High Interest Savings Account

Great news - we're giving all new customers a special introductory variable rate! It's our way of saying Welcome to RaboDirect.

All you need to do is open a High Interest Savings Account and your special introductory rate will automatically be applied to each and every cent you save (on balances up to $1 million) for 4 months from the day you open it, after which you revert to our competitive standard variable rate. It's really that simple.  We believe that's how it should be.

And don't worry, after your first four months, you'll get our great standard variable rate.

• Take advantage of our special introductory variable rate, guaranteed to be higher than our standard variable rate for four months  - applicable for balances up to $1 million

• Interest is calculated daily and paid monthly

• Available for DIY Super, Joint Accounts, Trust Accounts and Online SMSF

And here's how our new customer special introductory variable rate works:

Information last updated on 24/05/2013

*Rates shown are subject to change
 Not applicable to "On Behalf of" accounts.
 Different rates apply to business accounts

Did you open your account on or after 1 February 2013?
Great news! You'll continue to get our special introductory variable rate. Remember it's for four months from the date you opened your account then reverting to the standard variable rate, so make the most of it!

Did you open your account between 24 January 2013 and 31 January 2013?
Great news! You'll continue to get a 0.81%p.a. fixed bonus on top of the standard variable rate. We'll make sure this is automatically added to all the savings in your High Interest Savings Account (up to $1m). Remember it's for four months from the date you opened your account, so make the most of it, after which you'll revert back to our cracking standard variable rate!

Did you open your account before 1 October 2012?
Great news! As a thanks for being an awesome RaboDirect customer we're now giving you an even bigger variable loyalty bonus of 1.26%p.a on top of your standard variable rate for up to $1m of new money. (previously 1.20%p.a.).

How does it work you ask yourself... It's very simple. Check out the table below for your standard variable rate and add a 1.26%p.a. variable margin on up to $1m of new money you put into your HISA from 2nd April 2013 until 31st July 2013. So, you'll now earn up to 4.76%p.a. rather than the standard variable rate of 3.50%p.a.(on balances up to $250k). The loyalty bonus is subject to change at any time and does not apply to 'On Behalf of' and business accounts.

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, up to $1m of 'new money' added to your HISA will get an extra 1.26%p.a. variable margin above our standard variable rates. 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.

Don't fall into any of the above date ranges?
You're now getting our cracking standard variable rates! You will have rolled off any bonuses but that shouldn't stop you saving. Whatever you're saving for – doing it regularly gets you there sooner, especially with our great rates.

Don’t know when you opened your account?
No worries, log into RaboDirect Secure Online Banking and it is shown at the top of the home screen, right under your last log in date and time.

Information last updated on 24/05/2013

*Rates shown are subject to change
 Different rates apply to business accounts

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.

• No fees, no minimum balance and no minimum term

• Online access to other great savings products, like Notice Saver and Term Deposits

• Interest calculated daily and paid monthly

• Easy set up and online banking facilities

• Available for DIY Super and Online SMSF

• Safe award winning banking - Great interest rates not enough? Of course not, your money needs to be secure. Your money is super safe with us because we are part of Rabobank, one of the worlds safest banks* , we were also named 'Savings Institution of the Year' in Smart Investor's 2012 Blue Ribbon awards along with a raft of other accolades

*RaboDirect deposit products are issued by Rabobank Australia Limited, and are guaranteed by our ultimate parent, Rabobank, which has been ranked among the top 10 safest banks in the world for over 10 years in Global Finance magazine's "World's Safest Banks" list."

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.

Rate table compares variable rate accounts which do not require regular monthly deposits
Rates shown in table are based on a $10,000 account balance

Disclaimer:
Information accurate as at  and subject to change at any time.
*Rate shown applies to balances up to $250,000.
** Rate shown applies to balances between $250,000 and $1,000,000.

Comptetitor rate source: CANSTAR CANNEX

Note: Rates shown are as notified to CANSTAR CANNEX during the previous business day.
Financial data provided by Canstar Pty Ltd AFSL 312804. CANSTAR CANNEX's FSG and AFSL disclosure statement apply. RaboDirect has received permission from Canstar Pty Ltd to publish this information and does not endorse or accept responsibility for the accuracy or completeness of the information provided.

The special/promotional rates of other financial institutions may include introductory rates that apply for limited period of time and/or bonus rates (such as bonuses for regular deposits) that apply after satisfying certain conditions. The product information in this table is intended as a guide only and should not be relied upon. For the latest rates, and full terms and conditions of introductory and bonus rates, refer to respective product issuers' websites.

RaboDirect's High Interest Savings Account special introductory variable rate is subject to change at any time and applies to all new customers for 4 months from account opening on balances up to $1m, then reverting to the standard variable rate. Not applicable to "On behalf of" accounts.
Different rates apply to businesses

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

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!