Home News Rabobank lifts savings account rates to join the 4% club

Rabobank lifts savings account rates to join the 4% club

Rabobank has increased its savings account rates in line with its competitors, joining Macquarie, ING and Bank of Queensland to offer a rate beginning with a 4.

By Jacob Cocciolone

Published on 13 Oct 2022

Fact Checked

Rabobank lifts savings account rates to join the 4% club

The Dutch multinational bank has increased the 4-month introductory variable rate to its High Interest Savings Account by 40 basis points (0.40%) taking the rate to 4.00% p.a.

The 4.00% p.a. offering applies to new Rabobank customers for savings balances up to $250,000 with no deposit or withdrawal conditions to earn the rate.

New customers looking to take advantage of the 4.00% rate can only open one High Interest Savings Account with Rabobank.

@savings.com.au Rabobank has joined the 4% savings club, increasing its High Interest Savings Account to 4.00% p.a. 💰 For all the latest savings news, head to savings.com.au #fintok #fintokaustralia #ausfinance #savingsaccount #rabobank #moneytok #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, Rabobank increased its PremiumSaver account by 25 basis points (0.25%) to a rate of 3.40% p.a.

To receive this rate up to balances of $250,000, customers are required to deposit $200 each month.

RBA’s latest deposit rate data details since the cash rate begun climbing north in May, bonus or introductory savings account rates have increased from an average of 0.45% to 2.25% p.a, meaning Rabobank is 175 basis points ahead of the average.

Those in the '4% club' include Rabobank alongside Macquarie and Bank of Queensland with ING being the current market-leader at 4.05% p.a.

Australian Mutual Bank also has a 4% p.a. savings account, but it's for under-18s and has a deposit cap of $5,000.

The 4% Savings Club

Bank	Rate Per Annum	Conditions
ING	4.05%	Max balance $100k, deposit $1,000/mo, 5 card transactions, higher balance at end of month
Rabobank	4.00%	4 month intro rate, reverts to 2.75% p.a. max balance $250k
Macquarie	4.00%	4 month intro rate, reverts to 3.20% p.a. max balance $250k
Bank of Queensland	4.00%	Ages 14-35, max balance $50k, deposit $1,000/mo, 5 card transactions,
Australian Mutual Bank	4.00%	Ages 0-18, max balance $5k

Source: Savings.com.au Market Research

First published on October 2022

Image by Jake Heinemann via Pexels

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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