How does the bonus rate work for new customers?
The major banks and their low interest accounts are stealing your dreams
Steal them back with RaboDirect
We are currently offering a bonus interest rate to all new customers of 0.75%p.a* on top of our standard variable rate for balances under $1 million.
All you need to do is open a High Interest Savings Account and you will be eligible for the bonus rate.
It is available to all new customers for 4 months from account opening
For balances up to $250k you will automatically earn 5.60%p.a. variable special rate on every dollar for the first 4 months. This then reverts to our standard variable rate, which is currently 4.85%p.a.
For balances between $250k and $1 million you will automatically earn 5.25%p.a. variable special rate on every dollar for the first 4 months on that part of your balance. This then reverts to our standard variable rate, which is currently 4.50%p.a.
After the initial 4 months, your rate will revert to the standard variable rate that applies to your account balance.
Earn an extra 0.75%p.a. above the standard variable rate
Bonus rate for every dollar for the first 4 months after you open your account
The Bonus rate is applicable for balances up to $1million
Interest calculated daily and paid monthly
Available for DIY Super, Joint Accounts, Trust Accounts and Online SMSF
And here's how our bonus rate works with our tiers:
These rates apply to all new Personal, Joint, DIY Super, Trust and online SMSF accounts.
Balance | Standard variable rate (p.a.) | Bonus rate (p.a.) | Bonus + standard variable rate (p.a.)* |
Under $250k | 4.85% | 0.75% | 5.60% |
$250k to $1m | 4.50% | 0.75% | 5.25% |
Over $1m | 4.25% | n/a | n/a |
*Special rate does not apply to "Accounts on behalf of an another person" or Purpose Saver accounts.
Different rates apply to businesses
Information last updated on 16/05/2012
How does the bonus rate work for existing customers?
How does the bonus rate work for existing customers?
Did you open your account after 2 February 2012?
Great news! As at 16 May 2012 we've increased the bonus rate from 0.61% to 0.75%. The new bonus rate will be applied to all savings in your High Interest Savings Account (up to $1m) from 16 May until the expiry of 4 months from your account opening date.
Did you open your account before 2 February 2012?
Every additional dollar deposited into your High Interest Savings Account which is over and above the amount of your balance recorded as at 2 February 2012** used to earn a 0.75% bonus. Great news! Those additional dollars, and any more deposited after 16 May until 30 June 2012, will now earn the increased bonus rate of 0.75% on top of the standard variable rate, currently 4.85%p.a.on balances up to 1m.
And here's how our bonus rate works with our tiers:
These rates apply to all Personal, Joint, DIY Super, Trust and Online SMSF accounts from 16 May.
Balance | Standard variable rate (p.a.) | Bonus rate (p.a.) | Bonus + standard variable rate (p.a.)* |
Under $250k | 4.85% | 0.75% | 5.60% |
$250k to $1m | 4.50% | 0.75% | 5.25% |
Over $1m | 4.25% | n/a | n/a |
*Special rate comprises a 0.75%p.a. fixed margin above our standard tiered variable rates for balances up to $1m.
Customers who opened an account after 2 February 2012: Special rate applies to all savings in your HISA (up to $1m) until the expiry of 4 months from your account opening.
**Customers who opened a RaboDirect account before 2 February 2012: Special rate does not apply if the amount of either your HISA balance, or the combined balance of all your RaboDirect deposit accounts (i.e. HISA, Purpose Saver, PremiumSaver and Term Deposits) falls below the amounts recorded as at the end of 1 February 2012.
Special rate does not apply to "Accounts on behalf of another person" or Purpose Saver accounts
Different rates apply to businesses
Information last updated on 16/05/2012
Features and Benefits
Stealing your dreams back is easy with RaboDirect's High Interest Savings Account
At RaboDirect we want to make your dreams come true, be it a holiday, a house or that sports car
you've always wanted.
New Customers:
Earn a standard rate of 4.85%p.a. on every dollar, every day (on balances up to $250k)
Earn a bonus rate of 0.75%p.a.* on your savings for 4 months (total rate 5.60%p.a.*)
Existing customers who opened their account after 2 February 2012:
Existing customers who opened their account before 2 February 2012
And the best part!
No fees, no minimum balance and no minimum term
Get online access to other great savings products, like Term Deposits
Interest calculated daily and paid monthly
Easy set up and online banking facilities
Available for DIY Super and Online SMSF
Different account options including - Joint, Business, Diy Super and more
And here's how our standard variable tiered rates work:
These rates apply to all Personal, Joint, DIY Super, Trust, and Online SMSF accounts.
Balance | Standard variable rate (p.a.) | Bonus rate (p.a.) | Bonus + standard variable rate (p.a.)* |
Under $250k | 4.85% | 0.75% | 5.60% |
$250k to $1m | 4.50% | 0.75% | 5.25% |
Over $1m | 4.25% | n/a | n/a |
*Special rate comprises a 0.75%p.a. fixed margin above our standard tiered variable rates for balances up to $1m.
Customers who opened an account after 2 February 2012: Special rate applies to all savings in your HISA (up to $1m) until the expiry of 4 months from your account opening.
**Customers who opened a RaboDirect account before 2 February 2012: Special rate does not apply if the amount of either your HISA balance, or the combined balance of all your RaboDirect deposit accounts (i.e. HISA, Purpose Saver, PremiumSaver and Term Deposits) falls below the amounts recorded as at the end of 1 February 2012.
Special rate does not apply to "Accounts on behalf of another person".
Different rates apply to businesses
Information last updated on 16/05/2012
See how our great rates compare to other banks
Straight talking from RaboDirect
Because we're straight talking and want the very best for our customers we always aim to offer market leading rates. Check out how we stack up against our competitors.
This table compares online savings accounts that do not require regular deposits.
| Product | Special rate
(% p.a.) | Standard rate
(% p.a.) | Fees | Min deposit | Max deposit |
|---|
RaboDirect
High Interest Savings Account | 5.60* | 4.85~ | Nil | Nil | $250K |
AMP
eASYSAVER | 5.20~ | 4.95 | Nil | $0 | n/a |
ANZ
Online Saver Account | 5.50~ | 3.75 | Nil | $0 | n/a |
BankWest
Telenet Saver | 5.65~ | 4.25 | Nil | $0 | n/a |
Bank of Queensland
Web Savings Account | 5.65~ | 4.00 | Nil | $2,000 | n/a |
|
Citibank
Online Saver Account | 5.70~ | 4.25 | Nil | $0 | Special rate
not applicable over $2M |
Commonwealth Bank
NetBank Saver | 5.20~ | 3.75 | Nil | $1 | Special rate
not applicable over $5M |
HSBC
Serious Saver | 5.55~ | 4.25 | Nil | $1 | 6.05% for 4 months
for balances up to $1mil |
ING Direct
Savings Maximiser | 5.60~ | 4.00 | Nil | $0 | Special rate
not applicable over $250K |
| NAB iSaver | 5.00~ | 3.65 | Nil | $1 | n/a |
| Suncorp eOptions | | 3.85 | Yes~ | $0 | n/a |
St George
Maxi Saver | 5.70~ | 4.30 | Nil~ | $200 | n/a |
| Ubank USaver | | 4.91 | Nil~ | $200 | n/a |
| Virgin Saver | | 4.75 | Nil~ | $0 | n/a |
| Westpac eSaver | 5.60~ | 4.25 | Nil~ | $0 | n/a |
*Variable bonus rate is on every dollar for balances up to $250000.00 for the first 4 months after you open your account.
~Conditions apply to bonus rates. Please check the appropriate Financial Institutions terms and conditions for details .
Information last updated on 16/05/2012. Source: Infochoice
How to open an account
Steal your dreams back in just 3 easy steps
Step 1
Complete the quick and easy online application form in minutes.
Step 2
Link your everyday bank account with your High Interest Savings Account.
Step 3
Throw on your togs and get down to the beach while your savings work harder than you’ll ever have to
$4 Billion in lost interest
Want your claim of $4 billion in lost interest?
In our recently launched advertising campaign, we call the major banks out for using low interest accounts to “steal" people's dreams.
You might have a few questions about the $4 billion in lost interest, so we thought we would explain what we mean – but also what you can do to make sure you avoid missing out.
What do we mean by $4 billion in lost interest?
This number is the calculation of potential savings from interest Australians might have made had their surplus cash been invested in a high interest savings account, rather than leaving it in a low interest account, such as a transaction account.
$4 billion? That's a lot of money!
Actually, $4 billion is a conservative estimate. The upper end of the estimate is somewhere around $6-8 billion mark.
It translates to about $550 per person per year. We think you should know about that so you can be sure to review your cash holdings and move money into high interest accounts whenever possible.
What does this mean for me as a saver?
Apart from the obvious benefit of tapping into this pool of potential savings by switching to a high interest savings account, it also highlights the need for all of us to be more aware of the type of product we are using to house our money.
There is a clear difference between ‘savings' and ‘transaction' bank accounts but often there is confusion between
the two because of the names they are given.
What can I do to avoid the “low interest account" trap?
People have a great opportunity to wake up their savings. We encourage Australians to have a closer look at how they are using their banking products, and to seek information about products and services to check that they deliver what they promise. If it says 'savings' it should deliver savings, not erode your money!
