HISA HISA
Up to 4.30 % p.a.
intro variable
rate up to $250k*

High Interest Savings Account

  • Absolutely no fees, no minimum balance
  • No need to switch banks for your everyday banking
  • Special introductory variable rate of up to 4.30%p.a.*

Giving it to you straight

How does the new customer introductory rate work?

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.

Make the most of your special introductory variable rate with a Regular savings plan. Set it up to coincide with your payday. That way, your money is in your savings account helping you achieve your savings dreams before it reaches your wallet.

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

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

Balance

Standard variable rate (% p.a.)

Special introductory variable rate (% p.a.)*

Up to $250,000 

3.20

4.30

$250,001 to $1,000,000 

2.85

3.95

Over $1,000,000 

2.85

2.85

Information last updated on 01/04/2014

*Rates shown are subject to change. Not applicable to "On Behalf of" accounts. Different rates apply to Business, SMSF and Trust accounts.

I'm an existing customer, what's my rate?

To see the exact interest rate your HISA balance is currently earning, log in to Online banking and click "view rates" next to your High Interest Savings Account on the home page.

Have you thought about setting up a Regular savings plan? Just set it up to coincide with your payday. That way, your money is helping you achieve your savings dreams before it reaches your wallet.

Did you open your account less than 4 months ago?
Great news! You 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!

Opened your account more than 4 months ago?
You're now getting our cracking standard variable rates! You will have rolled off the special introductory variable rate 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 Online Banking and you'll find it at the top of the home screen, right under your last log in date and time. You can also view your interest rates by selecting 'View rates' from the 'My quick links' menu on the right hand side.

Balance

Standard variable rate (% p.a.)

Up to $250,000 

3.20

$250,001 to $1,000,000 

2.85

Over $1,000,000 

2.85

Information last updated on 01/04/2014

*Rates shown are subject to change. Different rates apply to Business, SMSF and Trust accounts.

What are the features and benefits of our High Interest Savings Account (HISA)?

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
  • Set up a Regular savings plan to reach your goals even quicker
  • Easy set up and online banking facilities
  • Award winning banking - Great interest rates not enough? We were also named 'Savings Institution of the Year' in Smart Investor's 2012 and 2013 Blue Ribbon awards along with a raft of other accolades

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.

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

Institution Product Special introductory variable rate (% p.a.) Standard Variable Rate (% p.a.) Max Deposit ($) Promotional Period Key Introductory Conditions
RaboDirect
( Up to $250,000 )
High Interest Savings Account 4.30* 3.20*   four months from opening Special intro rate for New Customers only
RaboDirect
( $250,001  - $1,000,000 )
High Interest Savings Account 3.95 2.85   four months from opening Special intro rate for New Customers only
RaboDirect
( Over $1,000,001 )
High Interest Savings Account 2.85 2.85 5 mil N/A  
ANZ Online Saver
Bank of Melbourne
Maxi Saver
Bankwest Smart eSaver
Bankwest TeleNet Saver
Citibank Online Saver
Citibank Ultimate Saver
Commonwealth Bank
NetBank Saver
ING DIRECT
Savings Accelerator
ING DIRECT
Savings Maximiser
Macquarie Bank Macquarie Cash XL
NAB iSaver
Rural Bank One
Personal Saver
St.George Maxi Saver
Suncorp
Everyday Options Sub Acc
Virgin Money
Money Saver
Westpac
eSaver

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 $250,001 and $1,000,000 . Different rates apply to Business, SMSF and Trust accounts.

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

How to open an account

Steal your dreams back in just 3 easy steps

Complete the quick and easy online application form in minutes.

Link your everyday bank account with your High Interest Savings Account.

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!

One sign up, all our products, anytime

As a RaboDirect customer, when you sign up to one of our products you have access to them all. Now that’s convenience.

Call 1800 445 445

Top FAQs

How does the new customer Introductory variable rate work?

You don't need to do a thing, if you have opened an account with RaboDirect, the special introductory variable rate is automatically applied to all the money you put into your High Interest Savings Account for four months from the date you open your account. Special introductory variable rate applies to all balances up to $1m. It is subject to change at any time and reverts to the standard variable rate after 4 months.

What are your tiered rates and how do they work?

The interest rate you earn depends on your account balance.
The tiers shown below are our standard variable rates and do not include any bonus rates.
Tier 1: 3.20%p.a. for the portion of your account balance up to $250k.
Tier 2: 2.85%p.a. for the portion of your account balance above $250k to $1million.
Tier 3: 2.85%p.a. for the portion of your account balance above $1million.

Different rates apply to business accounts.

Can the interest rate change at any time?

The interest rates on our High Interest Savings Accounts are variable. A variable rate means that it is subject to change at any time. We always strive to have competitive rates over the long term. We also show our competitors rates on our website to make it easy for you to compare us with the other banks.

How do I link my account?

Link your account video

All you need to do to link your accounts is transfer money from the same account you specified in your online application form into your RaboDirect account. Please type 'Verify account' in the reference field of this transaction and your account will be linked. Please keep in mind that it can take up to 2 working days for this amount to reach your RaboDirect account. Please make sure your RaboDirect and Linked account are in the same name.