.com.au (256 clicks)

Great news. From today, 11 April 2008, our on call savings rate has increased to 7.80% pa, until 31 July 2008 for balances up to $1 million. That's a whopping 0.55% higher than the Reserve Bank of Australia's current cash rate.

This new rate will be applied to your current savings balance from today. Why not transfer extra funds into your account or set up a regular savings plan so you can earn even more interest? You can login now at RaboPlus.com.au >>

Remember, the increased rate is available to new and current customers - and for all types of accounts including personal, trusts, businesses and DIY super funds - so feel free to share the wealth by telling your family and friends.

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  • scotty on 11/04/2008 - 16:52

    I was just about to post this! And then I came to OzBargain saw bevisaurus posted it 4 seconds ago. Argh!

    • bevisaurus on 11/04/2008 - 16:53

      Sorry Scotty! =P

    • [Deactivated] on 13/04/2008 - 08:20

      ah the monster YOU created - lol

  • bevisaurus on 11/04/2008 - 16:52

    A few days ago I put some money into a 1 month deposit @ 7.4% with rabobank… very annoyed at myself!!

    • Bargain4U on 11/04/2008 - 17:53

      One of the things I hate about RaboPlus is their Term Deposit "break costs" and fees. What a joke!!!

      They just make up "break costs" at the time you end the Term Deposit ("break costs" aren't already published beforehand, so you don't know what it will be) plus a processing fee of up to $25.00!!!

      • adam on 11/04/2008 - 18:49

        So don't break the term deposit & you won't have to pay a fee. Its quite reasonable that they charge a fee if you don't stick with the term deposit you agreed to.

        • Bargain4U on 11/04/2008 - 18:58

          Okay, the problem is that you have no idea what the fees are if you need the money.

    • Bargain4U on 11/04/2008 - 18:20

      bevisaurus, if you break it early you should be able to get the money back through the Banking and Financial Services Ombudsman.

      • bevisaurus on 12/04/2008 - 23:52

        thanks bargain4u. i think i might just wait another 25 days or so. its higher than what i would get at my normal bank (commbank) so im happy.

  • eecchhoo on 11/04/2008 - 17:47

    It's only up to 31 July.

    If you have spare money why not just put into Term deposit for 3 months with 8% and then see how is things go from there.

    • Bargain4U on 11/04/2008 - 18:03

      Because the savings account (with 7.80%) has compound interest where as a term deposit does not. The interest on the savings account is calculated daily and paid monthly. When the term deposit pays only at the end of the term.

      Compound interest is where interest computed on the accumulated unpaid interest as well as on the original principal (so you earn interest on interest!).

      You need to look at the effective interest rate. So the effective interest rate on the savings account is 8.085% when the term deposit is only 8.00%. Plus with the savings account you get interest on interest!

      So the better deal is to stick with the savings account.

      • eecchhoo on 11/04/2008 - 18:10

        I tried to use the calculator for the saving and term deposit.

        The Term Deposit will give you more money (depends on how much you put in).

        But the Saving account is more flexible though as you can widthdraw anytime you want :)

        • Bargain4U on 11/04/2008 - 18:18

          Don't know how correct those calculators are. It says there is a difference of $1.49 interest (term deposit is giving you $1.49 more interest).

  • Crownie on 11/04/2008 - 17:58

    I don't like this deal.
    This rate is only good till July 31st- LESS than 4 months.
    BankWest offers 7.75% for 12 months. PLUS, I can also visit them at a branch in the CBD.

    • Bargain4U on 11/04/2008 - 18:10

      You can visit RaboPlus and Rabobank too.

      • bevisaurus on 12/04/2008 - 23:51

        wow. never knew that!

        cheers bargain4u

      • SomeGuyOnOzB on 15/04/2008 - 09:40

        Wow, I never knew that either … :)

        I know someone who was sticking with ING 'cos they were supposed to have a branch here (anyone know if it's reopened yet?)

    • bevisaurus on 12/04/2008 - 23:50

      crownie, i guess it depends on the person's situation. for me its great cos im already a rabobank customer. sure it's only for a few months but its better than nothing. also, bankwest rates are usually for new accounts. the old account holders dont reap the benefits. rabobank doesnt discriminate.

      in addition, i prefer managing my money via internet. no time to queue up during my lunchtimes.

      • Crownie on 14/04/2008 - 21:18

        bevisaurus, I didn't realize Rabobank had branches. Bankwest is also based on the internet, which you didn't know :-)

        The 7.75 is for new customers but ATM they have a 9% account that requires $50-$500 a month in deposits- so its the perfect annuity account.
        Since I already have a similar setup when my wages are paid, a 9% Bankwest account sounds nice.

        • bevisaurus on 14/04/2008 - 23:28

          hey crownie,

          i knew BW had internet banking. its just my pref to stay with rabobank since it suits my needs.

          only gripe is the security fob they have. it isnt quite friendly to travel with! maybe later they'll have something more portable like the RSA securIDs.

  • [Deactivated] on 13/04/2008 - 08:13

    Amusing reading all these comments - for and against, many are based on flawed assumptions

    Both BW and Rabo are internet banking accounts - so no need to queue. But having branches is a bonus

    Also watch the being loyal trick - they ARE banks - they will take your money and make a profit - thats what they are in business for they are being nice for a reason.

    It's YOUR business to look after your investments. For example using BankWest for 12 months then switching is looking after your investment. However that is also true for Rabo at 7.8 then switching to BW if you haven't used BW already.

    For those married, a trick is to open a BW account in one partners name, then another next year. Since you can link an individual BW account to a joint account at another bank. - thus getting 2 years intro rate

    Also what everyone forgets about term deposits is that they FIX the rates. Whereas these accounts are at call and the rates can change at anytime and none of these high interest accounts are guaranteed to stay at these higher rates.

    Term deposits are not good when rates are going up BUT great when rates DROP. Now like all gambles which way will rates go??

    Thats your bet call . If you think they will drop, then Term deposit any money you dont think you will need for that term.

    Also you are not obliged to Term deposit ALL your money - you can put some in each according to your need.

    • SomeGuyOnOzB on 15/04/2008 - 09:44

      Hi OzPete,

      do you know if having branches actually does anything? With ING, one could deposit cheques, via a deposit book at the branch. I know some people who prefer doing things that way, despite having to make the trip.

      I get the impression with Raboplus and Bank West Internet accounts, having a branch might not do much (apart from allowing set up by going in and showing one's id documents).

      • bevisaurus on 16/04/2008 - 12:08

        it's probalso a marketing thing… saying that theyve got branches.

        anyway just saw a 7.8% term deposit add for ING!

        • SomeGuyOnOzB on 16/04/2008 - 12:55

          :)

          Just saw an 8.0% ING term deposit, 180 days …

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