• long running

PremiumSaver Account 5.45% p.a. on Balance up to $250,000 (Grow Balance by $200/Month Required) @ Rabobank


Effective 23 May 2024. Grow your balance by $200 by the last business day each month to qualify for bonus interest (withdrawals OK). Edit: WARNING: No OSKO or instant payments; allow days for processing

"Maximum rates apply when your closing balance on the last business day of the month is at least $200 higher than it was at the beginning of the first day of the month (excluding interest earned). Available for Personal (Individual and Joint). Different rates apply to SMSF customers."

No account keeping fees
No minimum balance
Interest paid monthly

New Rabobank customers can open a HISA instead for an introductory rate of 5.75% for 4 months, no hoops.

Rabobank online savings rates page https://www.rabobank.com.au/rates/personal-rates/

Related Stores



  • +2

    Beat me by 2 mins OP. Great deal with only the one hoop to jump through

    • +29

      For those who haven't already seen this, there is a great spreadsheet of all high interest savings accounts here

    • Nope, it's the ongoing variable rate w.e.f. today

    • +1

      you are confusing that with the HISA, which is 5.75% for 4 months, 4.4% thereafter. if you are a new customer you should certainly take advantage of the HISA rather than the PremiumSaver account

      • +1

        Am I a new customer if I had an account 15-20 years ago and I haven't used that account in the last 12 years? Would they have closed the old account? I've lost all details of it long ago.

        • +1

          i also had a rabobank HISA account circa 2005 (i think), and i re-opened last year and got the introductory rate, so worth a try.

        • I had an account with a nil balance which I had not used for more than 5 years, and I was told that I did not meet the new customer requirements because I had not formally closed that account.

  • So is 5.45 just an intro rate?

    • +5

      No. The person above you confused the PremiumSaver account with the High Interest Saving Account. For the PremiumSaver account (which is what this post is about), it's 5.45% ongoing.

      • nice!

    • +2

      i can't see anything about it being an introductory rate https://www.rabobank.com.au/rates/personal-rates/

    • -1

      plz explain

        • +2

          the rate increase for this account benefits existing customers …

          • @c64: thanks for correcting this, I got the email before this deal went up and it looked clearly for new clients only.
            Still the title should also include the legacy stile use of a dongle, may actually be more secure?

  • -1

    does this come with a chequing account?

    • +2

      A stone age dongle instead.
      Cheque books are sort of Bronze Age…

      • A chequing account (or checking account) is nothing to do with a cheque book, it just means a transaction account.

  • When did Rabobank open up in Australia?

    • 2007.

    • +1

      been around for yonks …

    • "Rabobank’s Australian story began in 1994"

  • +3

    So in the month where you need the cash and leave the balance $200 less than last month, you will not get interest?

    • +2

      Balance not increased by $200 a month
      1.50% applies


    • i am not 100% sure, but i think interest is paid in the same month. you will only get 1.5% interest if you don't grow your balance in a given month

      if you want to keep the "grow" balance down, you could keep all your money in the account until a couple of days before the end of the month, then withdraw. as long as the balance at the end of the month grows by $200 (excluding interest)

    • +4

      UBank 5.10% is not as many hoops . (Up to 250k per person)
      Need to deposit $200, but then can withdraw it again without penalty.

      • BEWARE
        UBank is changing the account.

        I think the deposit is going up to $500.
        They are introducing a tiered interest payment system, with details still to come.
        This will need scrutiny.

    • Just keep a buffer account in a (slightly) lower interest account with less/no hoops (i.e. ANZ Plus) and put the bulk of your savings here.

    • It's all or nothing. Whenever I need to make a withdrawal I put the entire account balance elsewhere for a month.

      • If you need money temporarily and can get it back to the account before the end of month (+$200 increase), you can!

  • -5

    Teachers Mutual Bank 5.5%

    • +2

      Post a deal mate

    • +6

      lol, i think a lot of people got screwed over by teachers mutual / hiver / unibank a couple of months ago when they dropped their rates with no notice

    • Which account? Online savings account is only 1.75%

    • did you receive an email? the current rates are https://www.tmbank.com.au/-/media/accounts/term-deposit/pdf/…

      best rate appears to be 5.25% for people with old target saver accounts. maybe you are oblivious to the rate drop back in march?

      • -2

        Mine is still at 5.5%, maybe a glitch

        Does appear they have closed the account to new customers, I was not aware

        • Sounds super dodgy!
          Worse than AMP?

          • @payless69: Every Bank seems dodgy to you. Just keep doing as you have and hide your money under your mattress… :D

          • @payless69: what's dodgy about AMP?

            • -1

              @gimme: The only way to find out is to try them out.

              • @payless69: been with them for years no issues and quite decent interest.

        • Where did you check the rates for hiver bank? The app doesn't show the rates and I'm struggling to find out from the non existent customer service.

          • +1

            @xdigger: https://www.hiver.bank/products/products-no-longer-for-sale/

            I only found out they dropped the rate in March when the interest received looked low. And I still haven't received any notification, a bit shifty on their part…

            • @Herbs: Don't you read the public notices in "The Australian" every day? That's where they published the notification, in accordance with the T&Cs. Watching the relevant threads on whirlpool forum seems a more effective way to stay informed.

              • @md333: Who reads paper nowadays? Let alone every day.

                • @tooblue: For the few people who don't read the public notices everyday, it is also available on a PDF download from the "Term Deposits" section of the webpage, perfectly obvious. Make sure you check there every day too.

  • +2

    When will ubank follow?

    • May not. They don't have a balance growth requirement (just a deposit of $200 which you can then immediately withdraw) so it's a slightly different offering.

    • Your wish has come true, randy Andy took it to the grave.

  • -2

    .05% more than AMP but with increasing balance condition. Might not switch over for now

    • +2

      AMP call centre is in The Phillipines, very poor English, every task takes around 10 days.
      Girls there want 3 of your 4digit pin how safe is this?

      • About 10%

      • +3

        Wow. This offshored rubbish has to stop.

        You'd think better from a billion dollar bank with a very questionable reputation.

        Or maybe not.


        • +2

          Fear not, AI is coming. Will take offshore call centres to a whole new level.

          • @muncan: Greedy executives are chomping at the bit.

            Shorten wanted to go after the top end of town but the public fell for Morrison's lies and now they're back to being untouchable

            • @arcticmonkey: Hey, if I can get my question/issue sorted in seconds by AI rather than waiting for an hour on hold for an offshore customer services person to tell me the wrong info, hen I don’t mind Shorten or Morrison doing whatever they want. Maybe I’ll ask the AI to send them a nice postcard.

  • No Osko still I believe with Rabobank

    • yeah, probably want to do transfers out early in the morning. on the plus side, i could transfer quite a large amount out without any problems because they use an authentication device

    • I signed up for an account last month and every step of the way was difficult. They sent out a pack with a 1990's style 2FA device which told me that this is not a place I want to do business with. Most banks these days do everything through an app. They seem to be way behind the times

  • is it the HISA or Hisa plus premium a new customer shoudl apply for?

    • +2

      "New customers are required to open and maintain a High Interest Savings Account (HISA) which is a variable rate at-call savings account which does not charge fees and has no minimum balance requirements"

      HISA. open both if you have more than $250k to deposit :)

      • thank you!

      • Sorry that I had to ask this - but what’s the purpose of the Premium Saver Account if HISA account is what that gives you all the benefits? I’m just confused.

        • The premium saver has much better interest rate than the HISA, once past the 3 month intro rate.

  • How about their app experience? Is it any good

      • -1


        • +1

          I think they've lost the plot

  • ok- how long do they take to open new accounts generally?

    • It'll take a while. You have to wait for the dongle thingy to get posted out. I'm not joking.

  • +1

    and to clarify- new customers with HISA only- still need to deposit 200 per month?

  • +2

    The grow balance requirements are super annoying. Maybe some pople would
    like to invest the money instead ?

  • Looks like this works well for people who never make withdrawals and have a spare $200 every month.

    Or if they need any money, are prepared to withdraw everything on the first of a month and park it elsewhere for the rest of the month.

    Keeping money there for just 1 month where the bonus doesn't apply leaves you worse off than uBank at a constant 5.1%.

    • Better off buying HVN stock.
      Then bribe your TV station to bring out the whinge of that old fart. Then take profits from his shares!
      Of forgot: Besides crap service in his stores he actually pays dividends!

    • withdrawals are OK, just need to grow balance

      it pays to plan ahead and see which months have public holidays or weekends on the 1st of the month

  • +1

    The reviews on google reviews don't look very promising

    • Came here to ask this. Anyone like to share experience with this bank?

      • +1

        The ProductReview reviews are what stop me from going with this

        • +1

          ProductReview means nothing for certain things like banks. Check nearly any other bank and they'll have even worse reviews than Rabobank

      • +1

        I've been with Rabo for many many years and have not had any issues.

      • +1

        Been with them 4 months for the high interest savings account then took out after the intro rate ended. Moved to ubank more modern banking experience.

      • +1

        Probably the most secured bank in the world as they use this HSBC like authenticator - heard they are about to change this year to phone app - thank God for that. This account is definitely only for savings - not for day to day - you may need to still keep your uBank for now and this Rabo as saving accounts - at least this one is much easier than ING and has higher deposit (ING only does high interest up to $100k).

        I had this account from 2009 - I tried to close this account recently as I do not use it anymore from 2016 - but with this high interest news - I will keep it for now.

    • https://www.productreview.com.au/listings/ozbargain

      ratings went up when jv got his reviews removed just to say!

      • +1

        My personal favorite:

        Sheng 2 posts
        A Nazi controlled website?Feels like a Nazi controlled website (ozbargain) that disallows forum discussion topics containing criticism of certain Australian government departments or system

    • +5

      I've been with them for 2 years.
      Rabobank is not a high budget bank and it (being Dutch-owned) can be slightly weird.
      They mainly target rural farmers as customers and presumably would like to grab their savings, hence today's increase in the PS account interest rate.
      The App (someone asked above) is also quite primitive compared to high street banks, but it is functional enough and you can organise transfers/monthly DD's etc. pretty easily.
      No "instant transfer" available, but you normally receive payment to your nominated bank account within the day, if you transfer early that day.
      There is no 2FA, but if you need to transfer large amounts, or make payments to a new payee, they issue you with this "Digipass" machine that looks like a 1980's calculator. It simple requires your PIN and provides an authorisation code. It's a bit weird and funky.
      If you simply use Rabo as an online high interest savings account, it'll work well.
      If you expect it to be a high end banking experience, you'll be disappointed.

      • Cancelled my account years ago because of the Digipass

    • +2

      They are slightly different in some ways.

      The hardware security token for example. More secure, but more hassle.

      I called them one time and was surprised there was no wait at all to speak to someone in a local call centre.

    • Do any of the banks have good reviews?

  • +1

    anymore and Ill be making money on my mortgage

  • +1

    Thx for this Got an email this morning from Rabo Going to open one tomorrow since Ubank is only up to $250K

  • Good rate, very competitive.

    Accounts Leaderboard by techt.

  • +1

    They still got these little silver Digipass thingos? I had one 20 years ago when I was with Rabobank and it's probably still the best bank security.

    • +1


    • Yep, the battery went flat in my ancient one recently and they sent out a new one.

  • -3

    Boq 5.5% been that way for ages

    Make 5x transactions on the transaction account a month, ez, no other conditions

    • 2 many hoops

    • Don't you mean, Boq 5.0% for ages?

      They exited the top savings accounts ages ago

      • Nope boq is base rate 0.05% plus bonus of 5.45% for a total 5.5%

        • +1

          If you are under 36

Login or Join to leave a comment