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 0.61%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 $1million you will automatically earn 5.41%p.a. variable special rate on every dollar for the first 4 months.
For balances over $1 million you will automatically earn the standard variable rate of 4.80%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 0.61%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
And here’s how our bonus rate works with our tiers:
These rates apply to all personal, joint, DIY Super, Trust and new SMSF Online accounts.
Balance* | Bonus Rate % p.a. |
Up to $1m | 5.41 |
$1m+ | N/A |
* Tiered rates do not apply to Purpose Saver accounts.
Different rates apply to businesses
Information last updated on 20/02/2012
How does the bonus rate work for existing customers?
How does the bonus rate work for existing customers?
The bonus rate of 0.61% will automatically be applied to any additional deposits existing customers make from
2 February 2012. The bonus rate ends on the 30 June 2012.
Every additional dollar deposited into your High Interest Savings Account which is over and above the total combined balance of your RaboDirect deposit accounts (i.e. HISA, Purpose Saver, PremiumSaver and Term Deposits) as at midnight 1 February 2012, will earn the bonus rate on top of your standard variable rate.
Features and Benefits
Optimise your cash flow with an easy access High Interest Savings account
Transfer your money in and out of your account when you need the cash during the quarterly tax cycles.
Stash your GST and PAYE cash in a Business savings account and have it earning interest until the bills need to be paid.
Whatever your dreams:
Open a RaboDirect High Interest Savings Account
Earn 4.80%p.a. on every dollar, every day (on balances up to $1m)
Earn a bonus 0.61%p.a* on your savings for 4 months (total rate 5.41%p.a.*) for new customers
Access to term deposits and low fee wholesale managed funds
No fees, no minimum balance and no minimum term
Interest calculated daily and paid monthly
Easy set up and online banking facilities
And here’s how our rates work:
These rates apply to Business account.
Balance* | Standard Rate % p.a. | Bonus Rate % p.a. |
$0-$1m | 4.80 | 5.41 |
$1m+ | 4.80 | 4.80 |
* Tiered rates do not apply to Purpose Saver accounts.
Different rates apply to personal accounts
Information last updated on 20/02/2012
See how our business 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 |
|---|
High Interest Savings Account
Open an account | 5.41% on savings up to $1m | 4.80% on savings up to $1m | Nil | Nil | 4.80% p.a. on balances over $1m |
AMP Business
eASYSAVER~ | n/a | 5.10 | Nil | $2,000 | n/a |
ANZ Business
eOnline Saver* | n/a | 4.00 | Nil | $5,000 | n/a |
Bank of Queensland
Business Web Savings
Account* | 5.65 | 3.90 | Nil | $10,000 | n/a |
BankWest Business
Telenet Saver | n/a | 4.50 | Nil | $0 | n/a |
Citibank
Ultimate Business Saver* | n/a | 4.85 | Yes* | $10,000 | $1,000,000 |
Commonwealth Bank
Business Online Saver | n/a | 4.25 | Nil | $10,000 | n/a |
ING Direct Business
Optimiser* | 5.75* | 4.50 | Nil | $0 | $1,000,000 |
NAB Business Cash
Maximiser* | n/a | 4.25 | Yes* | $10,000 | n/a |
| Suncorp Business Saver* | n/a | 4.50 | Yes* | $1 | n/a |
Westpac Business
Cash Reserve* | n/a | 4.25 | Yes* | $10,000 | n/a |
Information last updated on 20/02/2012. Source: Infochoice
* The following terms and conditions apply to the rates and fees above:
- ANZ: Simply open an ANZ Business Online Saver by 10 February 2012 with a deposit of $5,000 or more and enjoy bonus interest of 1.75% p.a. until 29 February 2012. This is on top of the standard variable rate, currently 4.00% p.a.
- BOQ:Additional interest of 1.75% paid until 30 April 2012 for accounts opened after 3 January with balance of $10,000 or more. Limit $5m.
- Citibank: The first $10,000 does not earn interest. Over $1 million earns 3.40%.
- ING Direct: New customers receive a variable welcome rate of 5.75% p.a. for 6 months from account opening, on balances up to $1 million. Optimiser standard variable rate applicable at the time, which is currently 4.50%
- NAB: for $10K and over
- Suncorp: Fees apply to some transactions.
- Westpac: 4.00% up to $9,999; 4.25% over $10,000.
How to open an account
Steal your dreams back in just 3 easy steps
Step 1
Complete the online application form in minutes
Step 2
To verify your linked account, you need to transfer exactly $1.00 into your RaboDirect account from your other nominated financial institution with the reference 'Verify account'.
Step 3
Concenrate on your business and let your savings work for themselves
$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 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 deposits but often there is confusion between
the two.
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!
