SMS1007
If you missed out on the the last Raboplus one day promotion of free $100 when opening a new account (like I did)
this not a bad deal either. And you have 1 week to apply.
Only for new customers & there is no minimum opening balance.
RaboPlus - Free $50 When Opening a New Online Savings Account with a Interest Rate of 6.7%
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Really lack of description on their website.
However, I'm getting this perception that they're not really your everyday 'day-to-day' banking account. I think that you can only transfer/withdraw funds to/from one of your existing bank account. Nothing more. No BPAY, no transfers to other accounts, etc. That's what I think from the looks of it. Also, I think the RaboPlus account lets you invest the money you have in there in managed funds, etc.
Any existing holder care to confirm this?
Yes it an online saving account which is similar to ING Direct and BankWest TeleNet Saver, and not your every day transactional account.
It's probably categorised as a low risk saving/investment. These banks give you high interest rate to park your money, and give you flexibility to deposit and withdrawal anytime on the Internet. No branch. No bank card. No EFTPOS. No BPay, etc. It also requires you to link to your everyday transaction account.
RaboPlus probably gives you the highest interest rate at the moment (except BankWest during its first 12 month honeymoon period). There is no catch.
Disclaimer: I am a happy customer :)
My mate tried applying for the 1-day-only free $100 last time, but he missed out by a couple of hours after midnight or something. A Rabobank person rang him to tell him that, and he managed to still get $50 out of them anyway! So yeah, I think this deal is for real. Well, I'm going to try anyway :P
I applied the $100 bonus last time and wondering if l can open another one with bonus??
From the fine print:
"Offer limited to new customers and one account per customer."
So I guess the answer is, no.
Found something in the terms & conditions:
- Must be an Australian resident for tax purposesThat's important to me, as I think I recommended it to someone who is overseas at the moment.
-> Scotty: Both the banks you referred to are offereing higher interest rates at the moment …
ING Direct is 7.00% (I am a happy customer of theirs; rate is for new moneys - check the promotion)
Bank West is 8.00% (I am not a customer of theirs. There are quite a few conditions on this deal)A lot of stuff in the terms & conditions … this is taking a long time to read.
There's something about … if you terminate a term deposit, and they allow you to do this, you will have to pay a termination fee. Not relevant to the $50 on new customers opening savings accounts, but relelvant if you go further and set up term deposits with them.
Also, if they close your term deposit, the fee is again applicable … ?
@foundit,
First of all it makes sense to be an Australian resident for tax purposes (which just means you have a TFN and needs to do tax return for 2008). Otherwise they can withhold tax at maximum rate (45%). Your friends can be overseas at the moment, as long as he/she has a TFN and doing tax return next year.
ING Direct is only 7% until December 2007, and 6.15% afterwards. I have been a customer of ING Direct for over 7 years. While they were great, they are just not that competitive anymore. For existing customers, the 7% applies to only the amount above your balance on 28/08/2007 — that's just dodgy IMHO. Got a friend who works in ING and he is moving his money out :)
BankWest's 8% Regular Saver has been discussed here before (link). There are too bank conditions — no withdrawal, only $50-$500 deposit a month, etc. See the discussion for details. In short — not so good.
Now back to RaboBank. You should be looking at their high interest saving account, NOT term deposit. You get 6.7% and can withdrawal anytime.
-> Scotty,
Thanks again Scotty :)
Just trying to clarify what I was saying …
"Australian Resident for tax purposes".
You have to be an Australian Resident for tax purposes or you aren't allowed to set up a Rabo Plus savings account. You can try it out by filling in dummy information, then when you click that you are not a resident, they tell you that you cannot open an account with RaboPlus.com.au .
There's also something in the terms and conditions. If you change your status, so that you are no longer an Australian resident for tax purposes, you have to notify them immediately and they will close your account.
I mentioned it as:
- I discussed the offer with someone who is now working overseas
- I hadn't seen that sort of clause before and thought it might be relevant to maybe one other reader"Who pays more interest?".
Thanks, you reminded me.
ING's 7.0% till December for existing customers, is not 7.00% on all moneys. 6.15% on moneys they already had, and 7.00% on the increase in balance after the offer was made.
With 6.7% on all your money, Rabo's rate might offer existing ING customers more than ING offers.
Yeah, I don't bank with Bankwest. The bit about can't make withdrawals or lose the 8.0% got me.
"Looking at term deposits"
I didn't intend to look at term deposits terms and conditions.
The terms and conditions for the Rabo savings account cover all their products, and can change which product they are talking about from one point to another.
So that's why I was looking at clauses for term deposits. I thought that clause was a little unusual, and so I mentioned it.
Sure. No problem. A bit weird that a Term Deposit related ToS in Saving account product. As I bank with RaboBank I can say that there is no penalty taking your money out :)
I think it makes sense now when you mentioned your friends working overseas. Looking at global credit market who doesn't want to set up saving account in Australia :) It is indeed a bit weird that they won't allow non-resident from opening an account. Most other banks just withhold the tax.
Hmm..one qns:
"Only available to SMSPup members who open a RaboPlus online savings account between 7th and 13th October 2007."
Do you HAVE to be a SMSPup member for this then?
I took up the previous offer which was supposed to be for Infochoice members. They didn't really ask me anything after I provided the special code. I think it's just marketing's way to drum up customers.
If I were you, I'd just take a chance and if they don't give you the bonus $50, at least you have a high savings account setup which will eventually pay you more interest than the competition.
How much for a termination fee???
Confirming:
- I joined for this deal
- I now have my account
- They only withdrew $1.00 from my linked account, as I requested
- I received $50.00 bonus as advertised (paid 1 week after the $1.00 deposit)
- They've also opened up a management portfolio with $0.00 in it for me
(???? - any Raboplus customers who know about this … will it attract fees etc?) - I think I am not an SMSPup member (What is SMSPup?)
- Apparently I've accrued $0.03 interest already :P
RaboPlus provides both Internet saving account and online managed fund (they are just reselling other fund managers'). You can use the same account to buy/sell managed fund if you wish to accept higher risk level but potentially more return. I do not think it will incurr any fee — it is just there for your convenience.
I have yet to investigate RaboPlus' managed fund interface. Not sure how cheap they are.
It's 0.75% commission to buy in and nothing to sell out. There is often (but not always) gap in the buy and sell price, and also about 1-2% management fee (they have another name for it) depending on the fund you choose.
What's the catch? Anyone read their terms???
There is $1 minimum opening deposit!