Home News Rabobank lifts savings account rates to join the 4% club

Rabobank lifts savings account rates to join the 4% club

Rabobank has increased its savings account rates in line with its competitors, joining Macquarie, ING and Bank of Queensland to offer a rate beginning with a 4.

By Jacob Cocciolone

Updated on 13 Oct 2022 First published 13 Oct 2022

Fact Checked

Rabobank lifts savings account rates to join the 4% club

The Dutch multinational bank has increased the 4-month introductory variable rate to its High Interest Savings Account by 40 basis points (0.40%) taking the rate to 4.00% p.a.

The 4.00% p.a. offering applies to new Rabobank customers for savings balances up to $250,000 with no deposit or withdrawal conditions to earn the rate.

New customers looking to take advantage of the 4.00% rate can only open one High Interest Savings Account with Rabobank.

@savings.com.au Rabobank has joined the 4% savings club, increasing its High Interest Savings Account to 4.00% p.a. 💰 For all the latest savings news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #rabobank #moneytok #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, Rabobank increased its PremiumSaver account by 25 basis points (0.25%) to a rate of 3.40% p.a.

To receive this rate up to balances of $250,000, customers are required to deposit $200 each month.

RBA’s latest deposit rate data details since the cash rate begun climbing north in May, bonus or introductory savings account rates have increased from an average of 0.45% to 2.25% p.a, meaning Rabobank is 175 basis points ahead of the average.

Those in the '4% club' include Rabobank alongside Macquarie and Bank of Queensland with ING being the current market-leader at 4.05% p.a.

Australian Mutual Bank also has a 4% p.a. savings account, but it's for under-18s and has a deposit cap of $5,000.

The 4% Savings Club

Bank	Rate Per Annum	Conditions
ING	4.05%	Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month
Rabobank	4.00%	4 month intro rate, reverts to 2.75% p.a. max balance $250k
Macquarie	4.00%	4 month intro rate, reverts to 3.20% p.a. max balance $250k
Bank of Queensland	4.00%	Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions,
Australian Mutual Bank	4.00%	Ages 0-18, max balance $5k

Source: Savings.com.au Market Research

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Deposit amount

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Provider	Base interest rate	Max interest rate	Total interest earned	Introductory Term	Minimum Amount	Maximum Amount	Account Keeping Fees	Min. Monthly Deposit	Min. Opening Deposit	Linked account required	ATM Access	EFTPOS Facility	as ofAugust 21, 2024

	4.40^%_p.a.	Intro rate for 4 monthsthen 4.40% p.a. 5.75^%_p.a.	^$289	4	^$0	^$250,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance
FEATURED High Interest Savings Account (< $250k) Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance More details
	–	5.50^%_p.a.	^$276		^$0	^$100,000	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED*Rate varies on savings amount	Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)
FEATURED*Rate varies on savings amount Save Account (<$100,000) Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au) More details
	4.75^%_p.a.	Intro rate for 4 monthsthen 4.75% p.a. 5.35^%_p.a.	^$269	4	^$0	^$249,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
FEATURED Savings Account (Amounts < $250k) A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace More details
	2.85^%_p.a.	Intro rate for 4 monthsthen 2.85% p.a. 3.55^%_p.a.	^$178	4	^$0	^$49,999	0	0	0	$product[$field["value"]]	$product[$field["value"]]	$product[$field["value"]]	More details
FEATURED	Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply.
FEATURED Savings Accelerator (Amounts < $50000) For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply. More details

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Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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Rabobank lifts savings account rates to join the 4% club

The 4% Savings Club

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

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Rabobank lifts savings account rates to join the 4% club

The 4% Savings Club

High Interest Savings Account (< $250k)

High Interest Savings Account (< $250k)

Save Account (<$100,000)

Save Account (<$100,000)

Savings Account (Amounts < $250k)

Savings Account (Amounts < $250k)

Savings Accelerator (Amounts < $50000)

Savings Accelerator (Amounts < $50000)

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Comparison Rate Warning and Base Criteria

Monthly Repayment Figures

Related Brands

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