This was posted 1 year 2 months 25 days ago, and might be an out-dated deal.

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High Interest Savings Account - 4.50% P.a. Interest on Balance up to $250,000 for 4-Month (New Customers Only) @ Rabobank

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High Interest Savings Account - 4.50% P.a. Interest on Balance up to $250,000 for 4-Month (New Customers Only) @ Rabobank
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competitions on 04/02/2023 - 13:25 rabobank.com.au (224 clicks)
Last edited 04/02/2023 - 13:28

EARN
4.50% P.A*
variable rate on your first $250,000

Bonus introductory variable rate for the first 4 months (up to $250,000)

Standard variable rate 3.25%

*(if applicable), commences on the day your BSB & Account number are issued.
Ongoing high interest rate to keep your savings growing & you reaching your goals faster
No need to change your everyday banking
Three tiers of interest based on your balance
Supporting Aussie farmers with every dollar you save

*Current 4 month introductory variable rate for new personal customers on deposits up to $250,000, commences on the day your BSB & Account number are issued not from when the account is funded. Rate subject to change. Not available where you have closed a Rabobank Online Savings account within the previous 3 years.

Financial Bank Account Savings Account

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closed Comments

  • Iluvfreebies-freeDel on 04/02/2023 - 13:27
    +4

    Interest rates are likely to raise again this month.

  • Coops1 on 04/02/2023 - 13:50
    +2

    Why wouldn’t you just lock it up in Virgin Money for 32 days for 4.6%…….?
    Oh yer…..before the naysayers……deposit and transaction hoops!

    • M00Cow on 04/02/2023 - 15:00
      +3

      Yeah all these little hoops are designed to suck you in, but make you fail. Miss one month and you only get 0.05% and the rate lock, effectively is a rolling term deposit, with added hoops which you can't touch without giving 32days notice.

      Correct me if I'm wrong, but ubank seems to have the highest interest rate 4.10% for the lowest bar (Deposit $200/mth).

      • Danam on 04/02/2023 - 15:25
        +8

        There seems to be a philosophical divide about this. On one side - folks who know they can meet all the conditions and maximize their profit, on the other side - folks who used to think they were careful enough until they fell into one of the traps.

        My attitude changed when an interest payment pushed my total deposit over the upper limit. Not only did I lose all of that months bonus interest (as it happened on the 1st), but they required a calendar month where I did meet all the conditions before receiving the bonus… No bonus for 2 calendar months.

        If I didn't immediately move to another bank with a slightly lower rate, years of effort maximizing every percentage point of interest would evaporate. Banks that lay an excessive number of traps aren't worth it.

        • VRZ on 06/02/2023 - 12:59

          Which bank was this?

          I was under the impression everything over the 250k (or whatever limit) would just earn the base interest rate instead of the bonus rate

          • Danam on 06/02/2023 - 17:53

            @VRZ: UBank. Thankfully they removed that condition a little while ago. I double checked with them and can confirm they no longer strip all interest for that reason.

            AMP work out a 'rounded average' to apply across the entire deposit when you go over 250k. A little over and they just bump you down to 4.09 and return you to 4.1 straight away when you make it <250k again.

            • Meconium on 08/02/2023 - 10:16

              @Danam: It sounds like that 'rounded average' is in fact the base rate for every dollar above $250k, but you're still making the bonus rate on the full $250k (thus making it look like 4.09% when in fact it's just 4.1% for the $250k and whatever the base rate is for whatever's on top).

  • froddo on 04/02/2023 - 14:50
    +2

    Wonder if worth waiting for rba announcement and if rate rise the promo may go up?

    • M00Cow on 04/02/2023 - 15:01

      Unfortunately they tend to wait 30-60days after the announcement to actually raise deposit rates.

      • cheekymonkey on 04/02/2023 - 16:06
        +1

        What I've found with Rabobank s far, it's only been couple weeks after the announcement.

  • M00Cow on 04/02/2023 - 15:04
    +4

    Might want to bold this bit Op

    Not available where you have closed a Rabobank Online Savings account within the previous 3 years

  • MuddyClear on 04/02/2023 - 22:18

    Any catch/hoops with this deal?

  • payless69 on 05/02/2023 - 01:36
    +2

    4 mo in and out again.
    Collect plastic cards like sim cards.

  • TrafalgarSean on 06/02/2023 - 18:48

    Out of curiosity with deals like this, Macquarie, ING etc, where it says 4.50% p.a, when do they pay the interest into your account? Monthly, quarterly or yearly?

    • Yola on 07/02/2023 - 03:23
      +1

      Monthly.

  • maverick1 on 15/02/2023 - 12:41
    +1

    Op Rabo is now offering 4.75%. Pls amend the title.

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