Highest Interest Savings Account

[BELFORT]

Nobody owns them as such. They are a AAA rated based in the Netherlands I think.. they're roots are traditionally agribusiness related apparently.

I have an account with them and am impressed thus far. I've also had a FX trading account with them as well which was also quite good actually.

Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank.

Unlikely it would ever be called on , but just food for thought!

I have a usaver account set up, so easy to use - just have an auto drawing on my wages - gives you the bonus interest no problems!

 

[bellenuit]

WBC are offering 6% on new money in the esaver product until October

..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.

 

[drsmith]

..... and they just lost my money because they refused to extend the honeymoon offer to existing customers.

You could not just open a new eSaver account through their online application process ?

 

[RazzaDazzla]

..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.

+1!

I too am sick of banks and other businesses who make fantastic offers for their new customers, yet when an existing customer of some 10+ years inquires, they tell them no way!

I understand it is marketing to attract new business, but at least have the decency to extend it to your existing customers when they come cap in hand and politely ask for the same appreciation.

 

[alphaman]

Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank.

Rabobank Australia is an Australian bank and therefore covered.

 

[bellenuit]

You could not just open a new eSaver account through their online application process ?

I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID). You need to have a normal transaction account to move money into and out of the eSaver, so I would need a new transaction account too if I were to try and hide my identity. It is not worth the hassle.

Several years ago I had a high interest online account with Citibank (that's one I left off my list above). They then offered a higher interest for new customers and refused to give that to me when I asked for it. I said what would happen if I closed my account and opened a new one. They still said they would not offer it to me as I would not be regarded as a new customer, just a returning customer. I closed the account and moved my money elsewhere anyway on principle.

 

[drsmith]

I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID).

It might be worth a try then. You never know.

 

[Julia]

Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank.

Rabobank Australia is an Australian bank and therefore covered.

Belfort, as alphaman has said, Rabobank is completely covered by the government guarantee. You only needed to look at their website's home page to see this.
It might be a good idea to check your facts before you post misinformation.

Federal Government Deposit Guarantee

Rabobank Australia Limited, the issuer of RaboDirect, is covered by the Australian Federal Government guarantee of deposits. This includes deposits made with RaboDirect subject to the terms of the Government Guarantee which was announced on 12 October 2008. The guarantee covers all combined deposits up to $1 million per account holder in RaboDirect at call savings accounts and term deposits for a period of 3 years from 12 October 2008.

Rabobank Australia Limited, which issues RaboDirect, is prudentially regulated by the Australian Prudential Regulation Authority (APRA).

The liabilities of Rabobank Australia Limited are also guaranteed by the bank's ultimate Dutch parent, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A (known as Rabobank or Rabobank Nederland). Read more information in the Investor Relations section of the Rabobank Group's international website. http://www.rabobank.com/content/investor_relations/

I recently moved my at call cash to RaboDirect at 6.4% after - as several of you above - finding that ANZ would not extend their current offer to my existing a/c. They used to do this with no problem, but apparently the policy has been discontinued.

Rabobank are great to deal with: quick, efficient, helpful and courteous. They leave the big four for dead in every way.

 

[Sean K]

I recently moved my at call cash to RaboDirect at 6.4% after - as several of you above - finding that ANZ would not extend their current offer to my existing a/c. They used to do this with no problem, but apparently the policy has been discontinued.

Rabobank are great to deal with: quick, efficient, helpful and courteous. They leave the big four for dead in every way.

Sounds good Julia. I have some cash with ANZ coming out of term in August (6.15%) and if they don't give me a better rate, I'll be moving it around. Will be checking this mob.

 

[hmmm]

..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.

That is poor customer service! i used to work for westpac myself and ALWAYS closed the E-saver accounts and opened new ones for the customer to get them the bonus interest, and when people were inquiring about short term term deposits i always told them about this option because the E-saver would always return a higher interest rate than the term deposit and you could credit and debit the account at your desire without any fees. What surprises me is that the person didn't do it when if they had it would've counted towards their targets (which i hated). Even I used to close my own accounts and open the new ones so I would get that bonus interest. I wish i still worked there because i would do it for you...

 

[hmmm]

I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID). You need to have a normal transaction account to move money into and out of the eSaver, so I would need a new transaction account too if I were to try and hide my identity. It is not worth the hassle.

Several years ago I had a high interest online account with Citibank (that's one I left off my list above). They then offered a higher interest for new customers and refused to give that to me when I asked for it. I said what would happen if I closed my account and opened a new one. They still said they would not offer it to me as I would not be regarded as a new customer, just a returning customer. I closed the account and moved my money elsewhere anyway on principle.

You don't need a new transaction account, just close E-saver, open new one, that was my process, new customer or old customer. My suggestion is to go into a different branch and ask another person or speak to the bank manager directly, they are (mostly) very happy to keep your money when you tell them you're going to another bank, they might even show some discretion and give you extra interest which they have the power to do, just ask them. best of luck.

 

[robusta]

We have our personal savings in UBANK 6.51% thankyou very much.
The trouble is for our SMSF they only accept term deposit and we are looking to park some money at call when it is not in equities. Does anyone know of any at call accounts that will accept an account for my SMSF with a decent interest rate? ANZ only offers about 4.5%

 

[Julia]

We have our personal savings in UBANK 6.51% thankyou very much.
The trouble is for our SMSF they only accept term deposit and we are looking to park some money at call when it is not in equities. Does anyone know of any at call accounts that will accept an account for my SMSF with a decent interest rate? ANZ only offers about 4.5%

I have my SMSF cash at call online a/c with Rabodirect at 6.4%.
Have found them extremely easy to deal with and they have a great website where you can see your earnings updated daily.

 

[robusta]

Thankyou very much Julia I will look into Rabo Direct. Have a great weekend