Rabobank

[RandR]

Thanks to this thread - I have applied for and am awaiting opening of a Rabobank online saving account @ 6%

I was only getting 4.75% with Commbank (who are pretty reluctant to bump rates) and thought Rabobank would be a nice change. Simple & easy for anyone interested in doing the same.

UBank also had 6.5% but as they're a subsidiary of NAB I just couldn't fathom it (no good experiences with NAB).

How have others felt about RABO?

I havn't dealt with Rabo, but going off what im reading here will look into it in the future. But in regards to Ubank, ive also had one or two underwhelming experiences with NAB, but can only say good things about Ubank. If they didnt tell me they were a part of NAB i wouldnt believe it, very much a completely different experience.

 

[Julia]

Thanks to this thread - I have applied for and am awaiting opening of a Rabobank online saving account @ 6%

I was only getting 4.75% with Commbank (who are pretty reluctant to bump rates) and thought Rabobank would be a nice change. Simple & easy for anyone interested in doing the same.

UBank also had 6.5% but as they're a subsidiary of NAB I just couldn't fathom it (no good experiences with NAB).

How have others felt about RABO?

I was happy to use them while they were offering 6.4% but when they dropped the rate to just 6% and when that only applied on funds up to $200K, then FALLING to I think 5.4%, I took my funds out. Better offers elsewhere.

I can't believe they are offering a REDUCED rate on higher amounts!

Apart from that, they are terrific to deal with, quick, efficient and responsive to any queries. Love the little device that gives you secure access to your savings.
If they up their rate I'll be back. Still have small amount keeping the a/c open.

 

[RandR]

I can't believe they are offering a REDUCED rate on higher amounts!

I thought that (lower rates for higher amounts) was the standard across most bank interest bearing accounts ? or am i wrong ... ?

I know deposits dont change much as the dollars go higher but i thought the standard saver accounts have in general scaled back.

 

[Bill M]

I was happy to use them while they were offering 6.4% but when they dropped the rate to just 6% and when that only applied on funds up to $200K, then FALLING to I think 5.4%, I took my funds out. Better offers elsewhere.

I can't believe they are offering a REDUCED rate on higher amounts!

Apart from that, they are terrific to deal with, quick, efficient and responsive to any queries. Love the little device that gives you secure access to your savings.
If they up their rate I'll be back. Still have small amount keeping the a/c open.

Hi Julia, as you know I was a big fan of Rabo Bank but as you say 6% just doesn't do it for me either. I jumped ship, have now opened up that online account with UBank, set up a $200 p/m auto saving plan and I will get 6.51% at call. As you say the service was good but over half a percent in interest rates is just too much to just let slip by. UBank are currently the best on call. Oh buy the way St George uped their 5 year term deposits to 7.2% a few weeks ago and now they dropped it to 7%. Rates are going up aren't they? What are they doing.

 

[awg]

I am ruthless. I ring them and give them 48hrs to match another offer.

If they do not I close the entire account.

Moved to ING at 6.4%

I am also very wary of offers that drop you back if you make any withdrawls, ie to do a trade..Rabo falls into this category unfortunately.

I partially keep cash so I can trade.

As Bill M would know, much better rates on various Corporate debt

MXUPA and SVWPA both paying over 11%, few clicks of a button to buy or sell

 

[Julia]

Oh buy the way St George uped their 5 year term deposits to 7.2% a few weeks ago and now they dropped it to 7%. Rates are going up aren't they? What are they doing.

Hi Bill, I think they sometimes put out a short term offer at a higher rate when they need to shore up their deposit base. This was how I got SUN at 8%. They were advertising only 7% but I asked, quoting that WBC was offering 8% at the time, and they didn't hesitate to say yes. The person I dealt with said at the time "we need more deposits right now".

 

[tinhat]

I found that UBank (subsidiary of NAB) has better rate of interest on their savings account. I have two accounts with them:

1. Personal saving account. Need to make a deposit every month to earn the bonus interest rate of 6.5%

2. SMSF account which earns 6.4% bonus rate. To get the bonus rate for the month you can't make any withdrawals otherwise I think the interest rate is 4.4%