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Savings & Term Deposits

Is the Term Deposit (TD) and fixed term Farm Management Deposit (FMD) early withdrawal fee changing?

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Yes. Effective from 1 August 2019 we are changing the way we calculate the cost to you for early withdrawal of Rabobank Term Deposits (TD) and fixed term Farm Management Deposits (Term FMD) opened or rolled-over on or after 1 August 2019.

How is the new early withdrawal fee calculated?

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If you request an early withdrawal of a TD or Term FMD opened (or rolled-over an existing fixed term) on or after 1 August 2019, we will apply an early withdrawal fee. The amount of the fee will be equivalent to reducing the interest rate on your TD or Term FMD by 10-80%, depending on the elapsed term. The closer the early withdrawal date is to the maturity date, the lower the early withdrawal fee will be.


% of elapsed term

Reduction to Interest Rate

0 to less than 20%

80%

20% to less than 40%

60%

40% to less than 60%

40%

60% to less than 80%

20%

80% to less than 100%

10%

 

Example: You have a $20,000 Term FMD invested for 1 year (365 days) at 2.50%p.a. and you request to withdraw it after 210 days. The interest that has accrued is: $20,000 x 2.50%p.a. x 210 / 365 = $287.67.

To determine the reduced interest rate to apply we divide the elapsed term of 210 days by the full term of 365 days to get an elapsed term percentage figure of 57.53%. In accordance with the above table, as the term elapsed is between 40-60%, we will apply a 40% reduction to the 2.50%p.a. calculated as follows: 2.50%p.a. – (2.50% x 40%) = 1.50%p.a.

Interest calculated using the new reduced interest rate is: $20,000 x 210 days x 1.50% / 365 = $172.60.

The interest adjustment is therefore: $287.67 - $172.60 = $115.07.

No early withdrawal interest adjustment will be applied if you withdraw funds within 7 days after reinvesting your term deposit (i.e. during the grace period).

 

How does the existing TD and Term FMD early withdrawal fee calculation work?

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The early withdrawal fee (break cost) is determined at the time that you request early termination. It is a calculation which reflects future cash flow losses incurred by us as a result of changes to interest rate differentials between wholesale rates and deposit rates applicable for the remaining period of your term deposit.

In addition to this break cost, we charge a $25 processing fee for Rabobank Online Savings customers (RaboDirect).

When will the new early withdrawal fee calculation apply?

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For TDs and Term FMDs opened or rolled-over/reinvested on or after 1 August 2019, the new early withdrawal fee calculation will apply in the event you request an early withdrawal. For TDs and Term FMDs opened or rolled-over/reinvested prior to 1 August 2019, the existing early withdrawal fee calculation will apply in the event you request an early withdrawal. 

Will the new early withdrawal calculation apply to both Rabobank and Rabobank Online Savings (RaboDirect) Clients?

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Yes. The new early withdrawal calculation will apply to all Rabobank and Rabobank Online Savings clients with TDs and Term FMDs that are opened or rolled-over on or after 1 August 2019. 

Why has Rabobank changed the early withdrawal calculation?

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To make it easy for you to understand and to help you make a more informed decision and understand the financial impact, also this change is aligned with how most financial institutions calculate early withdrawal costs on term deposits.

How does the new early withdrawal calculation compare to the existing calculation?

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The new early withdrawal calculation is easier to understand what the cost to you will be of an early withdrawal from your TD or Term FMD. We clearly explain the way the calculation works in our Terms and Conditions and on our website.

Please call our Client Services Team and ask to speak to one of our Client Service Representatives.

on 1800 025 484. We are open Monday – Friday between 8am and 6pm (AEST).

Are there any fees on Notice Saver?

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There are absolutely no fees on our Notice Saver Account, its feeless!

Are there fees and charges for business accounts?

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No, we do not charge any account fees on any savings accounts or Term Deposits.

Can I change a withdrawal instruction?

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If you want to change a withdrawal instruction on your Notice Saver Account, including changing the withdrawal amount and designated account. You'll need to cancel your standing instruction and then re-enter a new withdrawal instruction.

The notice period will then need to be served again in full. If you do wish to cancel a Notice instruction you will need to make the change prior to 12am the day before the transfer is due.

Can I choose to have interest added to the principal automatically?

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Yes. For investment terms of 1 year or less you may select to capitalise your interest payments in conjunction with our automatic re-investment option.

Can I make regular deposits just like a savings account?

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Yep. Notice Saver lets you make deposits at any time.

Can I view my matured Term Deposits?

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Yes. To see your matured Term Deposits, visit the 'Term Deposits' section in your online account.

Can the interest rate change?

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Yes, interest rates offered on our High Interest Savings Account, Purpose Saver, Notice Saver and PremiumSaver are variable and may change. Our Term Deposits have fixed rates.

We'll always let you know when the interest rates change.

Does the interest rate stay the same regardless of the interest payment option I choose on a Term Deposit?

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The interest rate will vary depending on the interest payment frequency chosen on your Term Deposit. View current rates and payment options on the Term Deposit page on our website.

How are the rates applied to HISA balances over $250,000?

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The interest paid to your account balance is broken down into the three tiers depending on your account balance.

  • Tier 1: for account balances up to $250,000.
  • Tier 2: on the portion of your balance between $250,001 and $1million.
  • Tier 3: on the portion of your account balance which is above $1million.

For example, if you have an account balance of $1,300,000 the first $250,000 will attract the Tier 1 interest rate, your balance between 250,001 and $1million will receive the interest applicable to Tier 2. Your remaining balance above $1million will receive the Tier 3 rate.

How can I make deposits/withdrawals from my account?

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You can deposit into your Rabobank Online Savings account at any time, from any bank account. To transfer money out of your Rabobank Online Savings account, a nominated Linked account is required that needs to be verified. 

How can I withdraw all my funds including interest from my Notice Saver?

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Before providing us with notice you should choose to have the interest on your Notice Saver redirected to your HISA.

How does Notice Saver compare to a Term Deposit?

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A Notice Saver is a savings account, a Term Deposit is a fixed deposit with a fixed rate and period. There are several key differences:

  • The Notice Saver interest rates are variable - a Term Deposit rate is fixed.
  • The rates offered on the Notice Saver are tiered like our HISA, i.e. different rates apply to different portions of your balance e.g. 0-$250K, $250-$1m, $1m+.
  • Notice Saver offers access to your money after the required notice period - a Term Deposit has a fixed investment period.
  • Notice Saver allows you to deposit money into the account whenever you like - A Term Deposit does not.
  • Notice Saver allows you to deposit funds as often as you like
  • You cannot break early

How do I cancel an automatic reinvestment?

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Automatic reinvestments can be cancelled online. Log into your Rabobank Online Savings account. On the Account tab scroll down to the list of 'Term Deposits' then click into the Term Deposit that you want to cancel the reinvestment. Scroll to the bottom, select ‘Manage reinvestment options’ then change to ‘Don’t reinvest now’ button.

How do I cancel a Term Deposit?

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To cancel your Term Deposit, please call us on 1800 445 445, from 10:30am to 2:30pm (Sydney time) Monday to Friday and we will arrange this for you. Please be aware that a 31 day notice period (unless your maturity date is sooner) plus an early termination fee will apply, these are detailed in the Terms and Conditions.

How do I close my Notice Saver Account?

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Before you can close your Notice Saver Account you will need to ensure that you have withdrawn all your funds. Your Notice Saver Account can be closed by calling us on 1800 445 445 between 8am and 7pm Monday to Friday AEST.

How do I know if I will get the higher interest rate?

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To check to see which interest rate your PremiumSaver is earning and if you need to add to your balance, log into Online banking and click on ""view rates"" next to your PremiumSaver account on the homepage.

How do I open a Notice Saver Account?

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Simply click on the ‘Apply now’ button in the top right hand corner and follow the prompts to create an Online Savings account.

How do I open a PremiumSaver Account?

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If you're already a Rabobank Online Savings customer, log in to your account and from the toolbar choose 'PremiumSaver'. From the home page, click on Open your PremiumSaver now. If you're a new customer just click the 'Apply now' button from the home or the PremiumSaver page of our website.

How do I open a Term Deposit?

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If you're an existing customer and would like to open a Term Deposit, login to your Online Savings account. On the ‘Account’ menu, scroll to the bottom of the accounts list. Click on ‘open a new savings account’, then follow the instructions to open a new Term Deposit. If you're a new customer, click on the 'Apply now' button on home or Term Deposit page on our website.

All Term Deposits are also set-up with a High Interest Savings Account (HISA) to be your 'primary account'.

Your HISA is connected to your Linked account, via which you put money in and take money out of your Rabobank Online Savings account(s).

How do I take money out of my Notice Saver?

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Your Notice Saver can transfer funds into your High Interest Savings Account or nominated Linked account.

All fund withdraws require you to set-up a transfer notice. To do this, log into Rabobank Online Banking or Mobile App. Your transfer will automatically happen on the next business day after your notice period has passed.

Please note, all notices must be received before 4pm for funds to transfer the next business day.

How do I transfer money into my Notice Saver account?

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Funds can be transferred into your Notice Saver account from any bank account, your High Interest Savings Account or nominated Linked account. 

Please remember that when you transfer into your Notice Saver, those funds are locked for the notice period nominated in the the account.

How do the tiered interest rates on my HISA work?

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There are three tiers and the interest rate offered depends on your account balance. These tiers apply to all personal, joint, Trust, and SMSF accounts; 

Tier 1: for account balances up to $250,000 
Tier 2: on the portion of your balance between $250,001 and $1million
Tier 3: on the portion of your account balance which is above $1million

Click here to check current interest rates

To see exactly how much interest you're earning, log in to Online Banking and click "view rates" next to your High Interest Savings Account on the home page.

How many accounts can my business open?

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You can have one High Interest Savings Account, one PremiumSaver, 3 Notice Saver accounts (1 for each Notice period) and as Term Deposits as you like.

How many Notice withdrawal instructions can I place?

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There's no limit on the number of Notice instructions you can place as long as you have sufficient cleared funds in the account.

How many PremiumSaver accounts can I have?

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You can have one PremiumSaver account.

How many Term Deposits can I open?

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You can open as many Term Deposits as you like with a maximum value of $2 million per term.

How many Trust accounts can my Trust have?

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A trust can only have one High Interest Savings Account with Rabobank. Once this has been established, you can also have an additional Purpose Saver Account.

How often is interest paid on a Notice Saver Account?

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Interest is calculated daily and paid into your Notice Saver Account on the first day of every month. You can also redirect the interest so that it is credited to either your High Interest Savings Account, Notice Saver or your Purpose Saver account.

I'm not sure what Notice period to choose, can I open more than one Notice Saver Account?

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You can open up to 3 Notice Saver Accounts, however can only hold one of each type of Notice Saver Account at any one time, i.e. 1 x 31 day Notice Saver, 1 x 60 day Notice Saver and 1 x 90 day Notice Saver.

I sometimes need to withdraw my money at short notice but still want to earn as much interest as possible. Can I use Notice Saver?

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Notice Saver won't let you take out your money before the notice period is up, for example if you have a 31 day Notice Saver then you cannot access your money before the 31 days are up. To make sure you get the most out of your money, we recommend that you consider maintaining some funds in your High Interest Savings Account, just in case you require immediate access to your money.

Is there a limit on how much I can withdraw from my Notice Saver?

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We have a transfer limit of $100,000. If you need more, you'll need to call us so we can verify your identity (for security purposes). Below $100,000, you can withdraw as much as you like up to the amount you hold in your account less any additional pending withdrawals you may have requested.

Is there a maximum amount for a Term Deposit?

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Yes, there's a max amount of $2m per Term Deposit period

Is there a minimum amount required to open a Term Deposit?

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Yes, there is a minimum opening deposit of $1,000 for all our Term Deposits.

Is there a minimum or maximum balance on PremiumSaver Accounts?

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There is no minimum balance for your PremiumSaver Account, however you need to increase your net balance by $200 ($2000 for business accounts) excluding interest before the last business day of each month in order to earn the higher PremiumSaver rate. Different rates apply to business, smsf and trust accounts and to the portion of balances over $250k. For information on business accounts, click here.

Is there a penalty for breaking my Term Deposit?

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Yes, fees are applicable. Please refer to the Terms and Conditions for details.

What are my options when my Term Deposit matures?

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Essentially you have 4 options:

  1. Choose to automatically reinvest the original sum (principal) plus the interest you have earned. You can change your mind up to the working day before the Term Deposit matures – so plenty of time. Plus we will give you a Loyalty bonus rate on your reinvestment term for sticking around.
  2. Top up the principal with more money and automatically reinvest the lot. You'll still be eligible for the Loyalty bonus on your reinvestment term!
  3. Choose to automatically reinvest only the principal into a Term Deposit and treat yourself with the interest you earned. Again you can do this up to one working day before the end of the term and you will still get the Loyalty bonus on your reinvestment term.
  4. Don't reinvest and transfer the principal and the interest earned to your HISA.

What are the benefits of Notice Saver?

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If you've ever dipped into your savings for an impulse purchase only to kick yourself after for giving into temptation then you'll like Notice Saver. Think of it like putting a timer switch on your money but unlike a term deposit you can top up the balance as you go. Plus you get a decent variable rate of interest to keep your savings working hard for you.

What are the rates for Business accounts?

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For up to date business account interest rates, click here.

What does 'automatic re-investment' mean?

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If you select automatic re-investment, upon maturity your money will be re-invested for another term of the same length. The prevailing interest rate at the time of re-investment will apply to the new term. For Term Deposits of 1 year or less you can also choose to capitalise or re-invest your interest in conjunction with your automatic re-investment option. In this case the interest earned on your maturing deposit will be added automatically to the principal balance of the new Term Deposit.

What if I change my mind about a withdrawal but forget to change the instruction?

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It happens; we'll still remember to transfer the money to your nominated account, so the money will come out of your account.

What if I don't contribute to my PremiumSaver Account?

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You'll still receive interest, however it'll be at the lower Premium Saver rate. For current interest rates, click here.

What if I need my money in a hurry and I haven't provided you with the minimum notice required?

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Unfortunately we can't release your funds early. You will need to serve a Notice period and access your funds at maturity. We recommend that you maintain some funds in an at call account in case you need funds in a hurry.

For Customers suffering financial hardship you can apply for early release of your funds. Please note that you will need to complete a statutory declaration as proof of your financial hardship. Please contact our Customer Service team for more information.

What if I want to change from a 90 day Notice Saver to a 31 day Notice Saver account?

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You'll still need to provide 90 days notice as per the account terms and conditions.

What interest payment options are available on Term Deposits?

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On terms of one year and over, you can have your interest paid back to the Rabobank Online Savings account which you used to originally fund your Term Deposit account monthly, quarterly, semi-annually and annually. View interest payment options on the Term Deposit page on our website. If you choose to automatically reinvest the original sum (principal), we offer a Loyalty bonus rate on your reinvestment term for sticking around.

What investment periods are available?

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You can select Term Deposits from any one of the following terms:
1, 3, 6,9, 15 or 18 months, 1, 2, 3, 4 or 5 years.

What is a High Interest Savings Account?

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A High Interest Savings Account is the perfect way to get your dreams back on track. You'll get a great variable rate, plus there are no fees, no minimum balance requirements and no sneaky terms and conditions. You can transfer money any time between your Linked account with your other bank and your High Interest Savings Account (HISA). From your HISA you can instantly transfer funds into any of your other Online Savings accounts.

What is a PremiumSaver Account?

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If you're a regular saver, our PremiumSaver Account is perfect for you. Just increase your net balance by at least $200 (or $2000 if you have a business account) excluding interest before the last business day of every month and you'll earn the higher variable interest rate.

What is a Purpose Saver Account?

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A Purpose Saver Account is a separate variable rate savings account you can open for any specific savings goal you would like to focus on. There is no minimum balance or monthly increase required. This account has one variable interest rate and applies to all balances in the account. You can have one Purpose Saver account.

What is a Trust Account?

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A Trust account is opened and owned for the purposes of a trust, by the trustee(s) of the trust.

What is Notice Saver Account and how does it work?

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Notice Saver is a new type of savings account that we created that requires you to provide and serve Notice prior to withdrawing your money, so it helps avoid temptation that you might get with instant access to your money.

There are 3 Notice Saver Account product options, which each have a different notice period: 31, 60 and 90 days. The amount of notice you choose to give isn't an investment period, it's just the amount of notice you need to give before making a withdrawal. You'll get the benefit of higher variable interest rates, but unlike a Term Deposit you can top up the balance whenever you like so greater flexibility.

What is the interest rate?

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The interest rates are available on our website. Rates are tiered. The highest rate is paid on balances up to $250,000 and the rate reduces slightly on the portion of the balance which is greater than $250,000, and the portion of the balance which is greater than $1m.

What is the minimum Notice period that I can provide?

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The minimum Notice period varies depending on the product selected. The 31 Day Notice Saver has a minimum Notice period of 31 days, the 60 day Notice Saver has a minimum Notice period of 60 days and the 90 day Notice Saver has a 90 day minimum Notice period.

What's the maximum amount I can deposit into a Notice Saver Account?

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The maximum deposit is $5m (this may be lower and be restricted by your other bank). There is no maximum Notice Saver balance; however we reserve the right to cap the maximum balance to $5m.

When is interest paid on a Term Deposit?

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For investment periods of less than 1 year, interest is paid on the maturity of the Term Deposit. For investment periods of 1 to 5 years, interest can be paid monthly, quarterly, semi-annually and annually depending on interest payment frequency selected.

When is the interest rate calculated and paid into my account?

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Interest is calculated daily throughout the month and is paid into your High Interest Savings Account at the end of each month. You can see the amount of interest you have earned for the previous month on the next months account statement or transaction history.

Where can I see the interest payments I have received on my Term Deposit?

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To see a full list of interest payments on your Term Deposit, click on the Term Deposit you would like to view from the 'Account balances' section on the home page of your online account. Interest earned over a chosen period of time can be viewed using the 'Portfolio growth' feature on the home page.

Who can open a Notice Saver Account?

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Notice Saver Accounts can generally be opened by any Aussie resident over 16yrs old. This includes personal customers and self managed super funds (SMSF). See the Rabobank's Terms and Conditions for more information.

Who's best suited to Notice Saver?

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Notice Saver is a great product if you're looking to save for a specific purpose for example Christmas, car, travel, a 'rainy' day or even a sunny day.

Notice Saver may also appeal to SMSFs who will benefit by the high ongoing rates. Basically anyone who wants to earn higher rates than they would on a normal online savings account.

Why is the interest rate for my new Term Deposit different than what I set up?

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The interest rate quoted for Term Deposits is honoured for 10 working days from the date of your application.

After that time, your Term Deposit will be set up at the current advertised interest rate for your chosen term.

To ensure you get the interest rate you applied for, your Rabobank High Interest Savings Account must receive cleared funds from your Linked account within 10 days of your application for us to set up your Term Deposit as requested.

Your Term Deposit will not be set up if the interest rate after 10 days is lower than the interest rate at the time you applied for your Term Deposit.

Please note that it can take up to 2 working days for electronic fund transfers to reach your Rabobank Online Savings account from your Linked account.

Will I still receive the higher interest rate if I make a withdrawal out of my PremiumSaver Account?

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Yes, you can make unlimited transactions in and out of your PremiumSaver during the month Account. As long as you increase your net balance by $200 ($2000 for business accounts) before the last business day of each month you will receive the higher variable interest rate.