Get a guaranteed return with our Term Deposit
When you open a new RaboDirect account, you'll also automatically get a High Interest Savings Account in your savings portfolio, ready when you need it.
1. Apply using our
online form
2. Link your
everyday account
3. Get our mobile banking app
4. Start your
savings plan
The most commonly asked questions
How many Term Deposits can I open?
You can open as many Term Deposits as you like with a maximum value of $2 million per term.
Are there any account keeping fees?
No, RaboDirect does not charge any account fees on any savings accounts or Term Deposits.
Is there a minimum amount required to open a Term Deposit?
Yes, there is a minimum opening deposit of $1,000 for all our Term Deposits.
Is there a maximum amount for a Term Deposit?
Yes, there's a max amount of $2m per Term Deposit period
How will I know when my grace period expires?
We will notify you prior to maturity advising you of the start and end dates of your grace period. Please ensure your contact details are current so that you will receive these notifications.
When is interest paid on a Term Deposit?
For investment periods of less than 1 year, interest is paid on the maturity of the Term Deposit. For investment periods of 1 to 5 years, interest can be paid monthly, quarterly, semi-annually and annually depending on interest payment frequency selected.
Is there a penalty for breaking my Term Deposit?
How do I transfer funds into my RaboDirect account?
You can transfer funds into your High Interest Savings Account (HISA) using the 'Transfer in' feature if you have allowed direct debit authority on your linked account. You can also transfer funds into any of your RaboDirect HISA or PremiumSaver accounts via electronic funds transfer (EFT) from most Australian accounts using your RaboDirect BSB and Account number.
Can the interest rate change?
Yes, interest rates offered on our High Interest Savings Account, Purpose Saver, Notice Saver and PremiumSaver are variable and may change. Our Term Deposits have fixed rates.
We'll always let you know when the interest rates change.
Can I install the app on more than one phone or tablet?
Yes, you can download and register the RaboDirect Mobile Banking App on up to six devices per account.
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