FAQs - Savings Accounts & Term Deposits | Rabobank AU
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FAQs - Savings Accounts & Term Deposits

All about our Term Deposits and how they work

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Our Term Deposits are available for terms ranging from 1 month up to 5 years with a fixed rate of interest that can be paid monthly, quarterly, half yearly or yearly depending on the term selected. You can have as many Term Deposits as you like, the minimum investment amount is $1,000 and you can have up to $2 million in a particular term at any one time. 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.

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 deposit money in and take money out of your Rabobank Online Savings account(s).

New customers can open a Term Deposit by clicking on ‘Apply For Savings Account’ from our home page and follow the on screen prompts. If you are an existing customer, there’s no need to apply for a new account, simply log in to your account, click on ‘Open a new Savings account or Term Deposit’ which can be found in the top right hand corner, then select ‘Term Deposit’. You can also watch this helpful step by step video on how to open and manage a Term Deposit:

There are no fees for our Term Deposits however early termination fees apply along with 31 days (calendar days) advance notice is required to break a Term Deposit before maturity. Please refer to the Terms and Conditions for details.

Flexible reinvestment options that can be changed up until 4pm Sydney time the business day before the Term Deposit matures include: 

  1. Choose to automatically reinvest the original sum (principal) plus the interest you have earned. If you choose to automatically reinvest the full amount before it matures, you will receive a 0.10% loyalty bonus on your reinvested Term Deposit.
  2. Choose to reinvest the Term Deposit and add to the principal amount. 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 have the interest paid into your HISA. 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.

If you select automatic re-investment, the applicable interest rate at the time of re-investment will apply to the new term. 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.

How can I check if my introductory rate offer has ended?

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You can log into your account and clicking on 'My Rates' for a breakdown of your current rates and balances. You can also refer to the last page of your monthly statements. 

How do I place notice on my Notice Saver?

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When you provide notice on a Notice Saver account, you can choose for the funds to be transferred into your High Interest Savings Account or your nominated linked account. All withdrawals require you to set-up a transfer notice.

To do this, log in to Rabobank Online Savings Internet Banking or the Mobile App and follow the steps below. Please note, all notices must be received before 6pm for the notice period to start on that day. Your transfer will automatically happen on the next business day after your notice period has passed.

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

Place notice on your Notice Saver:

  1. Log in to your account
  2. Go to the ‘Transfer Money’ tab which is located on the left hand side of your screen (the mobile App will display this tab at the bottom of your compatible mobile device)
  3. Select ‘From Account’ (Hint: This will be the Notice Saver account you wish to give notice on)
  4. Select ‘To Account’ (Hint: This could be to one of your Rabobank Online Savings accounts i.e. HISA or your verified nominated linked account)
  5. Enter the amount you would like to transfer out of your Notice Saver account. Please note: We have a transfer limit of $100,000. If you need to transfer 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 notices or withdrawals you may have requested.
  6. If you would like to see a description for your transfer on your monthly statement, please enter this in the description field (This field can only accept alpha or numeric characters)
  7. Select whether or not it will be a recurring payment (Weekly, fortnightly or monthly)
  8. You will notice the system automatically generates the date your funds will be released. This is dependent on the type of Notice Saver account you have (31, 60 or 90)
  9. Select 'Continue'
  10. Confirm your transfer details if you are happy with what has been selected. If you have made an error, please select ‘Change’ to amend your transfer
  11. Follow the 7 steps on your screen to generate a second Digipass code (The Mobile App will ask for your 5 digit pin you use to login to the Mobile App)
  12. Enter your Digipass code that is generated into where it says ‘Enter Digipass Code’ then scroll down and select ‘Authorise’
  13. The transfer will initiate and you should see on your screen ‘Transfer Successful’

To check the release date of your funds:

  1. Select ‘Transfer Money’
  2. Select the sub heading ‘Upcoming Payments’ displayed under the heading ‘Transfer Money’
  3. Select the Notice Saver product you have given notice on / transferred money from
  4. You will see the transfer details of your Notice Saver account here

To cancel the notice on your Notice Saver:

  1. Select ‘Transfer Money’
  2. Select the sub heading ‘Upcoming Payments’ displayed under the heading ‘Transfer Money’
  3. Select the Notice Saver account you have requested to transfer money from
  4. Select the upcoming payment by clicking on the upcoming payment
  5. Select ‘Cancel Notice’
  6. Confirm the cancellation by following the 7 steps with your Digipass

You can also change the interest account on your Notice Saver:

  1. From the ‘accounts’ menu choose the account and select ‘Manage’
  2. Select ‘Change interest account’
  3. Choose new interest account by selecting from the drop down box 

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 as the terms & conditions of your Notice Saver account require that 31, 60 or 90 days' notice is provided and served to withdraw funds from your account. 

If you are experiencing financial hardship and require urgent access to your funds, please contact our team so we can discuss your options.

We may, at our discretion, allow an early withdrawal from a Notice Saver Account based on one of the following grounds:

  • Specified compassionate grounds (to prevent sale of your house by your mortgage holder, or to pay medical, disability or funeral expenses)
  • Grounds of severe financial hardship (for "reasonable immediate family living expenses" including loan repayments, rent arrears, outstanding bills, home or car repairs and medical expenses)

If these circumstances relate to you, before we are authorised to release your funds, we will need to receive documentation that supports your hardship claim, for example, a bank statement, a rental bond agreement, medical documentation relating to surgery or other supporting documents.

If you apply for an early release of funds, the statutory declaration must be completed by you and signed by an authorised witness. A list of these witnesses are included on the form. You may also include any supporting documents that you’d like us to take into consideration.

Please post all documents to:

Rabobank Online Savings
GPO Box 4715
Sydney NSW 2001

Once your documentation is received, we’ll review your request and update you by phone within 2 business days.

If your request is extremely urgent, please don't hesitate to call us on 1800 445 445 or email us at clientservicesAU@rabobank.com

 

Can I change a Notice Saver 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 view my matured Term Deposits?

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Yes, to view your matured Term Deposits, simply log in to your account and scroll down on the ‘Accounts’ tab then click on ‘Show Matured Term Deposits’ You can also watch this helpful, step by step video on how to manage your Term Deposit.

All about our Notice Saver Account and how it works

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The Notice Saver account encourages you to keep your savings and avoid impulse purchases or withdrawals as you are required to provide and serve the notice period prior to making any withdrawals. There are 3 Notice Saver accounts to choose from, each with a different notice period: 31, 60 or 90 days and you can have up to one of each per entity type (individual, joint and SMSF). It is a variable rate product, with no fees and no minimum balance requirements. You can choose to have the interest paid into the Notice Saver (by default) or have it paid into your High Interest Savings Account. 

You can deposit money at any time between your Linked account with your other bank and your Notice Saver using the BSB and account number or use our direct debit option to transfer money in from your nominated linked account once it has been verified. Please remember, when transferring funds into a Notice Saver, you must provide notice and wait out the notice period before making withdrawals. 

New customers can open a Notice Saver by clicking on ‘Apply For Savings Account’ from our home page and follow the on screen prompts. If you are an existing customer, there’s no need to apply for a new account, simply log in to your account, click on ‘Open a new Savings account or Term Deposit’ which can be found in the top right hand corner, then select ‘Notice Saver’. You can also watch this helpful step by step video on how to open a new savings account:

Interest is calculated daily on the available account balance and paid monthly. There are three tiers and the Notice Saver interest rates offered depend on which Notice Saver you choose (31, 60 or 90) and your account balance. These tiers apply to all personal, joint and SMSF accounts;

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

Click here to check current personal interest rates or Click here to check current SMSF interest rates.

To check to see which interest rate your Notice Saver is earning, log in to your account and click on Notice Saver then select the ‘Rates & Details’ tab.

What is the High Interest Savings Account introductory rate offer and how does it work?

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The introductory variable rate offer is available for new customers or customers who have had a closed account for 3 years or more. The introductory variable rate commences on the day your BSB and account number are issued, runs for a period of 4 months and rates are subject to change. There are no restrictions on deposits and withdrawals during the 4 month period as rates are calculated daily on the available account balance and paid monthly. 

The introductory variable rate is available for personal & SMSF customers and is applied once per entity (individual, joint & SMSF) on balances up to $250,000. Any portion of account balances greater than $250,000 earns the standard variable rate for that tier. After the introductory 4 month period, all balances revert to the current standard variable rates on those tiers.

Please refer to the ‘My Rates’ page for details.

 

How do I cancel an automatic reinvestment?

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Automatic reinvestments can be cancelled online, please ensure this is done 1 business day before the automatic reinvestment. You can also watch this helpful, step by step video on how to manage your Term Deposit or follow the steps below:

Simply log in to your account, on the ‘Accounts’ 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’.

If you are trying to cancel this on the day of the automatic reinvestment, please call us before 3pm (Sydney time) on 1800 445 445.

 

How do I request an early withdrawal for my Term Deposit?

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To request early withdrawal of a Rabobank Online Savings Term Deposit, please call us on 1800 445 445, from 10:30am to 3:30pm (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 our Terms and Conditions.

How do I close my Rabobank Online Savings account?

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You can close any accounts you hold with Rabobank Online Savings in one of three ways, however all options require you to have a nil or very minimal balance before we can proceed with your request. 

  1. The first option, you can call us on 1800 445 445 between the hours of 6am - 8pm Sydney time. 
  2. The second option, if you can login to your account, you can send us a secure message with a brief explanation of your request. You can find the secure message option by clicking on the envelope icon in the top right corner. Please note: If we receive a secure message with a closure request, we can process your request without having to call you for further verification.
  3. The third option, you can complete the ‘Request to close an account’ Form and email it to clientservicesAU@rabobank.com   
 

What happens if I don't increase my balance on my PremiumSaver Account?

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If you're unable to meet the requirement to grow your balance by the last business day, you'll still receive interest for that month, however it will be at the lower PremiumSaver rate. For current personal interest rates, click here or for current SMSF rates click here.

What if I want to move funds between different Notice Saver accounts?

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You'll still need to provide the required notice period as per the account terms and conditions and then transfer the funds once they become available.

All about our High Interest Savings Account and how it works

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The High Interest Savings Account (HISA) is our primary account which all customers are required to have when combined with any of our Online Savings accounts or Term Deposits. It is a variable rate product, with no fees, no minimum balance requirements and no minimum term. You can transfer money any time between your Linked account with your other bank and your HISA using either the BSB and account number or our direct debit option to transfer money in from your nominated linked account once it has been verified. From your HISA you can also instantly transfer funds into any of your other Online Savings accounts or to open Term Deposits. 

Customers can only open one HISA per entity type (individual, joint and SMSF). If you have more funds to invest and would like to maximise your interest we have a range of savings products that may meet your needs. More information about these products can be found on our website. 

Interest is calculated daily on the available account balance and paid monthly. There are three tiers and the HISA interest rate offered depends on your account balance. These tiers apply to all personal, joint 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 personal interest rates or Click here to check current SMSF interest rates.

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

All about our PremiumSaver Account and how it works

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The PremiumSaver account rewards good savings habits with a higher interest rate. If you 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,you'll earn the higher variable interest rate.  The PremiumSaver is a variable rate product, with no fees, no minimum balance requirements and no minimum term. You can transfer money any time between your Linked account with your other bank and your PremiumSaver using the BSB and account number, or use our direct debit option to transfer money in from your nominated linked account once it has been verified. You can also set up a regular savings plan so you don’t forget.

Customers can only open one PremiumSaver per entity type (individual, joint and SMSF). New customers can open a PremiumSaver by clicking on ‘Apply For Savings Account’ from our home page and follow the on screen prompts. If you are an existing customer, there’s no need to apply for a new account, simply log in to your account, click on ‘Open a new Savings account or Term Deposit’ which can be found in the top right hand corner, then select ‘PremiumSaver’. You can also watch this helpful step by step video on how to open a new savings account:

Interest is calculated daily on the available account balance and paid monthly. There are three tiers and the PremiumSaver minimum and maximum interest rates offered depend on your account balance. These tiers apply to all personal, joint 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 personal interest rates or Click here to check current SMSF interest rates.

To check which interest rate your PremiumSaver is earning and if you need to add to your balance, log in to your account and click on PremiumSaver then select the ‘Rates & Details’ tab. You can also check this helpful video:

When do I start earning the introductory variable rate?

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Your introductory rate offer starts as soon as you receive your BSB and ACC number and you can start to fund your account straight away. Please note; any applicable introductory interest rate offers start on the day the account is opened, not from the date the account is funded.

Will you remind me when the 4 month Introductory variable rate expires?

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Rabobank does not issue reminders when the introductory variable rate is ending, however you can view the rates applicable to your account an any time via your internet banking or mobile app.

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