RaboDirect - is it safe?

My current term deposit is about to expire. Am considering moving to Rabobank Online Savings High Interest Savings Account with 3.05% for the first 4 months.

Is Rabodirect as safe as other institutions? Is it government guaranteed?

Just want some peace of mind before moving my hard earned savings over to this institution.

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  • +1 vote


  • +1 vote

    Yes, when I was looking out for a new high interest savings account, Rabodirect had stood out to me. I went for them for the 4 months they promised 3.05% as its interest rate. Conclusions that I have about RaboDirect are:

    1. They have good customer service, considering you are making simple enquiries.
    2. They give you some sort of remote device you use to access internet banking, you punch in some numbers to gain access (almost like a mini calculator)
    3. Their internet banking is horrible. User interface is weird and you need to link the account you're transferring money to. Its a pain in the arse and takes like a week to get it linked.
    4. Got my 3.05% p.a from my interest account but in conclusion they aren't really a bank you wanna fit your daily banking with. Just sit your money there and dont touch it.


  • +3 votes

    Rabobank is one of the largest banks in the world and the largest lender to the agricultural sector in Austrlia

  • +1 vote

    Rabo is an "authorised deposit taking institution" (i.e. a bank). In terms of government guarantee, no different to any other bank.


    Safe as houses.


    Thanks to all who responded.


    Off topic, but HSBC have 3.1% introductory rate offer 4 months

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