Review of Rabobank RaboDirect High Interest Online Savings Account

I was one of the first people in Australia to open Rabobank’s Raboplus high interest savings account (since rebranded to RaboDirect High Interest Savings Account). Since then it has consistently offered a high rate of interest and high level of security against bank account hackers.


Comparison with Similar Accounts

  • Extremely high interest rate to help your savings grow faster
  • With RaboDirect the same high rates apply to individual people, businesses, trusts and self managed super funds (SMSF)
  • RaboDirect issues a free Digipass to all customers which provides high security two-factor authentication.
  • You can call RaboDirect customer service on their 1800 number but the account is online-only, with no branches or telephone banking to pay bills or transfer money
  • No minimum deposit, monthly fees or withdrawal penalties
  • The Rabobank Group has the highest possible credit rating (AAA) from Standard & Poor’s, Moody’s and Dominion Bond Rating Service
  • Rabobank is Europe’s number 1 online bank and has over ten years of Internet banking experience

rabobank rabodirect high interest account digipass

The Digipass

This account is perfect for people worried about their computers security while netbanking because even if someone gains access to your customer number they can’t access your money because they don’t have your Digipass (pictured at right).

This is what Rabobank calls “two-factor authentication” because your account is protected by two things: something you have in your hand (the Digipass); and something you remember in your memory (your Customer Number and PIN code).

The Digipass is a ‘random number generator’ that creates one-time access codes. The codes are used to identify you as a user, log you on to your accounts and verify transactions. The Digipass gives you peace of mind knowing that your financial information is always protected.

Netbanking Interface

The RaboDirect website (shown below) has a simple design which is easy to use and offers all the features you need eg: Transfer money, Interest earnt report (for your tax return), statements, secure message service to ask RaboDirect customer service questions etc.

Open a Rabobank RaboDirect high interest savings account right now online – it’s fast and easy

rabobank RaboDirect netbanking interface

19 thoughts on “Review of Rabobank RaboDirect High Interest Online Savings Account”

  1. I use Ing direct. Similar concept. I think i might give this a try too.

    EDITOR: Why on earth would I want to do that? ING direct haven’t offered the highest interest rates for ages, they’re always 1/2 to 1 percent behind the market leading banks

  2. There’s a woman blogging about how she’s trying to save her financial life at Judging from the latest post it’s going to be pretty tough

  3. 7.1 % !! That’s incredible. There are stocks and even some mutual funds that don’t perform this well. As far as I can tell this is available beyond Australia? I have a friend ( in Seattle, of all places ) who would love to take advantage of this. Bank of America pays around 2.5 % interest on their savings accounts.

    EDITOR: Hi Forrest, I checked and part of the terms and conditions are: “Your residential and postal addresses must be in Australia, you must be an Australian tax resident”

  4. 7.25% is quite high interest rate for saving account. Where else we can get this offer of higher interest than this. But, unluckily there’s no way to pay bills or transfer money to other people directly with Rabobank. Otherwise I would also want to try.

  5. Rabo does seem a great deal at moment at 7.25% Not sure how secure the money is tho? Have been with ING for several years and they seem OK. Does anyone know if RABO has the same guarantee as a bank?

    EDITOR: Rabobank has a AAA credit-rating, is considered among the top 10 safest banks in the world, and enjoys an award-winning sustainability rating in economic, environmental, and social categories.

  6. Here in the United States I use ING Direct. It sounds very similar to RABO. Boy I wish that ING direct would offer 7.25% interest rates. That is amazing.

  7. I used Raboplus for about a month before Bankwest offered me 8.25% to switch back to them. I offered Raboplus the chance to match the rate and they declined. Both accounts offer similar features.

    EDITOR: Bankwest doesnt have the 2 factor security system. Also Bankwest doesn’t have the best reputation when it comes to reliable online banking access

  8. Be carefull.

    Here in the Netherlands Rabobank is marketleader. However, I figure they will use the same trick in Australia as they do here. They offer a new product with a high interest rate. Once many new customers have opened a new account, they lower it slowly.

    An example. When they introduced their internet savings account they offered a ‘high’ rate of 4%. Since then they lowered it an now their rate is one of the lowest in the Netherlands.

    Keep searching for the best rates.

    EDITOR: Interesting news thanks.

    ING Direct (another Dutch bank) did the same thing when they came to Australia. Initially for the first few years they offered the best rate and the slowly the rate dropped as their customer base grew

  9. Not so lucky in Singapore..

    There’s a chinese saying “Living in good luck but unaware of it.” So count yourselves lucky dudes. The highest we’re offered now is about 1-1.25%.

    Citibank initially offered a “high interest” of about 2% and subsequently reduced to about 1% now.

  10. Macquarie Bank (Australia) offer 7.75% with their on-line account call Cash XL. It can be linked to their Cash Management Trust account which has 6.61%.

    EDITOR: that Macquarie product is a trust not a bank account and therefore has a higher risk

    Units in the trust are not deposits with or other liabilities of Macquarie Bank Limited or of any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. None of Macquarie Bank Limited, MIML or any other member company of the Macquarie Group guarantees the performance of the trust or the repayment of capital from the trust or any particular rate of return. Investors do not hold a retail deposit directly with the bank.

  11. I have been using Rabo for the past 1½ yrs seeing they were offering the highest rate available at the time, higher than ING, they then offered a rate higher than 8% which was great for about 6 months but have now lowered it to 7.3%, I’m hoping they will up it again soon. With all the talk of the banks in the US & UK having problems I’ve been a little worried about my money. I was thinking of changing to St George who offering 8% at the moment till the end of the year but after doing some research and finding out that Rabo was the 4th safest bank in the world in 2007 behind a French, another Dutch and a German bank, and St George didn’t even come in the top 50 I’m staying with Rabo even though its 0.7% less as I know my money will be safe.

  12. This site seems relatively current so I’ll put my 2 cents in as well. I’ve been doing the bank account shuffle for some time now. Had a Commonwealth CDIA account paying 5.1% last April. Saw Telenet offering 7.75% so switched. Something for you Telenet holders is that you CAN have your income or share dividends paid directly into this account in spite of the fact that very few Bankwest staff members are aware of it.

    Telenet started dropping their rates on my account in spite of them continuing to offer a higher interest to new customers. Currently my Telenet is paying 4.45%. So in October I looked around and low and behold Members Equity were offering 0.5% more than Telenet as well as a $50 shopping voucher for new customers. So I opened my MEOnline account and transfrerred the bulk of my savings to it. Now a mere 75 days later their rate has dropped from 7.5% to 5% so the hunt was once again renewed.

    This time I stumbled across another option. I use the word stumbled because virtually none of the sites that advertise that they show all “The best Interest Rates” going, actually have this one listed.

    It is AMP bank. Yup, they now have a bank section and the best deal I have been able to find to date. It has one catch and that is it charges a $5 monthly fee. Now this would normaly have put me off cause there’s nothing I hate more than paying fees. But after the jerking aroung these other online accounts have been giving me I decided to research it nonetheless. Bottom line: It pays 5.85% which is 0.85% above ME. Nwow I know there are couple of smaller banks offering an introductory 5.75% but its only for a few months and their std rate is way lower so its not a decent option.

    AMP bank is different to all the other online banks I’ve either trialled or read about. For one it allows you to do all your banking on the one account. No need to transfer funds to an outside or linked account to pay bills or access your money. You get an ATM card that is free to use at all ATM’s that display the Cirrus Maestro logo. They offer you a free optional cheque book and deposit book. You get unlimited transactions, free B’Pay. Not having branches mkaes it a little awkward for depositing cheques, but unlike ME you get the option of posting them in without charge as well as the usual Gyro post which costs you.

    So apart from the $60 annual fee costs this is without doubt the best I’ve found to date. If you have more than $6717 in your savings account that fee is then offset by the extra interest you will earn on that 0.85% extra interest it pays above ME.


  13. The problem with the AMP account is that in early March 2009, ATM direct charging will be introduced meaning each ATM owner will charge the customer directly when withdrawing money, rather than the bank you have an account with. This means AMP will no longer be able to offer free transactions from ATMs. I read they have reached an agreement with RediATM who have around 1300 atms around Australia which sounds like a lot but there are actually about 3 in Melbourne CBD. So whilst it’s a great account, most users will be charged between $2 and up to possibly $10 each time they use an ATM, unless they hunt around for a RediATM. Such a shame given it was easily the best account in Australia.

  14. Wow, how the mighty have fallen. I’ve only just started a search for a new savings account and can’t get past the fact that there are comments on this post from Nov 2007 advertised at 7.25%!
    Raboplus now appears with a page for comparing interest rates and their rate is now at 4%..

    Hopefully the market bounces back soon, I’d love to see those high interest rates being offered again.

  15. RaboPlus customer service is a an absolute joke, its hard to believe that they actually exists.

    My Example:

    I had a maturing Term Deposit dated 06-08-2009, I received a letter post marked on the 24-08-2009, but only received the letter on the 28th asking if I would like to renegotiate this deposit at the same interest rate, as the one maturing on the 06-08-20009. and I needed to reply to them by by the 28th (yes 3 weeks for them to just mail the letter and 2 hours to respond). I did respond and they agreed to provide the offer to me provided I fax the letter back to them now, I said that I don’t have a fax in which to do so. Thier next best option was to mail the form back to them.

    I said that they are an online business now dependant on the mail, faxes letters etc, what a joke, “have they ever heard of email”. They said that the offer could only be made by letter as the email facilites were not secure. I agree, but why not email the offer and have some on-line form of accetance. This concept was lost on them.

    I got a call back an hour later saying that I could request this offer to be accepted using the secure email messaging once I had logged into their website. Fantastic I though now we are getting somewhere. Well my message was sent on the 1st of Sep, and now its the 7th of Sep. There has been no response to my “secure email” nor have they acted on the request. Called again today and they said their email had been down last week (what for the whole week) it unbelievable.

    What a joke this outfit is, I was confident in using them, now I wonder how incompetant they actually are. Banking is about trust, and they are beginning to loose mine.


    Lawrence, I’m unhappy to hear that we haven’t met your expectations recently.

    Unfortunately for that particular campaign we had some challenges around delivering an elegant (secure) online solution in time, so we opted for a more traditional paper based application. It allowed us to make the right kind of offers to customers, but brought it’s own challenges – such as postal deadlines. But it’s great to have your feedback – of course we can always improve!

    I’ve passed your comments on to our marketing and contact centre teams to follow up as best we can (and quickly) with the information you’ve provided.

  17. Now tell me this review wasnt posted by an employee or someone otherwise affiliated with raboplus!

    EDITOR: sorry to spoil your suspicions but the review is independent.

    And to prove it I’ll state that at present the 4.5% rate offered by Rabo’s High Interest Savings Account isn’t competitive at all. Their Premium Saver account at 5.5% is worth a look but only if you’re not going to withdraw from it because if the balance falls you only get 3.5%

  18. I’ve been looking for a good 2 months now on the right savings account for my husband and I. We plan on moving to Seattle soon and want a secure place to put our money. Its difficult and dont know whether to choose a European account or just stick with the US hearing the comments on this page. If you have any true honest suggestions pls leave some.


  19. I would like to speak to someone about the term depsoit and are Rabodirect govt garuanteed your return email or phone contact number would be highly regarded.

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