If you are looking for an experienced online savings bank as well as being part of RaboBank, one of the world’s safest privately owned banks that has been in continuous operation since 1898, then you have been looking for Rabodirect.

Savings Account Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Balance/Min Deposit
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account		 5.6% 4.85% 0.75% $0 $0 / $0 Enquire

Rabodirect has no connection with the stock market as it is privately owned but its strength comes from it being part of a cooperative bank. This means it can concentrate on its exclusive online service and pass these lower costs to its online customers in the way of greater savings.

If being big is an indication of success Rabodirect’s parent body RaboBank has all the credentials as it is one of the world’s 25 largest financial organizations with more than $A1,000 billion in assets. It is now operating in 46 countries worldwide and has nine and a half million customers. To service all this RaboBank employs 61,000 people worldwide. Rabodirect has its head office in Sydney, Australia while the international RaboBank Group has its head office in the Netherlands.

Australian customers of Rabodirect have all deposits under $1 million guaranteed by the Australian Federal Government and RaboBank. The Australian Government guarantee will cease on 12 October 2011 unless it is extended depending on the world economic situation at that time.

Rabodirect offers all its online customers world standard savings bank facilities with the following accounts:

  • High Interest Savings
  • Term Deposits
  • Premium Saver

High Interest Savings

This account attracts a low rate on all balances up to a $1 million limit. There are no account fees to pay, no minimum balances to worry about and no hidden catches as you will find with some offers because Rabodirect is, as its name implies, always direct and up front in all its dealings with its online customers.

To sum up the benefits of depositing your money with Rabodirect High Interest Savings you only have to read down this impressive list of features:

  • Different rates for business accounts.
  • Interest calculated daily and paid monthly.
  • Account access 24 hours a day, 7 days a week.
  • No fees and no minimum balances.

Term Deposits

Rabodirect offers a low interest rate for Term Deposits and you can choose when you would like your interest paid, automatically online. Rabodirect can advise investors of the best way to use their term deposits as there are several ways to go about this type of investment depending on your overall investment strategy. These differing strategies can assist with your cash flow and maximize savings. Depending what you are trying to achieve. The main points that make Rabodirect stand out include these listed here:

  • Open your Term Deposit online in just minutes.
  • Rabodirect Term Deposits are available to both DIY superannuation funds and businesses.
  • Start your Term Deposit with as little as $1,000.
  • Choose to have your Interest paid monthly, quarterly, half yearly or yearly.
  • Select a term to suit you. Anything from one month to five years.
  • Receive fixed interest rate certainty.

Premium Saver

The Rabodirect Premium Saver online savings account is presently returning investors 6 percent a year but to earn the maximum rate you must retain a monthly closing balance of $200 higher than your monthly opening balance (businesses a $2,000 balance). These amounts do not include interest earned. If you don’t manage the $200 balance increase in any month you will still earn interest but not at the higher rate, the lower rate a year.

Overall you will be paid the lower interest rate if you fall into any one of the following categories:

  • Your closing balance at the end of a month is not at least $200 more than the opening balance for that month.
  • If the funds you withdrew during the month were not fully replaced(as well as the $200 required increase).
  • The required monthly balance increase is not in your account and cleared prior to 5.30 pm EST or eastern Australian daylight savings time, whichever is applicable, on the last business day of the month.
  • If your balance exceeds $1 million a different rate will apply to any deposits that exceed the $1 million. Business rates also differ from individual rates.

If you are one of those who believe that big is best then you can’t go past Rabodirect for all your online savings accounts. Rabodirect who’s parent company is the worldwide RaboBank guarantees your funds are secure and safe while paying high interest rates on both savings and term deposits.



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