RaboDirect Savings Accounts

As online saving accounts become the most popular and highest interest option, more and more online banks have been established.

One of Australia’s newest additions to online banking is RaboDirect, backed by the Netherlands-based RaboBank.

With no overhead or branch fees to worry about, RaboDirect offers affordable deposit and savings accounts, managed funds and term deposits with some of the most competitive interest rates around.

In fact, praise for RaboDirect’s products have come from across the industry, with awards from the likes of Money Magazine and Smart Investor for 2011 and 2012.

To give you an idea of what has garnered RaboDirect such high praise, here is a look at the savings account options this online bank currently offers.

High Interest Savings Account (HISA)

Rabo’s High Interest Savings Account has no fees or minimum balances and does not require a linked RaboDirect account, making it easy for anyone to sign up quickly and manage their savings goals.

This account has one of the highest interest rates on the market, with a standard variable rate of 5.4% and a bonus rate of 6.01% for the first four months.

The only potential disadvantage is that the ongoing 5.4% is only available for balances up to $250,000.

For balances between $250k and $1 million, it goes to a slightly lower 5%, and any amounts above that earn 4.75% per annum. These rates are still incredibly competitive but it is good to be aware of this structure, particularly for people who are considering the HISA as a DIY Super option.

PremiumSaver Account

The PremiumSaver is a great account for people who want to improve their saving habits, offering a base interest rate of 4.25% p.a. that increases to 5.6% when $200 or more is deposited in a month.

It also offers unlimited withdrawals, no fees and a range of options for joint or business accounts.

While there is no maximum balance limit, amounts of $1 million or more will only earn the standard 4.25% per annum regardless of whether or not $200 is deposited every month.

Term Deposit

RaboDirect gives people the option of monthly, quarterly, half yearly or yearly Term Deposit accounts with minimum deposits starting from as little as $1000.

Like most term deposit accounts, interest rates are based on the amount of money in the account and the term selected. Rates start from 4.5% for a monthly term account and go up to 6.5% for five-year terms.

All of the term deposit rates are available for personal accounts, businesses, DIY Super and Self Managed Super Fund options, so you can save money in as many ways as you want.

RaboDirect gives people a chance to get the best savings options without requiring them to switch their transaction accounts or other financial services over.

This kind of flexibility and competitive pricing means you can find the best account options easily and use them to your advantage as quickly as possible.