This was posted 11 years 1 month 4 days ago, and might be an out-dated deal.

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Increases to Current Overall RaboDirect Balance Earn 1.2%pa Bonus (up to Total 4.95%) til 31-Jul

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Increases to Current Overall RaboDirect Balance Earn 1.2%pa Bonus (up to Total 4.95%) til 31-Jul
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tonester on 02/04/2013 - 13:43 rabodirect.com.au (123 clicks)
Last edited 02/04/2013 - 13:53

As a thanks for being a RaboDirect customer we're giving you a loyalty bonus.

How does it work you ask yourself… It's very simple. All new money you put into your HISA from today until 31st July 2013 will earn up to 4.95%p.a. interest rather than the standard variable rate of 3.75%p.a. (on balances up to $250k) that's an increase of 1.20%p.a.!

What is 'new money'?
We looked at the combined balance of each of your accounts (eg HISA, Purpose Saver, PremiumSaver, Notice Saver and Term Deposits) at 11.59pm 1st April, 2013. Anything over and above this balance is 'new money'. So, as long as your HISA and combined balance increase, any 'new money' added to your HISA will get an extra 1.20%p.a. variable margin above our standard variable rates on balances up to $1m. It's probably worth saying for the record, you can't move money from one of your sparkly RaboDirect accounts to another to get the bonus.

http://www.ozbargain.com.au/node/83409#comment-1084190

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  • [Deactivated] on 02/04/2013 - 13:48

    Just in time as the ME Bank 5.10% rate expired.

    • spendinghacker on 02/04/2013 - 14:01
      +1

      Expired? You mean the account opening period expired, right?

      As long as you opened a new transaction account with ME Bank or linked your savings account to an existing ME Bank transaction account then you get 5.10% for the first YEAR.
      http://www.mebank.com.au/personal/bank-accounts/online-savin…

      This is, to my knowledge, the best rate you can currently get in Australia on at-call savings. If anyone knows of a way to get more then 5.10% then please share.

      • tonester on 02/04/2013 - 14:05

        Expired? You mean the account opening period expired, right?

        yes, offer expired on 31/03/2013

  • spendinghacker on 02/04/2013 - 13:57

    Better deals out there for your money. RaboDirect will have to do better!

    ING Direct pays 5% for 4 months if you open a new account
    http://www.ingdirect.com.au/savings/savings_products/savings…

    • tonester on 02/04/2013 - 14:00

      what happens after 4mths?

      this deal rewards current customers :)

      • spendinghacker on 02/04/2013 - 14:08

        If you already have a Savings Maximiser then you are not eligible for that offer.
        You can still get the 0.75% bonus but RaboDirect still comes up better then that.

        http://www.ingdirect.com.au/interestrates.htm

        If you only have a transaction account or home loan with ING Direct, then you can get the promo.

        Here is what I do personally:
        Whenever ING Direct does a promotion on their Savings Maximiser that is worth my while (i.e. highest interest rate in Australia. will not accept anything less), then I open a savings maximiser and put my money in there.
        Once the promotional period ends, I get my money out and (this step is important!) CLOSE MY ACCOUNT.
        Then the next time they run a promotion for "new savings maximiser customers", I simply open a new Savings Maximiser account and repeat the process.
        I have been with ING Direct since 2005 and have done that at least 3 or 4 times. ING Direct used to be the most competitive bank in the country as far as the interest rates they paid on the deposits but that has not been the case for at least 3 years now UNLESS they run a promotion.

        This kind of behaviour might not suit everyone but it works well for me and I actually enjoy it a lot. After all, we all need a hobby….:-)

        • c64 on 02/04/2013 - 14:18

          surely you don't qualify as a new savings maximiser customer if you already had an account?

          but at the moment, the 5% paywave rebate outweighs any bonus interest on the maximiser account.

        • spendinghacker on 02/04/2013 - 14:25

          Incorrect. I sure do.

          The key is to not already have a savings maximiser account ON THE DAY THE PROMOTION COMMENCES. This is why I CLOSE my account as soon as the period of the promotional rate ends.

          Trust me mate…I've done it at least 3 or 4 times now but recently didn't bother since there are better rates out there then what ING Direct offers.

        • muncan on 02/04/2013 - 19:32
          +2

          5% ING paywave discount + 5.1% ME Bank = winning*

          *if you enjoy regularly transferring funds between accounts :-P

        • spendinghacker on 02/04/2013 - 19:40

          Love your style mate! (-:

          You just gotta make sure the Online Savings account with ME bank is linked to their online transaction account in order to get the 5.1%.

          However, no one ever said you gotta actually USE their transaction account so yea.

          I am sensing a kindred spirit here….

        • muncan on 02/04/2013 - 20:14
          +1

          ME Bank EveryDay MasterCard remains firmly attached to its welcome letter…

        • spendinghacker on 02/04/2013 - 20:28
          +1

          Mine would have been as well but I needed to use it in order to get the $50 bonus from ME Bank as part of another promotion they had.

          The ING transaction account was also opened for $50 bonus and then I got another $100 from them for referring other people to their "Orange Everyday" product. Those people also got $50 each as a bonus. Now I also obviously get 5% off for PayWave purchases.

          Not many people noticed that but AusPost has recently changed the EFTPOS machines in all their branches to the new ones that support Paywave. That means that you can get 5% off on any bill you pay in person using Post Billpay (provided it is one of the billing options available). As a result, I have now cancelled ALL my direct debits and am paying all of my bills at the Post Office and getting 5% off. If that promo does indeed end on June 30 (which I think it will), I will go back to paying by direct debit through my credit card and collecting Qantas FF points.

          As I said before, we all need a hobby….this is mine (-;

        • muncan on 02/04/2013 - 22:34
          +1

          You and me bud. http://www.ozbargain.com.au/node/90747#comment-1201968

        • muncan on 02/04/2013 - 22:43
          +1

          What I haven't tried, and I might be pushing my luck here, is opening multiple new accounts simultaneously… or opening/closing accounts repeatedly upon receipt of bonus amounts within the promotional period.

          From what I understand, this is completely legal and considered basic accounting 101.

        • spendinghacker on 02/04/2013 - 22:49

          You're good mate….you are dangerously good! It's a pleasure 'talking shop' with a fellow pro.

          With regards to your scheme above, there is no doubt that it is 100% legal. No question about that!

          With regards to opening multiple accounts or opening closing and then opening another one during the promotion period, I don't think it's gonna work. The bank will realise what you're doing and you will only get the benefit for the FIRST account you open. This is especially the case if they are paying you cold hard CASH as a bonus (instead of just bonus interest rate).

          Worth a try. Might give it a go myself next time around.
          Btw, can you remind me on July 1 to close my ING OE account? (-;

        • muncan on 02/04/2013 - 23:05
          +1

          Why not remind your future self, right now? http://www.futureme.org :-)

          Edit: Just don't use this service to send messages beyond 2018, as I got a reply from my future self informing me that they shut down somewhere in that year.

        • c64 on 04/04/2013 - 11:19

          beats me how ingdirect's transaction account is not number 1 in money mag. bankwest? bah. what absolute nonsense

        • spendinghacker on 05/04/2013 - 00:14

          They are pretty good but not perfect.

          If only they didn't charge for foreign currency conversion then I would say yes, it is the best transaction account in Australia.

          However, they DO charge (2.5%) so that leaves us with Citibank Plus as the ONLY transaction account in the land that won't cost you anything extra if you wanna withdraw cash and make purchases overseas after NAB killed their Gold Banking product.

          This means that Citibank plus is the only option for people who wanna make purchases and access their money overseas without paying currency conversion fees. With Citibank you also have fee-free access to the Westpac Westpac, St George, Bank of Melbourne and Bank SA ATM network regardless of the amount you withdraw whereas with ING you are forced to withdraw at least $200 if you don't wanna cop an ATM operator fee.

          I am far from being a fan of Citibank as a banking institution. They represent everything that's evil about banks! However, with their revamped Citibank Plus account, I am forced to say (reluctantly) that they currently offer the best personal transaction account in Australia.

  • c64 on 02/04/2013 - 14:04

    omg rabodirect's interest rates are so complex!

    • tonester on 02/04/2013 - 14:05

      how so?

      • c64 on 02/04/2013 - 14:07

        the list of "did you open your account between xxxx and xxxx" in the "i'm an existing customer, what's my rate?" section

        i opened on at the end of october 2012, which isn't even in the list. i assume it means i get the standard variable rate of 3.75%

  • spendinghacker on 02/04/2013 - 14:14
    +1

    Also, keep in mind that RaboDirect uses quite a complex security token and does NOT have an option for security codes to be sent by SMS. This means you gotta have the security device with you in order to access your account.

    The security device they use also has double authentication for transactions which means that whenever you wanna move your money around, you need to enter a security code from the website to generate a code on the device and then enter the security code from the device on the website. The security device itself also has a PIN which you must enter before you can even use it.
    No doubt this makes their Internet Banking VERY secure but that also makes it a bit of a pain to use as well as people who are not very technically savy might struggle at times. Hence, I def would not recommend this bank to my 80 year old grandma.

  • AssociatedRaboDirectAU @ Rabobank on 02/04/2013 - 14:46

    Hi OzBargain and followers,

    There appears to be a little confusion over two different offers we have. Hopefully this clarifies things:

    Existing customers - New Money Bonus
    We’re giving existing customers who created a RaboDirect account before October 1st 2012 an additional 1.2% variable on all NEW money added to their account until July 31st 2013. Note this is above our standard variable rates on balances up to $1m. It’s our way of saying thanks for staying loyal!

    New Customer – special introductory rate
    This is for new customers we currently offer them a special 4 month introductory variable rate of up to 4.95%p.a.

    Hope that this clarifies things. Please let us know if there is anything that's not clear. And thanks for the feedback on things like our digipass and rates tables very insightful.

    • spendinghacker on 03/04/2013 - 12:29
      +2

      Hi RaboDirect,

      You guys really need to consider the option to have security codes sent by SMS instead of the current DigiPass.
      Your commitment to security should be commended but I think you're going a bit overboard here.
      This is especially given the fact that your Internet Banking doesn't offer the "Pay Anyone" option at all and that you do not have a transaction account as part of your current offerings.

      Have a chat with your CEO (-;

      • AssociatedRaboDirectAU @ Rabobank on 08/04/2013 - 11:06

        Hi Gimni,

        Hearing your pain and thanks for the feedback. Some of our customers love the digipass others like you, find it a challenge.

        The good news is that we are exploring new options including mobile.

        Watch this space.

    • ufohunter on 04/04/2013 - 11:28
      +1

      If you want to say "thanks for staying loyal" - why not pay the bonus rate to the money people have deposited with you already instead of just new deposits?

      • c64 on 04/04/2013 - 13:15

        .

        • AssociatedRaboDirectAU @ Rabobank on 08/04/2013 - 17:21
          -1

          Hi ufohunter,

          The loyalty bonus on NEW money (deposits) is just a little something to say thank you to existing customers and give them added incentive to keep saving.

          Our rates are 0.75% above the RBA cash rate and remain competitive. But if you’re looking get the most out of your savings perhaps take a look at Notice Saver, it’s a new type of account that we recently launched, which offers up to 4.65% variable on balances up $250k. If you’d like more info on the Notice Saver: http://www.rabodirect.com.au/notice-saver/

        • spendinghacker on 08/04/2013 - 17:27

          It's up to 4.65%, not 5.65% according to your website. Big difference!

          With 5.65% I would play ball for sure but with 4.65% it's a "no deal" from me guys. You'll have to do better, especially given several of your competitors are offering higher rates.

        • AssociatedRaboDirectAU @ Rabobank on 08/04/2013 - 18:08

          Hi Ginmi,

          Apologies, that was a typo on my part, I have now corrected.

          Sorry to hear that Notice Saver is not for you. It's worth mentioning that whilst a few competitors offer a higher rate, this is usually for a fixed introductory period only. The 4.65% variable offered with the 90 day Notice Saver account is the standard rate.

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