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 $250k you will automatically earn 6.01%p.a. variable special rate on every dollar for the first 4 months.
For balances between $250k and $1 million you will automatically earn 5.61%p.a. variable special rate on every dollar for the first 4 months.
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
For new and existing customers
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* | Rate % p.a. |
$0 - $250k | 6.01 |
$250k -$1M | 5.61 |
$1M+ | 4.75 |
* 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.
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^ | Rate % p.a. |
$0 - $250k | 6.01 |
$250k -$1M | 5.61 |
$1M+ | 4.75 |
^ Tiered rates do not apply to Purpose Saver accounts.
**Special rate comprises a 0.61%p.a. fixed margin above our standard tiered variable rates and applies to existing customers’ new deposits (up to $1m) until 30 June 2012.
Special rate does not apply if the combined balance of all your RaboDirect accounts fall below the amount recorded for these accounts as at the end of 1 February 2012.
Different rates apply to businesses
Information last updated on 20/02/2012
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. Whatever your dreams:
Open a RaboDirect High interest savings account
Earn a standard rate of 5.40%p.a.* on every dollar, every day (on balances up to $250k)
For new customers - Earn a bonus rate of 0.61%p.a.* on your savings for 4 months (total rate 6.01%p.a.*)
For existing customers - Earn a bonus rate of 0.61%p.a.* on your savings until the 30 June 2012.
Get online access to other great savings products, like Term Deposits
No fees, no minimum balance and no minimum term
Interest calculated daily and paid monthly
Easy set up and online banking facilities
Available for DIY Super
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 new SMSF Online accounts.
Balance* | Standard Rate % p.a. | Bonus Rate % p.a. |
$0 - $250k | 5.40 | 6.01 |
$250k -$1M | 5.00 | 5.61 |
$1M+ | 4.75 | 4.75 |
* Tiered rates do not apply to Purpose Saver accounts.
Different rates apply to businesses
Information last updated on 20/02/2012
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 |
|---|
| High Interest Savings Account | 6.01* | 5.40~ | Nil | Nil | $250K |
AMP
eASYSAVER | 5.20~ | 4.95 | Nil | $0 | n/a |
Bank of Queensland
Web Savings Account | 5.65~ | 4.00 | Nil | $2,000 | n/a |
BankWest
Telenet Saver | 5.80~ | 4.75 | Nil | $0 | n/a |
Citibank
Online Saver Account | 5.80~ | 4.75 | Nil | $0 | Special rate
not applicable over $2M |
Commonwealth Bank
NetBank Saver | 5.25~ | 4.25 | Nil | $1 | Special rate
not applicable over $5M |
ING Direct
Savings Maximiser | 5.85~ | 4.50 | Nil | $0 | Special rate
not applicable over $250K |
| NAB iSaver | 5.50~ | 4.15 | Nil | $1 | n/a |
| Suncorp eOptions | Nil | 4.50 | Yes~ | $0 | n/a |
| Ubank USaver | 6.01~ | 5.41 | Nil~ | $200 | n/a |
| Westpac eSaver | 5.50~ | 4.25 | Nil~ | $0 | n/a |
| Virgin Saver | 5.85~ | 4.65 | 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 20/02/2012. 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
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
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!
