RaboDirect High Interest Savings Account

Moneybuddy says

The RaboDirect High Interest Savings Account offers a bonus variable interest rate of 6.01% p.a. for the first 4 months. After that the rate reverts to a competitive 5.40% p.a. Interest is calculated daily and paid monthly. There is no minimum balance and high levels of security.

The Basics

Interest paid Monthly

Interest calculated Daily

Headline interest rate p.a. 6.01%

Monthly fee $0

Account type Savings

The cool stuff: features

ATM access No

EFTPOS access -

Branch access No

Internet Banking -

Age restrictions -

Cheque book facility -

Debit card No

BPAY -

GiroPost -

Phone access -

The Facts & Figures

Balance less than $1k (p.a.) 6.01%

Balance less than $5k (p.a.) 6.01%

Balance less than $25k (p.a.) 6.01%

Balance greater than $100k (p.a.) 5.61%

Min. balance $0

Min. opening deposit $0

Number of free elect transactions per month -

The ugly stuff: fees

Other bank ATM fee -

EFTPOS transaction fee -

Branch assistance fee -

* Important note: All product information comes from the product provider or an affiliate and to the best of our knowledge is correct at time of publishing. Money Buddy earns a referral fee in the form of a commission payment per successful application from redirecting website users to RaboDirect's website. Website users have no obligation to apply for a product or service that they may be referred to by this website.

RaboDirect says

The major banks and their low interest accounts are stealing your dreams. Steal them back with RaboDirect. We are currently offering a bonus interest rate to all new customers of 0.61%p.a* on top of our standard variable rate for balances under $1 million. All you need to do is open a High Interest Savings Account and you will be eligible for the bonus rate. It is available to all new customers for 4 months from account opening. For balances up to $200k you will automatically earn 6.01%p.a. variable special rate on every dollar for the first 4 months. For balances between $200k and $1 million you will automatically earn 5.61%p.a. variable special rate on every dollar for the first 4 months.

Key features

6.01% p.a. variable rate on every dollar in your account
Over $200k attracts a reduced interest rate
No sneaky terms and conditions
No fees
Your money available at call
From Australia's safest bank

Pros

No fees
No minimum balance
6.01% p.a for 4 months

Cons

Over $200k attracts a slightly reduced interest rate

Terms & conditions

Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. When you click on the "apply online" link you will have an opportunity to review the savings account terms and conditions on the savings account issuer's web site.