No issues with online savings account
My wife & I held Rabobank online savings accounts for 4 months to take advantage of their bonus interest rate (4 mo duration). Months back I considered Rabobank but didn't pursue it - partly because of all the bad reviews, and partly because when I actually tried to open up a savings acct through the website, the website just hung (no matter what web browser I used). Some months later, I decided to give it a go (as this is a legit bank and has $250k insurance on balances as all legit Australian banks do). The sign-up website was working, and w...e had no issues opening our accounts, transferring funds, etc. I have no complaints. We've now transferred our savings to another bank, as the 4mo bonus interest period has finished. There are a few extra hoops to jump through with a Rabobank online savings acct to be aware of, though: - when you open the acct you have to nominate a *single* linked external account (i.e. an account with another bank) and this is the only acct you can transfer money from TO and FROM the Rabobank savings acct. To do this you have to make an inital small transfer (e.g. $1) from that acct to verify it. That transfer/process can take a day or two. - you then need to wait for the Digipass to be posted to you: this is a physical, small, calculator-looking device which you get codes from each time you want to log into the online savings acct or transfer funds from it (multiple steps -sometimes up to like 4-5 steps). This came pretty quickly (within say 3-4 business days), but that was a few days lost from our 4mo bonus interest rate. The Digipass device is like an old-school version of current authenticator apps. It may appeal to folk who aren't comfortable with app authentication. It does make your account very secure and if you look for Rabobank info online you'll discover that it's one of the most secure banks out there. - transferring our funds on to another bank was no issue: with the Digipass you can transfer up to $100k per day. This was actually easier than with some other banks, which have sometimes had a fairly low maximum per-day transfer limit, meaning either needing to transfer over multiple days, or fill out a form & email...or call the bank and give acct numbers verbally (which seems risky). So overall our experience with Rabobank was positive. I only drop one star from a 5-star rating because of the slightly cumbersome nature/inconvenience of the Digipass, and not much info given about what that entails on their website. I never needed to contact them verbally, so can't report on customer service. But I wouldn't hesitate to recommend the online savings acct to others if you're just doing routine transfers, etc.
90 day notice nightmare
I mistakely transferred my funds into their 90 day notice saver a few years ago, thinking it was a recurring 90 day term deposit, my fault. But the hassle and stress of getting a few grand out and the attitude of one staff member was appauling after having funds with them for 6 years
A waste of time
Tried to open a savings account as we had 250+ to invest. The online account application form auto completed some details which I had to rectify several times before the account was approved. I transferred a minimum amount to verify the account (won't be able to see if it was transferred into the new account as they send account holders a passcode generator as part of the online access protocol). Received no acknowledgement of verified amount being deposited into the new account. Did receive an email though, requesting I fill out some data (another auto fill issue) before the account would be approved. Replied and received another email requesting exactly the same. Will go elsewhere for sure.
Better service at the local tip
Been with rabobank for 8 years and the service has gone downhill and is absolutely atrocious for a bank. They don’t care about customers at all only profits. A bank manager even told me he was to busy to look at my request. They’re a joke, I got sick of being hand balled around to the next person in the bank so took my business elsewhere. Don’t bank with these clowns
I’m surprised by all of the bad reviews as my experience with Rabobank was nothing but smooth. I set up an online savings account with them to take advantage of the higher interest rate (I move money around constantly according to the highest interest rate going). The app was super easy, if I ever had to call them the wait times were short and customer service was excellent. The only fault I can note was the annoying digipass even though I only had to use it a handful of times. I highly recommend Rabobank!!
This bank appears to be very badly managed
Been with this bank a few years now. I had no problems until recently, when they required me to update my account details and complete a questionnaire, apparently so they could comply with money laundering / anti-terrorist legislation. In the meantime they froze my account, and all money I transferred to the account bounced. I then had to login to my account to update my details, however, the online banking app was no longer working, and I had to re-download it. This didn't work, so I had to call their call centre and seek advice. I was told I ...had to re-verify my ID, and was then cut-off before this could be completed. I then called back, and they said I didn't have to verify my ID. However, I would have to wait quite a few hours before I could use my account, while they updated my ID already on file. This was all for a pre-existing account. All of this took me about two hours. A complete waste of time. I'm closing my account.
Antiquated Internet Banking Service - AVOID
I was keen to sign up for the current introductory rate but the sheer frustration was overwhelming of how basic and glitchy Rabobank online sign system is.
I am a very experienced computer user and had to attempt signing up approx 10 times due to system freezing or crashing.
When I finally signed up online I tried to contact customer support before I transferred over a large deposit and could not get hold of anyone and gave up after 20min on hold.
I received a welcome letter and a basic DigiPass pin code gadget that I trialled to get access...to their internet banking which was like going back in time to the 1990s on dial up internet as it was a convoluted system nightmare. When I signed in I transferred my small deposit out and sent a secure online email to advise them to close my account in full ASAP. Avoid this bank at all costs as your frustrations will go through the roof dealing with them.
Trying to open & get funds into Online Savings a/c has been SO frustrating, designed to have delaying tactics all the way. Sense it will only continue so cancelling b4 I transfer my funds. Don't fall for it. I've wasted 2 wks on it.
Have 250k to invest and was attracted by the high rate but trying to open an account has been impossible so far and after reading other similar reviews have decided to stay with another bank
No money over Easter...Forget about accessing your money in time...slow transfers and often offline
The board should fire the CEO. Here's why:
0) They are WAY TOO SLOW in transferring your own money to your default account.
- NO TRANSFERS on weekends
- takes hours during weekdays
when we know others use Osko for instant transfer
So today it's Easter Saturday and I will have no money until Tuesday because of this bank!
1) The bank is offline EVERY THIRD TIME I visit, so you can't even access your own money ! Considering it ALREADY takes SEVERAL DAYS for them to transfer to your default account, this is UNACCEPTABLE! You're doing your bills, but you can't finish because you have to wait till these amateurs are back online again.
minimum 30 mins wait on the phone
ive been with the bank for about a few months, but whenever I tried to reach them over the phone, it took over 30 mins and I just got sick of it, hence left.
the staff at call center are polite and helpful, but the wait is just not worth it.
It was a long and convoluted process, but finally managed to set up an online savings acct due to a slightly better interest rate. Had to deposit a nominal amount for "security" purposes, which I did. This was set up 2 weeks ago and I'm still waiting for my Digipass. Whilst waiting I've read reviews, mostly bad, and decided not to proceed. Happy to write off my $10.00 and not deal with this 2nd rate financial institution!
Scam warning - Wouldn't give even one Star
Being a person who reads T&Cs I was appalled to find that all is not as it implies... And the default from [name removed] at the helpline was even more disturbing.
In the online application they request Licence\Passport number (to then days later) want you to send a "certified copy" to them.
Helpline starts off with implication that "ID data doesn't match" - called nonsense on that. Then it "could have been a discrepancy in the questions you answered" - again nonsense. Their final default was "you agreed to it in the Terms and conditions" - ...yeah naaah. Certified copy may be required... When in reality it must. Be. Provided... No exceptions. I realise an honest bank be an oxymoron, but I had hope the Royal Commission would have sorted that out - apparently not. Smacks too much of Identity Theft - so it's a hard pass from me... and given the other posts on here a Wise Decision. Moved my $$ effortlessly to ING instead, no issue with ID "verification".
Saved for a house
I've been banking with these guys for 13 years, and in all that time I've been very satisfied. Over the years, I've experienced the death of a security token, which was simply and promptly replaced; I've used various accounts (e.g. Premium Saver, Notice Savers, Term Deposits) without any issue; and I've confidently saved for a house, easily accessing the large sum of money in one hit (via phone support) when I needed it. Some other reviews here have been critical of the changes to the website that happened a year or so ago, and on that note, I do tend to agree that the simpler, leaner interface of the past was better, but that's the only criticism that I have so far. So over all, thanks Rabo!
Scam: They won't let you access your own money
I should have stayed away after reading the multiple other reviews online.
Opened an online savings account over two weeks ago. On that day they provided me with bank account details and informed me I can transfer my savings to that account straight away whilst awaiting the contraption to arrive in the post. Over two weeks later I still don't have access to the online account, cannot access the money I transferred and have not received the contraption. I called them today and was told the contraption is still on its way and they expect it may take another few days and that my linked account is still not verified (even though they've taken funds from it!!) and I CANNOT ACCESS MY MONEY. Is this even legal?
Questions & Answers
After their upgrade last week, I cannot login to my account any more. Do you know what to do? I removed an add blocker and deleted browsing history, as was advised over the phone but no success.
Hi, sorry, cannot offer anything, system working OK for me at the moment
Just keep on their case, they're usually pretty helpful
Thank you, sailorsam. Their representative George advised me to buy a new computer, even though I don't have any issues with other 2 banks. I kept complaining and finally they fixed the problem. it works now.
When - when - when - is rabobank australia going to have fully fixed the "Bugs" arising from its some-time-ago "Upgrade".
Please provide a committed time-frame. And - who - within rabobank australia, is making that commitment.
Your service levels simply must improve!
Since they dont reply here are you expecting the public will know?
Fred - I initiated the above. If - if, you like I, are having SERIOUS login problems - and, as you identify - no help coming from my selected service provider - remarkable, isn't it (?) - I have found...that - login, make a couple of (unsuccessful) efforts - log out, relogin - and, voila - I succeed first time! I can only hope this continues - but - one thing for sure, I WILL NOT, again, respond to their question, which is asked without ANY sense of commitment - How did we go - sort-of-thing. Peter
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