Best RaboDirect Savings Accounts in Australian Capital Territory Canberra–Queanbeyan

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.