The cut to the variable rate on Rabobank’s high interest savings account takes effect immediately, dropping the four-month introductory variable rate to 5.6% p.a. on balances up to $250,000.
After that time, the rate will revert to 4.35% p.a. and 3.4% p.a. for balances $250,001 and over.
Rabobank’s online savings account is still offering the highest introductory rates on the market, 10 basis points higher than Macquarie Bank’s boosted 5.5% p.a. Savings Account welcome rate announced earlier this month for balances up to $250,000.
However, Macquarie’s revert rate of 5.0%, a 25-basis point jump on the old rate of 4.75% p.a., far outstrips Rabo’s 4.35% p.a.
Both accounts come with no monthly fees, minimum balance requirements, or deposit conditions.
In recent months, several banks offering similar rates on their high interest savings accounts have added conditions to receiving their highest or bonus rates.
ME Bank's 'Home ME' 5.55% p.a. is the highest ongoing rate in the market provided criteria is met.
Market movement
In an announcement to customers on Wednesday, Rabobank said it regularly reviewed its rates and considered a number of factors including movements in the official cash rate and changing market conditions.
The market expectation of a cash rate fall has lost steam in the past 24 hours, albeit from a low base.
The ASX rate tracker that calculates market expectations of an interest rate cut at the next RBA board meeting fell to 7% on Tuesday, down from 10% the previous day and 19% at the beginning of the month.
It means 93% of the market expects no change in the current 4.35% cash rate at the Melbourne Cup Day board meeting.
However, banks and lenders been positioning themselves for an anticipated cut to the cash rate for some time.
Only Commonwealth Bank of Australia remains the outlier among the big four banks in sticking to a forecast rate cut in December while its peers are expecting the first cut will occur in February.
No change to other Rabobank savings products
Rabobank has announced no rate changes to its other savings products including its Notice Saver account and its Premium Saver Account.
The Notice account offers customers access to their savings after a required notice period while the Premium Account requires increasing the account balance by $200 a month to get its top interest rate.
Both products offer a higher top rate than the High Interest Savings Account’s base rate of 4.35% after the four-month introductory period.
Advertisement
Looking for somewhere to stash your cash? The tables below feature some of the highest savings account rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 25, 2024. View disclaimer.
Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.
At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.
Learn more about our commitment to editorial integrity in our Editorial Guidelines.
Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.
We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.
Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.
Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.
You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.
For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.
We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.
The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).
Harry O'Sullivan
Denise Raward
Brooke Cooper
Jacob Cocciolone
