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Supporting ag through high-yield savings products a win/win

Posted by Rabobank Australia on

11/06/2024
Supporting ag through high-yield savings products a win/win

 

With farmers at its heart, Rabobank’s sole focus is supporting food and agribusinesses, and saving with Rabobank ensures you too can help contribute to Australia’s bread and butter.

It also boasts what is currently one of the nation’s highest savings account interest rates, offering an introductory rate of 5.75% p.a. at the time of writing – so you can feel even better about your savings.

That rate is available for the first four months on its aptly named High Interest Savings Account*, and it’s an opportunity that’s generated attention from everyday depositors and self-managed super fund (SMSF) investors alike, as well as a raft of Aussies leaning to term deposits in the current climate.

However, if you’re looking for a home loan or car loan, Rabobank isn’t for you – it lends exclusively to farmers and those in the agriculture business.

So who is this agricultural finance giant and why is it among those leading the way when it comes to at-call returns for everyday consumers? The answer is an interesting one.

 

From tulips to wheat fields: Rabobank's global journey

Rabobank started life around 125 years ago in the tulip-clad Netherlands, a far cry from Australia’s dusty plains and pristine beaches.

Its foundations lay in a co-operative model, rather than a traditional bank, and these co-operative roots remain to this day.

“It was really farmers trying to support other farmers,” Rabobank head of online savings Julie Blanchard explains.

“Farmers were trying to go to banks at the time to seek funding for growth and were having difficulty being able to meet the requirements of financial institutions.

“So Rabobank was born.”

Its co-operative structure means Rabobank doesn’t have shareholders, unlike the majority of Australia’s larger banks.

Most banks in Australia are either listed on the stock market, meaning their profits go to shareholders, or are mutual banks, the profits of which aim to aid those who bank with them.

Rabobank’s profits, on the other hand, go to supporting the agriculture industry that puts food on the table three times a day.

That same industry contributed $56 billion of value-added GDP to the economy in 2022-23 and provides more than 90 percent of the fruit, vegetables, meat, milk, and eggs sold in Australian supermarkets.

“We’re trying to stick to that heritage, the values, and the brand proposition of what we set out to do all those years ago in the Netherlands: Supporting rural and agricultural businesses to grow and flourish in a pretty challenging environment,” Ms Blanchard said.

 

Supporting farmers, rewarding savers

Every single dollar deposited into a Rabobank savings account or term deposit goes to funding loans offered to the people on the ground of Australian agriculture.

That’s one pretty good reason to save with Rabobank – and there are many more.

In fact, there are 575.

That’s how many basis points of annual return is currently on offer to new depositors for the first four months of them opening a High Interest Savings Account with the bank – 5.75% p.a. (for balances up to $250,000).

This rate is available to individuals and joint account holders - your typical ‘mum and dad’ investors.

Post four months, investors might turn their attention to one of Rabobank’s other products.

Perhaps one of its Notice Saver accounts*, which lock funds away for a period of 31, 60, or 90 days and currently offer rates as high as 5.00% p.a.

Its Premium Saver account*, meanwhile, promises a 5.45% p.a. return, as long as a depositor grows their balance by at least $200 by the last business day of the month.

“We're making sure we've got deposits flowing through the door to lend back out to the farmers and agribusinesses that we’re supporting,” Ms Blanchard said.

“Part of that is making sure that we've got really strong alternatives for customers when their intro rate expires.

“So if they did come in on an intro rate, they have a range of really good options available to them – Notice Savers, Premium Savers, and Term Deposits – that make their investment with Rabobank a seamless and positive experience.”

Although, as is life, interest rates can, and do change quickly, and the coveted title is interchanged regularly from one market leader to another.

But no matter what the competition is doing, Rabobank currently aims to keep its rates among the highest offered in Australia, with the added bonus of saving for an even greater purpose, Ms Blanchard said.

 

*Rabobank Australia Limited ABN 50 001 621 129 AFSL 234 700 is the issuer of Rabobank Online Savings High Interest Savings Account, Notice Saver Account and Premium Saver Account. Information provided is of a general nature and does not take into account your objectives, financial situation or needs. Consider these factors along with the relevant terms and conditions, product disclosure statement and target market determination (all available at www.rabobank.com.au, at Rabobank branches, or by calling 1300 30 30 33), and seek professional advice before making any financial or tax decisions. All interest rates outlined above are for Personal customers on balances up to $250,000. Different rates are available on the portion of balances above $250,000 and for SMSFs.