This was posted 12 years 5 months 11 days ago, and might be an out-dated deal.

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5.9% Interest Rate Premium Saver at Rabobank Direct with Daily Access to Money

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5.9% Interest Rate Premium Saver at Rabobank Direct with Daily Access to Money
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L[Deactivated] on 01/12/2011 - 13:05 rabodirect.com.au (142 clicks)
Last edited 01/12/2011 - 13:14

This deal is a deal if you are sick of constantly opening and closing accounts. If you factor in the time (especially if you are self-employed) used to do it (and the date you disclose which is then sold on) all the hassle is not worth it in my opinion. If you do do not like this deal, just do not do it. I think providing as much info as possible regarding what is out there can only be good and beneficial.

Rabobank offers a free premium saver account with an interest rate of 5.9% while you have daily access to your money. All you have to do to keep the 5.9% interest rate is to make sure that at the end of each month you have $200 more in the account than in the previous month. As long as that condition is satisfied, you will keep the 5.9% interest rate and can withdraw all your money before the end of each month.

Example:

30 November 2011: $ 200 in the account
1 December 2011: add $5000
8 December 2011: withdraw $2573
18 December 2011: withdraw $2000
30 December 2011: account balance is $627 so $427 more than at the end of the previous months (only $200 would be needed though) which means the max interest rate is applied.

I think this is a great deal given the fact that even the best term deposits only pay 5.75% per year. With this saver account you have the added flexibility of using your money on a daily basis while earning max interest for money you do not need.

I am not affiliated with Rabobank in any way - just a pleased customer who thought he would share this great deal with the OZbargain Community as the banks rob us enough already. This is my first post, so do friendly and polite please.
This deal is available to existing customers as well (unlike some other deals which are only available to new customers as bait or that only offer a high rate for 4 months).

P.S.: Since Rabobank is Australia's biggest lender in Agribusiness lending, indirectly you would help all the farmers affected by the Queensland floods and all other natural disasters that affected Australia's farming industry.

Financial Daily Access Money Interest

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closed Comments

  • lovedeals on 01/12/2011 - 13:13
    +1

    6.26% at beiruthellenicbank.

    • c64 on 01/12/2011 - 13:17

      yeah, but you've got to have a spare $25k

  • c64 on 01/12/2011 - 13:13
    +5

    this is worse than ubank's offer. at least with ubank your balance does not need to be greater than last month's balance, you just need to plonk $200 in it each month via asp.

  • drexxx on 01/12/2011 - 13:13
    +3

    http://www.ubank.com.au/ub/web/usaver/online-savings-overvie…

    ubank has quite similar requirements and conditions but offers a higher interest rate, still offering 6.11%

    • powerhammer on 01/12/2011 - 13:28
      +1

      I agree UBank has a better product, no deal here for me.

  • Crownanchor on 01/12/2011 - 13:18

    What is the rate if your account has less than $200 in a month?
    Rabobank is a great AAA rated bank, but you can get a better rate at Ubank and not require to maintain the balance, 6.11% ASP and just as safe

  • [Deactivated] on 01/12/2011 - 13:18

    Hellenic bank - Greece affiliated.
    Wasn't there something about Greece being in difficulties in Europe? Are you sure you get your money back?
    See the examples of the Icelandic banks in the UK (Icesave etc.). I am not willing to risk that - sorry.
    At least Rabobank is one of the safest banks in the world. I also move money into term deposits regularly - Rabobank often offers the best rates for 12 months (UBank 5.25%, Rabobank 5.5%) so for me this is great and convenient.
    As I said, if you do not like it, do not do it. I have piece of mind knowing that my savings are lent to Australia's farmers to rebuild their business and produce food for us such as bananas.

    • lovedeals on 01/12/2011 - 13:34
      +3

      Do your research…Hellenicbank is safe, your money is guaranteed by Australian Government! And NO, its not a Greek bank!

    • muzzamo on 01/12/2011 - 13:52

      I think its actually lebanon affiliated…

  • [Deactivated] on 01/12/2011 - 13:22
    +1

    The normal rate is 4.5% which of course is not good.

  • [Deactivated] on 01/12/2011 - 13:25
    -5

    I do not have a mobile which means I cannot open an account with UBank even if I wanted to. No such problem at Rabobank.

    • c64 on 01/12/2011 - 13:31
      +3

      well you really need to have a mobile in this day and age. the mobile requirement at ubank is a security feature. if someone keylogs/phishes your login details then all your money will be gone.

  • [Deactivated] on 01/12/2011 - 13:50
    -5

    @mattgal:

    Thanks for your concern. But I know several people who have constant headaches and also brain tumours after having used their mobile for hours on an almost daily basis - I pass on that. Also, the fee structure is way too complicated and rip-off over here (yes, I am from Europe) in my humble opinion. I never knew what a connection fee was until I got here.

    As regards security, please have a look at this:

    http://au.news.yahoo.com/technology/mobile-technology/articl…

    I choose not to let technology take over my life and be available 24/7.

    • SBOB on 01/12/2011 - 14:00
      +2

      "But I know several people who have constant headaches and also brain tumours after having used their mobile for hours on an almost daily basis - I pass on that"

      im sure there would be some scientists who would love to see your peer reviewed conclusions, as many have tried to prove such a link and failed..there could be a Nobel Prize in it for you…

      "Also, the fee structure is way too complicated and rip-off over here"

      what 'fee-structure' does the UBank savings account have(or the Rabobank one in this case)?

      • SmiTTy on 01/12/2011 - 15:39

        "fee structure" .. i think he/she means for mobile phones.

    • c64 on 01/12/2011 - 14:13
      +3

      just wait while i put on my tin foil hat …

      • lusicul on 01/12/2011 - 14:22

        LOL

    • Cheeper on 01/12/2011 - 17:04

      I'm as old as Methuselah 60+ and have used a mobile phone for the past 20 years and nothing wrong with me that isn't a natural birth defect (LOL).
      I use mine as a secondary back up means of communication. @ $25 per year Vodafone prepaid that is damn cheap, cheaper than any European option i'm sure.
      It is your choice if your life is ruled by a mobile phone. I agree, those that do are foolish.
      Going through life with petty fears like this is a shame.
      Live life, savour it, soon it will be over. :-) Cheers.

  • cbpeh1 on 01/12/2011 - 14:08
    -1

    i generally do not use these products with the non-major banks as it takes at least a day to transfer money from my main bank account to an account such as this.

    The slight additional interest I may earn is offset by the interest lost in the delay and the inconvenience of having the money unavailable during the inter-bank transfer delay.

    For arguments sake, let's say one has money that can be parked somewhere for a period of time with very little need for transferring, then there are other better safe-heaven products out there which are better than this still.

    • Crownanchor on 01/12/2011 - 14:30
      -2

      You dont loose interest when transfering funds.

      • yada on 01/12/2011 - 14:33
        +2

        So many people on the internet confuse lose (as in loss) with loose (as in not tight)

  • [Deactivated] on 01/12/2011 - 14:08

    @SBOB: For mobile phones mate, for mobile phones.

    I do not care about peer-reviewed things. If one of your friends died because of that (and incidentally was a telecoms worker using the phone for hours on a daily basis with 5 out of 6 people in his department also having brain tumours) you begin to think this is more than a mere coincidence.

    Also, I just do not like to divulge any more data about myself or my family than is absolutely necessary - maybe that's a European thing.

    • muzzamo on 02/12/2011 - 14:03

      in that case, you are an idiot.

  • [Deactivated] on 01/12/2011 - 14:10
    +1

    @cbpeh1

    My money was transferred within 10 minutes. Not sure how much lost interest that is but of course I do see and accept your point. The beauty of living in a free country is that all of us can do whatever we please.

  • elzilcho on 01/12/2011 - 14:33
    +1

    Not as good as Ubank, which isnt a good as Rabobank

    • SBOB on 01/12/2011 - 14:42
      +2

      but this is a Rabobank deal so you're saying:
      Rabobank is not as good as Ubank, which is not as good as Rabobank…

      i think you just created a parallel universe with your logic…

      • [Deactivated] on 01/12/2011 - 14:54

        That is why the negative vote from elzilcho, just for providing info.
        Thanks for pointing out that special logic SBOB - I totally agree.

  • [Deactivated] on 01/12/2011 - 14:33

    @lovedeals

    So you think it is normal to be Lebanon affiliated and then call yourself Hellenic bank? How misleading is that? Why would you do that other than to create a false sense of security? I mean Brisbane aiport is also not called Syney North Aiport and that is for a reason - it is not anywhere near Sydney. :-)
    Or do they have links with Greek banks? In either case, no go area for me.

    • SmiTTy on 01/12/2011 - 15:42
      +1

      Brisbane wishes they were "sydney north" ;-)

  • [Deactivated] on 01/12/2011 - 14:38

    @Jabba the Hutt

    They got downgraded because of Europe's turmoil and because S&P says no bank can have a triple-A rating, not because their business is less successful or they have piled on debts etc. Still a lot better than the other banks.

    • c64 on 01/12/2011 - 16:10

      you know you can just hit the "reply" button underneath a particular comment instead of the box an the bottom and it will nest your replies

  • shaybisc on 01/12/2011 - 15:21

    Beirut Hellenic Bank: jeez, that name does not inspire confidence. It doesn't matter as long as the govt guarantee is running.

    http://au.greekreporter.com/2011/05/23/a-new-era-has-began-a…

  • shaybisc on 01/12/2011 - 15:35

    $0 - $9,999 4.00%

    $10,000 - $24,999 4.50%

    $25,000 - $249,999 6.25%

    At those rates, how much do you have to have in a Beirut Hellenic account to match Ubank's 6.11%?

    I would work it out myself but my brain hurts.

    • SmiTTy on 01/12/2011 - 15:43
      +5

      Maybe you're using your phone too much …

      • Cheeper on 01/12/2011 - 17:05

        I never get headaches…. ??? :-(

    • yada on 01/12/2011 - 18:30
      +1

      It's not tiered (like ebays fees). It's a fixed percentage rate on the amount of money you have in there. sheesh

  • [Deactivated] on 01/12/2011 - 18:05

    OK people enough already.
    For those who want scholarly studies about this here you go:

    Long-Term Mobile Phone Use and Brain Tumor Risk in: Am. J. Epidemiol. (2005) 161 (6): 526-535.

    Brain Tumors and Salivary Gland Cancers Among Cellular Telephone Users in: Epidemiology:
    May 2002 - Volume 13 - Issue 3 - pp 356-359

    Ionizing radiation, cellular telephones and the risk for brain tumours in: European Journal of Cancer Prevention:
    December 2001 - Volume 10 - Issue 6 - pp 523-529

    There are plenty more - you just need to put in a bit of effort to find them, and read them.

    If it's all so ridiculous I wonder why people try to sue phone companies in order to prevent them from putting up a phone tower close to their house. Should they not be happy about better reception????

    • muzzamo on 02/12/2011 - 14:06

      because the general public are stuipd and don't really understand science?

    • Crownanchor on 02/12/2011 - 16:17

      These are 10 year old studies a recent study said that there was no link. It seems its still unknown what damage can be caused and it depends on what method is used to test.

  • kristijan08 on 01/12/2011 - 19:26

    How did this get onto mobile phones? I have 7g in a savings account and want to get as much interest as possible on it. Bottom line what is the best? Robobank or Ubank?

    • SmiTTy on 01/12/2011 - 20:35

      liveconnected .. You'll save lots of money !! =D

    • nookular on 01/12/2011 - 21:32
      +1

      Robobank's Prime Directives: "Serve the public trust, protect the innocent, uphold the law, along with a competitive interest rate".

      I'd go quietly with Robobank or there will be… trouble.

      • kristijan08 on 01/12/2011 - 22:47

        lol i think you just sold me!

  • shaybisc on 02/12/2011 - 07:42

    If you are talking about the Beirut Hellenic Bank, their interest rates are quite clearly tiered. Look at the figures.

    • FatGPT on 09/12/2011 - 10:34

      Looks like BHB's top interest rate has dropped to 5.9% now for >25,000 accounts ? :(

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