Starting today, Rabobank PremiumSaver account 5.10% p.a. on deposits up to $250k.
"Flexibility to access your funds, but please note that you must grow your balance by at least $200 in the month to earn the maximum rate" (not including interest)
PremiumSaver Account - 5.10% P.A. Interest on Balance up to $250,000 @ Rabobank
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GreenLego on 15/11/2023 - 18:02 rabobank.com.au (182 clicks)
Last edited 15/11/2023 - 18:09 by 1 other user
Last edited 15/11/2023 - 18:09 by 1 other user
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Their High Interest Savings Account also increased to 5.75% p.a. for first 4 Months (New Customers Only)
Thanks RL. Seems a good option to park funds when you reach ING's $100K limit (empty the ING SM account into Rabo HIS for 4 months).
Disappointed ING haven't matched the 5.75% this time around, lot of customers will jump to Rabo for the 4 months I bet.
They might react if people remove their funds, which I have to do shortly anyway. Not enough competition to suggest they'd go the full 25 points tho.
Cr-ap.. better to stick with Ubank without the hoops.. anyone know if Ubank will up their 5.00% rate to 5.25% with the rate rise last week?
Given that they've been quiet doesn't look likely :(
Virgin Money are cutting their rates I doubt anyone is going higher without more hoops.
U Bank at 5% is better because you only need to deposit $200 and can withdraw it straight away without aftecting interest earned.
oh shit i didnt know you can withdraw it, so can i return the 200 back to my spend account immediately and reuse it next month again?
Yes.. Ubank dont have the same BS restriction like ING and Bendigo bank where they make you 'grow' Ur balance to receive the bonus interest. Ubank is fair game
damn ive been putting in 200 every month thinking that's the only way
@Roe Jogan: Leant something new today.. Once you qualify for the month thats it.. you can withdraw whatever you like.
you need to be careful, you need to miss 1 month but fulfil the criteria I got caught out and missed out on a month with ING.
When that happens you should move as much as you can out - including the m9nthly $1K - until you requalify.
True Dat!.. hopefully they honor extra .25% soon in line with latest rate rise. Yet to hear anything tho..
i think if ING does not do anything they wont move theirs neither
The Rabobank offer is basically a term deposit that stops the minute you don't add money every month or withdraw any money.
It's rubbish.
The highest rates are all “perpetual” TD’s.
if you have a bit of money stashed away, an extra .5% on $250k equates to an extra $104/month. the introductory rate for the Rabo HISA is 5.75% for 4 months, no hoops
"Basically" the only thing it has in common with a term deposit is the penalty if you withdraw. The Robobank rate is variable, and you won't find any term deposit offering anywhere near 5.75%.
As far as being rubbish is concerned: the old saying that 'one man's trash is another's treasure' is right on the money so to speak.
The only way it makes sense is if you have maxed out your UBank account and have more cash.
Then this can be a fixed pile of cash, “basically” in effect a floating term deposit.
My point stands, this product doesn’t stand up as an alternative to UBank or even as a Savings account. If you have $100k in it and remove $1 you will lose many hundreds of dollars.
@Grok: The only way? You presume far too much. It's a savings account which enforces incremental monthly saving. It obviously appeals to some or it wouldn't exist.
I've already dealt with your interest comment, Repeating a wildly inaccurate opinion doesn't make it any more valid. IF you'd bothered to read the conditions you'd know there is no fixed amount, you actually have to grow the account by $200 every month. During the month you can do whatever you want - nothing like a term deposit at all. And as we know, the interest rate can be varied at any time, unlike a term deposit.
Simply because an offer doesn't suit you isn't a reason for negging any deal.
@Igaf: You are being pedantic, if you can’t reduce the balance it is basically a term deposit with a $200 additional payment requirement, so it’s even worse.
As a savings and transaction account it has 0% interest.
The ability to remove money from an account during a month then return it and then increasing the balance by $200 before the month ends would have such a small useful application in the real world as to be precisely useless.
If someone had $100k in the account and miscalculated they would lose over $400.
@Grok: Pedantry should be part of everyone's financial (and legal) armoury but in this case it wasn't required.. Your statements comparing this account to a term deposit are misleading tosh and at best naive. You could have saved a whole lot of time by simply saying the account doesn't fit your needs because a), b), c)
Anyone got that google sheet link?
I was wrong Ubank just went to 5.1% from Dec.
Still its not the full increase but it’s better than nothing or a cut for a HISA with minimal hoops.
Ubank %5.1 only, just got the email
can get more in their normal savings account with the current promo rate (but only for 4 mths)