Best RaboDirect Bank Accounts

Be warned. Read the small print. I recently lost hundreds of dollars because I missed out on the bonus interest. I transferred the required amount… Read more

three days before the end of the month but because Rabobank does not use any modern payment platforms, the transfer was not received on time and I lost the previous month's interest. Quality financial institutions with HISA (ING, MeBank, Ubank, BankWest) use the fast payments platform but more importantly, when you miss the bonus interest criteria, you lose the FOLLOWING MONTH'S interest, not PREVIOUS MONTH'S INTEREST. If I had this money at the other banks, I could have transferred my money away and would have lost one day's interest, rather than the whole month's interest. So basically Rabo is saying 'you messed up, nothing you can do now, we will keep your interest'. Thirdly, Rabobank does not alert you that you're about to miss out on bonus rates like other banks. Fourthly, the base rate is extremely low, ensuring that they maximise their profit when you miss out on the bonus. Go with one of the quality banks mentioned above. They use modern systems and have a lot fairer T&C that are not hidden somewhere in their website's FAQs. By alerting the customers, they also come across like they're in your team, rather than just wanting to make the most of money out of you like Rabo. Do yourself a favour and stay clear of this bank and warn others as well.

It Ain't What it Used to Be – We have been using Rabobank for many years and generally found them easy to deal with. The major reason for this is that everything is done online… Read more

and you don't have to speak with anybody. Speaking to a live person at any Bank these days is a totally unrewarding experience. In recent times however there has been a number of requests to supply information such as as where did you get your money from, and how much money will you be saving with us over the next 12 months. They use the excuse that they must do this to comply with the Money laundering and Anti Terrorism act. This is total fabrication and they are only seeking personal information because they are a subsidiary of a Dutch Bank which likes prying into its customer's affairs. If it's good enough for the Dutch then it's good enough for the Aussies tomm cop it in the neck.

Having said that I do find that doing transactions on line works quite well and I have no issues with the Digipass security that they use. This is old technology but it works. You normally don't fix something unless it is broken. Alas, that is exactly what is happening. Rabobank have advised that hey will be scrapping the Digipass, later this year, and you will be forced to used the Rabobank App. We operate two accounts with RB. One in joint personal names and one for our SMSF. It seems that you can load one account only on to the App so I have no idea what we do with the second account. Approaches to RB is like being inside the Maxwell Smart cone of silence. The silence is deafening. I have decided that enough is enough. As our term deposits mature we shall close them off and invest the funds elsewhere. It's a shame that it has come to this, but one does get tired of being asked the same questions over and over again. It is like a Court of Law whereby they keep asking the same question hoping that you will purge yourself. It's been nice knowing you RB but as the Walrus said to the Carpenter, the time has come.