Rabobank has announced it is increasing the interest rates on its at-call deposit products to as high as 5.75 per cent per annum
Head of Rabobank Online Savings Julie Blanchard said this provided the opportunity for personal savers and investors to maintain access to their funds, while benefiting from the highest returns in a number of years for at-call savings and investment products.
Rabobank’s flagship at-call High Interest Savings Account (HISA) will be increasing to a four-month introductory interest rate of 5.75 per cent per annum for balances up to A$250,000, reverting to 4.40 per cent per annum.
Deposit rates for other variable and fixed term Rabobank Online Savings products – including its Premium Saver and Notice Saver accounts – would also be increasing.
Ms Blanchard said these rates represented substantial returns for savers and investors and were the highest for at-call bank deposit products in many years.
“Our HISA introductory rate is higher than the current annual inflation rate of 5.4 per cent,” she said.
Rabobank offers specialised online savings and term deposits to personal savers and self-managed superannuation funds (SMSFs).
Customers can access their funds online by transferring money from their Rabobank accounts to their linked nominated accounts when needed.
Ms Blanchard said 100 per cent of the money deposited with Rabobank Online Savings is used to fund Australian farmers and agribusinesses.
The variable deposit interest rate increases will be effective from November 15, 2023.
Further details can be found at Rabobank Online Savings | Rabobank Australia.
Rabobank Australia Limited ABN 50 001 621 129 AFSL 234 700 is the issuer of Rabobank Online Savings. 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 (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.
Rabobank Australia & New Zealand Group is a part of the international Rabobank Group, the world’s leading specialist in food and agribusiness banking. Rabobank has more than 120 years’ experience providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness. Rabobank is structured as a cooperative and operates in 38 countries, servicing the needs of approximately 8.4 million clients worldwide through a network of more than 1000 offices and branches. Rabobank Australia & New Zealand Group is one of Australasia’s leading agricultural lenders and a significant provider of business and corporate banking and financial services to the region’s food and agribusiness sector. The bank has 90 branches throughout Australia and New Zealand.
Media contacts:
Denise Shaw
Head of Media Relations
Rabobank Australia & New Zealand
Phone: 02 8115 2744 or 0439 603 525
Email: denise.shaw@rabobank.com
Will Banks
Media Relations Manager
Rabobank Australia
Phone: 0418 216 103
Email: will.banks@rabobank.com