Fees & Features of the RaboDirect High Interest Savings Account

Bank with freedom at RaboDirect

At RaboDirect we aim to give you the tools and freedom you need to manage your savings and investments from the comfort of your home

We pride ourselves on listening to our customers and providing a banking experience that meets their needs. As a RaboDirect Customer you'll enjoy...

Interest Rate	3.40%p.a.
Minimum Deposit	$1
Minimum Balance	NONE
Interest Paid	Monthly
Interest Compounds	Monthly
Interest Calculated	Daily
Transfers In/Out	FREE
Account Fee	NONE

Automated savings plans

If you have a particular savings goal in mind, e.g. house, car or retirement, then our Regular Savings Plan can help.

Our Regular Savings Plan lets you transfer funds into your account on a regular basis, e.g. weekly, fortnightly or monthly, saving you time and keeping your savings on track.

How saving regularly works

Printable Tax Certificates & Statements

Most banks give you the option to print off statements, but how many go as far as letting you print off your Tax Certificates as well?

At RaboDirect, your Statements and Tax Certificates are generated dynamically and stored historically for your convenience. So when it's time to arrange your finances you can instantly print the copies you need.

Instant access to Term Deposits

Term Deposit Clock From within your Savings Account we've made it ultra simple to transfer funds into a Term Deposit.

At RaboDirect our Term Deposits are created automatically for you. So there's no going into branches, filling out paperwork, picking up the phone or sending off instructions.

Instant access to Managed Funds

Bull Bear The hardest thing about investing in Managed Funds from your Savings Account is choosing which Managed Fund to invest in.

At RaboDirect we provide access to over 35 Managed Funds from 6 Fund Providers spread across 10 investment categories including Cash, Property and Equities. To get started simply find a fund that matches your appitite for risk.

Extra interest before it hits the bank

Free Parking When you transfer funds to our Savings Account you'll start earning interest immediately, even before your money is cleared (which can take up to 3 business days).

Access to Business, Trust & Children's Accounts

Business Children Trust You'll be pleased to hear our Children's accounts get the same high interest rate on their savings and we also provide savings accounts for Businesses and Trusts.

Calculate the potential growth of your savings

Savings Reviews

You've rated us 3 out of 5

Well Rabo, the end of the 4% is near, what's your next move? I hope it's a good one, or my money will be going elsewhere!

John Baird, Acting GM: Hi Rob, Yes our “New Money” investors have been privy to an exceptional On Call rate, and we trust that the products and service we are able to offer in the future will appeal to all our customers. As a new customer you may not be aware that we continually aim to offer competitive rates across our term deposits, high interest on call savings and our PIE products. If you opted in for our communications, you’ll be receiving an email containing all the latest rates and offers that we have available. We hope you’ve had a good experience so far and can continue to enjoy RaboDirect’s rates in the future.

Reviewer: Rob

Used to love Raboplus as it was always able to offer better call rates than other banks. Also referred many people. But some of the promotions have been questionable , as they only rewarded new customers and new deposits, rather than existing customers. The latest promotion where you will only give bonus interest on 'new' money means that at the end of January when it ends, I will need to remove all my money (a substantial amount) to deposit in higher interest accounts with other banks. I did benefit from this, as I did only had some money in my account at the time the promotion was launched due to your low rates at the time, but I don't think it is a good way to get customers money for only a short period of time. Other banks are offering 4% on call. If there is a future promotion I may move some back, but it will need to be a lot better than 4% on call. Hope to love Raboplus again in the future.

John Baird, Acting GM: Hi Matt, Thank you for your comments. We are glad you were able to benefit from our last promotion and are sorry that our current no strings cash rate of 3.4% isn’t as high as the 4% offer you can get elswhere right now. It’s hard when not comparing apples with apples, as we know that some of the accounts out there offering 4% have some strings attached, like no withdrawals allowed. We do hope to see you back again when we might be doing another great rate, as we intend to remain competitive across all types of savings accounts and term deposits.

Reviewer: Matt