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RABO Direct 1.25%Pa Top up Bonus Variable Interest Rate Will Apply to New Money You Deposit into Your Personal HISA up to $50000

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RABO Direct 1.25%Pa Top up Bonus Variable Interest Rate Will Apply to New Money You Deposit into Your Personal HISA up to $50000
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rogsamsy on 09/11/2017 - 10:19 rabodirect.com.au (216 clicks)
Last edited 09/11/2017 - 11:17

Received this email from Rabo. Good for those that have a dormant account to drop $50K in for 4 months for a bit of extra interest. (3.05%)

"We want to keep you informed about a temporary additional interest rate margin we’re applying to new money that you deposit into your Personal High Interest Savings Account (HISA).

What are the changes?

A 1.25% p.a.* Top up bonus variable interest rate will apply to new money you deposit into your Personal HISA^ up to $50,000 from 8 November 2017 to 8 March 2018.

What is new money?

We took a snapshot of your total savings (e.g. in HISA, Purpose Saver, PremiumSaver, Notice Savers and Term Deposits) at 11.59 pm on 7 November 2017. New money is anything that increases your HISA and total overall savings balance with us from that time.

Important point to consider

Please bear in mind that you can’t earn this Top up bonus variable interest rate by transferring money between accounts - as this won’t increase your total savings balance.

How do I know I am earning the Top up bonus?

To check that you’re earning the Top up bonus rate and your snapshot balance, simply log in to your online banking and view the 'My Rates' page to see a breakdown of your current rates and balances. Alternatively, you can create a statement outlining this information."

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closed Comments

  • TheBargainShopper on 09/11/2017 - 10:42

    $50K or $250K? In the link, it seems to suggest $250K?

    • SydOzber on 09/11/2017 - 10:55

      variable rate on your first $250,000.

      up to 250k

  • Peck on 09/11/2017 - 10:44

    Thanks OP, but 4 months not 5.

    • rogsamsy on 09/11/2017 - 11:18
      +1

      Sorry, corrected.

  • marcusv on 09/11/2017 - 10:55

    Because the bonus rate is only for 4 months unless you have a large amount close to the $250,000 limit you would be better off opening an account with ING at 2.8% and getting the $100 referral bonus.

    • joungs on 09/11/2017 - 15:17

      Can you still get the 100$ referral bonus? Thought they lowered it to 75.

      • [Deactivated] on 09/11/2017 - 17:26

        Why not both? Referral bonus is for opening not using.

        It's $100 if you PM me or probably just about any other ozbargain member for a code. It's $75 if you don't like money and use the code on ING's website.

      • marcusv on 09/11/2017 - 20:27

        They sent me an email the other day saying it is back and is $100

  • Craig6 on 09/11/2017 - 10:55

    Interesting, i was only offered 0.8%

    You’ll enjoy a variable 0.80% p.a. bonus* when you:
    • Deposit new money and grow your SMSF HISA^ balance by up to $50,000 and;
    • Grow your total savings held with us as a result of this new money
    It's available while you retain the new money in your HISA until 8 March 2018, after which the interest rate will revert to our competitive standard variable rate of interest.

    • Peck on 09/11/2017 - 11:10

      I had a zero balance and got the 1.25% offer. You would be better with Ubank 2.87%.

      • rogsamsy on 09/11/2017 - 11:20

        Ditto, I had zero balance and received 1.25%

      • Legoman on 09/11/2017 - 16:58

        Just curious, but how do you figure that 2.87% is better than 3.05%?

        • Peck on 09/11/2017 - 17:44

          Sorry to confuse, I was commenting on Craig6 who got 0.8% offer. (=2.6%)

    • Baysew on 09/11/2017 - 11:29
      +3

      Maybe only 0.80% bonus on Super Fund accounts.

      • bluesky on 10/11/2017 - 01:45
        +1

        Yes, bonus offers for the different account types are:

        • SMSF - 0.8%
        • Personal - 1.25%
        • Business - 0.65%
  • FutureTech on 09/11/2017 - 10:56
    +1

    mebank can do 2.95% for up to $250,000 provided you use their paypass card

    • Gaz1 on 10/11/2017 - 21:15

      … and this is not limited to 4 months, it is a normal ongoing offer.

  • orangetrain on 09/11/2017 - 12:17

    Numbers hurt my brain. What's the max potential interest?

  • shosho on 09/11/2017 - 12:46
    +3

    Basically they are giving existing customers the same rate as new customers get with the introductory rate - but only for up to $50K of new money deposited, instead of up to $250K for new customers. So if you had $50K in ING (earning 2.8%) and transferred it to your dormant Rabo account for 4 months (earning 3.05%) you would earn about an extra $40 interest in total.

    • user27 on 09/11/2017 - 13:58

      not quite worth it

      • Peck on 09/11/2017 - 15:59

        It can be a hassle, but where do you draw the line with interest rates/transfers? And I keep following offers and getting .25% better interest.
        Also your money compounds - "Ah….the joy of compounding interest".
        And you are encouraging competition.

    • SomeGuyOnOzB on 13/11/2017 - 17:49

      ING (3.05%) vs Rams (3.00%)

      If you have $50k in your RAMS and transfer it, you get around $8.33 extra if it was in there for 4 months

      BUT

      if you lose interest for 3 days, during that transfer, at 3%, it costs you about $12.33

  • FuRyZ on 09/11/2017 - 12:47

    Thats good for 4 months but a more long term option would be the AMP Better Save account. That one offers 3.0% with a $2k monthly deposit.

    • Steptoe on 09/11/2017 - 15:01

      RAMS Saver is only $200 per month.

      • FuRyZ on 09/11/2017 - 15:23
        +1

        You lose the interest if make any withdrawals. Not a very flexible account. Its the reason why I didn't go with RAMS.

        • Steptoe on 09/11/2017 - 20:01

          Savings are for savings

          Put spendings in a separate account.

        • FuRyZ on 09/11/2017 - 20:22

          Makes more sense to keep all your money in the savings account, because the interest is calculated on a daily basis. Any money that is not in your savings account is not working for you and ultimately losing you money.

    • [Deactivated] on 09/11/2017 - 17:32
      +1

      AMP you only start earning the bonus interest the month after you qualify.

      If you're eligible for the bonus interest, it will be applied to money in your Save account the following month. This will be credited to you on the first day of the month after that3.

      Please refer to the AMP Bett3r Account Terms and Conditions for how and when standard interest is applied to your account.

      For example, if you meet the eligibility requirements in June, you'll earn the bonus interest rate on your account balance in July. The bonus interest will appear in your Save account on 1 August.

      • FuRyZ on 09/11/2017 - 18:09

        True, I did get somewhat caught out by that as well.

        Luckily for me I opened my account fairly late in the month, and had deposited my savings around a week before the end of the month, so I did not lose much. But I would recommend anyone to open the account first but avoid depositing anything until 2-3 days before the end of the month.

        Also make sure your money is deposited into the Bett3r Pay account first, and then transferred into the Save account or you wont see any bonus interest and the Pay account will charge you a $5 account keeping fee.

        Its somewhat annoying the way they have set it up, but I would argue its worth jumping over a few hurdles to get that interest rate.

  • bluesky on 09/11/2017 - 15:20

    It is worth noting that this offer is only for customers who joined before 8 May 2017.
    Full details of campaign here

    • Peck on 09/11/2017 - 16:01

      I assume that they would only send the email to you if you qualify.
      But to make sure:-
      "Once you have deposited new money into your HISA, you can check that you are earning the bonus rate by logging into your account and clicking on the 'My Rates' link for a breakdown of your current rates and balances."

      • bluesky on 10/11/2017 - 00:24

        Some may not get the email, or perhaps not yet. I know of someone who did not get the email, was interested, and a call to Rabodirect confirmed that as long as the criteria is met (joined before 8 May 2017, etc), that is fine. And good point about the check after depositing money.

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