Reviewer: Rob

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: Matt

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: Karen

What do you say to the con-going trend of everyday banks offering higher interest rates in both savings accounts and term deposits? I noted you purposfully miss out The National Bank on your On Call Person Savings accounts comparision. They currently offer 4.00%!!! but yet all you can offer me is 3.4%!

John Baird, Acting GM: Hi Karen Thank you for your comments. The account I think you maybe referring to is the NBNZ e-saver, which has strings attached, as the rate drops to 0.1%p.a. if you make any withdrawals, or fail to add a minimum deposit each month. Their regular online savings account pays only 3.0%p.a.. We only compare our no strings account rate to similar styled accounts and are confident that our rate is very competitive.

Reviewer: Doug Elliott

Just to let people know that HSBC (UK) are going over to digipass for on line banking. I rate Rabo with the best.

John Baird, Acting GM: Hi Doug Thank you for letting us know and it is great to hear that we have been ahead of the market with our security for some years and still are! RaboDirect takes our customers security very seriously and we don’t compromise our standards. Our customers have the best.

Reviewer: George

What can I say that's new regarding your interest rates - nothing, it's all been said before. Reading the reviews I can only feel sorry for the person who has to reply to everyone berating the pathetic rates offered. You have already lost close to $200,000 to other Banks and my last $25,000 will be leaving on the 30th as well. Your choice - and mine! I can get 4.5% with monthly interest anywhere, why would I stay?

Reviewer: John

AS soon as i can get my term deposit out ,i will be gone.The arrogance with which you treat your existing customers,in this time,is amazing.I have had nearly a million with you previously but never again.

John Baird, Acting GM: Hi John, thanks for your comments, and we are sorry that you think we have become arrogant, it certainly isn’t our intention.  We do believe we have tried to look after our existing customers over the years, with many top rates and special offers, including the fantastic Term deposit campaign last year, and we will continue to offer great rates wherever we can.  And our on call rate, at 3.40%p.a. is still the best no strings cash rates in the country for existing customers– despite the drop last year (which was in line with all the other banks after the RBA cut it’s rate).  We will continue to offer great rates wherever we can, however this will include new customer special offers, a practice most other banks use.

Reviewer: William Alexander

Always been a fan of Rabo, been with them for the past several years both here and in Australia. But how about a RaboDirect iPhone App??? When are the issues going to be sorted out when using Google Chrome??? And I wouldn't mind having the option of opting out of using the digipass every time I have to log in, It's a bit of a hassle and means I have to take that with me everywhere I go to access my accounts. Cheers

John Baird, Acting GM: Hi William. Thanks very much for your feedback and I’m pleased to be able to say that we successfully piloted an iPhone app for Digipass recently. We are currently doing the analysis to help decide what global mobile solution will be chosen for the future. 

Reviewer: Oliver

You'd think that an online bank would put more effort into their online systems! * Ongoing problems with Chrome, and no sign of progress for months; * Taking months (and several incorrect attempts) to generate end of year tax statements; * Unusable statement exports that are missing basic information such as the direction of a transaction; * Increasingly frequent website errors when attempting to place fund orders; * Some pages spontaneously appearing in French (I kid you not); * Archaic three-day hold on transfers (versus overnight everywhere else) I've been a customer for over two years and many of these problems have existed for that entire time, with no sign of being fixed. This has all the hallmarks of a system that was set up and then not maintained, just being left to gradually rot over time. I've given up on reporting these problems - nothing ever gets fixed. The *only* thing keeping my account open now is a marginally better interest rate, and that's only because of the "bonus interest" offer which expires soon. Once that's gone, the mediocre rate is not enough to put up with the hassle

John Baird, Acting GM: Hi Oliver, thanks for your feedback. I hope you will forgive us for the occasional human error, which I think like all banks we attempt to eliminate or at least reduce, but one always crops up from time to time. We consider all feedback, positive or negative and thank you for taking the time to provide it. There is currently a project underway to significantly update our secure banking site, and in the meantime, our current secure banking site is constantly being reviewed and improved. You are right, it is disappointing that our secure site isn't currently compatible with Google Chrome, but the issue seems to have originated from an update that Google put in place. A number of other banks and organisations worldwide reported similar issues. With regards to the transfer time, even though the funds don't clear into your account for three days, you begin earning interest with us on day one. You should also note that even without the bonus interest, our no-strings On Call savings account offers the highest interest rate in the market.

Reviewer: Dave Gillies

I have been reading all of the horrible one star reviews Rabo has been getting lately. Why doesn't Rabo just give 4% to everyone with oncall deposits over a four month period. So easy to do and everyone is happy. It really would not cost Rabo that much money to retain all their loyal customers.