Rabobank Savings Accounts

Explore Rabobank’s savings accounts and compare them with Savvy to find the one best suited to you.

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, updated on August 8th, 2023       

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One of the world’s largest agricultural banks, Rabobank has been providing those in Australian metropolitan and regional cities with a range of savings account options for more than 15 years. Their suite of savings accounts includes term deposits, bonus savers and online savings accounts.

Comparing with Savvy can help you weigh up each of these accounts’ different and unique variables. By considering your options with us, you can find an account with the best interest rate and the lowest fees to maximise the growth of your balance and fast-track the achievement of your savings goals.

More about Rabobank savings accounts

What types of savings accounts are available with Rabobank?

Rabobank offers several different types of savings accounts to new and existing customers. Compare these with Savvy to find the best savings account for you. These accounts include:

Up to $250,000 $250,001 to $1 million $1 million to $2 million Over $2 million
High Interest Savings Account
5.50% p.a.*
3.20% p.a.
3.20% p.a.
3.20% p.a.
Purpose Saver Account
3.20% p.a.
3.20% p.a.
3.20% p.a.
3.20% p.a.
4.85% p.a.
3.45% p.a.
3.45% p.a.
3.45% p.a.
Notice Saver***
5.00% p.a.
3.55% p.a.
3.55% p.a.
3.55% p.a.

(Effective 8 August, 2023)

*The High Interest Savings Account interest rate for balances up to $250,000 is an introductory rate for the opening four months of the account. After this period, the rate will revert to the standard variable rate of 4.20% p.a. (as of 8 August, 2023)

**The above PremiumSaver rates represent the account balance increasing by $200 per month. For balances not increased by $200 per month, a rate of 3.00% p.a. applies (as of 8 August, 2023)

***The above Notice Saver rates represent the highest available interest for each balance, which is with a notice period of 90 days.

High Interest Savings Account

Banks offer introductory interest rates, otherwise known as ‘honeymoon’ or ‘teaser’ rates, to entice new customers. Rabobank offers this on their High Interest Savings Account, with the ability to earn a higher introductory rate for the initial four months after opening an account. Once this period ends, your interest rate reduces to the standard variable rate, which is paid monthly. This account comes with no monthly fees or minimum balance requirements and you’re limited to holding only one of these accounts.


This account rewards good savings habits with a bonus interest rate which is dependent on your savings account balance. To qualify for the bonus interest, you must grow your balance by $200 every month.

Interest is paid monthly on this account, which has a lower base interest rate applied if you don't meet the bonus interest criteria. If you miss out on the bonus in one particular month, you can qualify again in the following month. These are fee-free accounts and you won't be restricted on the number of withdrawals you can make.

Notice Saver

Unique to Rabobank, the Notice Saver requires you to give notice before dipping into your money. The bank says this can help curb the temptation to dip into your funds because you know you don’t have instant access.

The account comes with three options: a 31, 60 and 90-day notice period. Once you opt to access your money, the funds will be accessible on the following business day after your notice period lapses. While this account is similar to a term deposit because it makes it harder to access your funds, the Notice Saver allows you to contribute whenever you want. This account comes with no monthly account fees.

Term Deposits

Designed for savers happy to ‘set and forget’ money to earn a competitive fixed interest rate over a set term, Rabosaver’s term deposit is a low-risk and low-cost way to save. Opening one of these accounts requires you to deposit a minimum of $1,000, which is a lower opening deposit requirement than many other banks and institutions. As with any other term deposit, you will need to provide your bank with 31 days' notice if you want to alter your terms or tap into your money. You’ll be charged a $30 break fee for accessing your money early, however.

Interest rates vary depending on the term limit you choose. Interest is paid annually, and the rates are among the most competitive on the market. The maximum rates for different term lengths include:

  • 4.75% p.a. – three months (interest paid at maturity)
  • 5.00% p.a. – six months (interest paid at maturity)
  • 5.10% p.a. – 12 months (interest paid annually)
  • 5.00% p.a. – 24 to 36 months (interest paid annually)
  • 5.20% p.a. – 60 months (interest paid annually)

If you want to estimate how much interest you can earn at different payment frequencies, you can use Savvy’s compound interest calculator.

Farm Management Deposits

Droughts, extreme weather and other unforeseen circumstances can impact your income if you’re living off the land. Tailored to primary producers and agribusinesses, Farm Management Deposits let you put aside pre-tax money to create a financial buffer for use when times are tough.

You can invest between $1,000 and $800,000, with fixed or variable interest rate options available. Variable interest gives you 24/7 access to your money. Fixed rates can be locked in for up to two years and depend on your balance and term.

SMSF, Business and Trust Savings Accounts

Rabobank offers each of the above products for self-managed super funds (SMSFs) also, with the available interest rates being slightly than those applicable to their personal savings products. This offers SMSFs a range of different options so they can find one which best suits their investment strategy.

The same is true for business owners and those operating trusts, who can access any of these account types to help boost their company's overall savings. These rates are lower than those of personal and SMSF accounts. However, for SMSFs, businesses and trusts, the term deposit rates are all the same.

How do I open a Rabobank savings account?

Most of Rabobank’s savings account options can be opened online, with the exception of the Farm Management Deposit account. The bank promotes that it takes just minutes to open a savings account through their website. You must be at least 16 years old and an Australian resident to open an account.

Applying online is relatively straightforward. You’ll need to submit your personal information, contact details, job title and address as well as your tax and residency information through the bank’s secure portal. Rabobank will also ask you to prove your identity by providing a copy of your driver’s licence or passport. Once they have all of this information and are happy with it, you can go ahead and open your account.

To open a Farm Management Deposit account, you’ll need to download a PDF application form. You’ll need to print the form, complete it, sign it and return it to the bank along with any relevant documents.

Pros and cons of Rabobank savings accounts


No account keeping fees

Added up over the course of a year, account fees can begin to eat into the interest you earn. Rabobank’s savings accounts come fee-free, potentially saving you $5 every month and hundreds over several years.

Link to any everyday account

Rabobank allows you to link your savings account to an everyday account with any Australian bank, which is a key difference from other banks who make you open a transaction account with them.

Competitive interest rates

Earning interest is one of the key advantages of savings accounts, and the rates on Rabobank’s accounts are up to four times higher than some of their competitors.


Various account conditions

The PremiumSaver comes with low interest rates, and in order to earn a bonus high rate, you must grow your balance by more than $200 every month.

Higher age restrictions

While many banks allow those over the age of 14 open savings accounts, most of Rabobank’s accounts have an age limit of 16 years old.

Limited branch access

The big banks have a larger branch footprint in Australia, with some boasting more than 700 outlets. However, Rabobank has just 60 bricks-and-mortar branches scattered across the country.

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