poor service, 1970s technology and mindset banking
Main 2 issues that makes it unacceptable
1- the ridiculous hardware token that you have to use every single time to login. not just giving you a code to enter to website, No No.. there is 5 ~ 6 steps you have to interact with the stupid token to finally transfer an amount online. WTH!
2- if you want to transfer money to another external account, the destination account has to deposit some amount to your account first to verify that's you before you can transfer. so imagine you on Monday you decide to transfer money to someone else, first you...link that to your account, then ask that person to deposit $1 to your account (which takes 1-2 days) come Wednesday the account is linked and you can transfer to them which again takes 1-2 business days, so if you are lucky they can get the amount on Friday, seriously on year 2020 ! this was just the main ones, put aside all other issues, ugly interface, site downtime almost every weekend, flaky mobile app.... and the list goes on...
Can be less than ideal
For the last few days the phone app (which I use mostly as I don't have to find or use the digipass) has not worked. In google play you can email the developer and they came back quickly to day you need to uninstall and install again as some security features had changed, but the error was just a "connection error" Better service would have been to email their customers telling us we need to do this. I'm a customer in both AU and NZ and of course you need to use the digipass which I don't mind as it is two factor security and probably safer than other banks.
High interest, poor functionality
Being unable to access my account or process any transactions without a physical key token is completely ridiculous. This is not an 'innovative feature' as Rabo claims, it is a transportation back to 1995. If it weren't for the high interest rate I wouldn't even consider them.
I was almost put off joining Rabobank from the complaints on here but I went for it anyway.
I had no problems whatsoever. I suggest reading the T&Cs first so there are no surprises! (e.g. Yes - they do send you a Digipass to log into your account).
I found it quick and easy to join. I rang to confirm my current account was linked and got straight through to a lovely customer service rep. The Digipass arrived in 3 days and I had no issue using it.
Based on my experience I would recommend.
Warning! Life is too short to use Rabobank!
When you open a Rabobank High Interest Savings account they send you a little device called a Digipass. From then on whenever you want to complete any transfer into or out of the account you need to go through an eight step process using the digipass device. 8 steps... 8 steps. Unfortunately the online software has a bug in it. Do you want to trigger the bug? Do this: enter a description of the transaction which includes a punctuation mark. Even if you edit and remove the punctuation mark the transaction will fail.
Using the Rabobank digipass s...
- Verified customer
Offers higher interest rates than its larger competitors – but ...
Banks. What's to like about them? But we do, unfortunately, need their services – for now.
Rabobank boasts some good interest rates, but it also boasts some terrible customer service. At times, you have to jump through a series of ever-tightening hoops to get some basic requests met.
For instance, their online platform is painfully slow to access, with multiple uses of their ridiculous digipass, just to do simple transfers, even within your own internal accounts! And their website lacks many necessary functions, such as standard ATO-approved ...statements for term deposits, for when you need your SMSF account audited. Under such circumstances, you have to call up and navigate their convoluted telephone banking system, just to order a basic statement for your term deposits. This can quickly turn into a surreal and unwelcome situation, resembling a visit to hell. Oh, and if your digipass's batteries run out while you're in the middle of an important transfer to access your funds ... God help you. Rabobank has also changed certain rules without warning, asking me to have documents certified again (and again) by a JP for no good reason. I believe the bank does it just to irritate its customers, as it holds their money for ransom, like any good mafia institution. Yes, until you meet their capricious demands, they won't release your funds. And it has nothing to do with security; it has everything to do with big banks and even bigger governments making your life a tangled bureaucratic nightmare, to subtly remind you that your money is never really your money once it's in a bank. So as usual in life, one is faced with a Catch-22 dilemma. Yes, Rabobank offers higher interest rates than its larger competitors – yet this deal with the devil comes with many, many sticky strings attached. And the bank embraces a disturbing trait of being fickle with its rules, policies, and behavior. And this scares me. A lot.
Poor customer support. Avoid if you us data feeds to accounting software
I have been a Rabodirect customer for many years. Following a recent "upgrade" they no longer support direct bank data feeds to accounting software. Customer service advise that there are no plans to make this available to the commonly used accounting software.
Also 3 calls today have all had wait times greater than 20 minutes.
Don't do it! Cannot deliver on the most basic requests. Really difficult to use - no digital capacity.
I would not recommend Rabo. Phone wait times are 20 mins or longer. Staff do not follow through. Statement request to Julia on Tues was still not received by Friday. 3 phone calls in total as statement arrived with password protection however no password was provided. Each time you log in you have to use a little machine to generate a password to login. Wow, its like the banking system of the 1900's! Closing my account shortly...no amount of interest is worth such a backward service. There should be warning signs from companies recommending these guys.
Their App wasnt working and so I called them on a Thursday and arranged a transfer of funds over the phone. ID confirmed and everything supposedly OK. No money transferred by Monday so I called them back and they hadn't actually transferred the funds but I was told by the person on the other end of the phone that "everything was within their quality of service standards", which are clearly very low!!!
Closed my account without permission
I was generally happy with Rabo as their interest rate are decent, though the digi pass is annoying and clunky to even log in. However, I recently asked them to close an unused account only to log in a week later and find they had closed the other account I had that I was still using and had certainly not requested be closed. I had automatic transfers to that account and am now without my money until it bounces back. And their customer service isn’t available on the weekend so I can’t even get talk to someone to sort it out. I’m moving all my funds to another institution.
- Verified customer
Secure and good investment
I have had a Notice Saver account with RaboDirect since I was 17 (got my mum opened on my behalf) it’s been 6 years now and I honestly cannot complain. The interest rates stay competitive despite being decreased a few times over the years, and I actually find the Digipass really useful as a security measure. Even if someone managed to get my username and password they couldn’t log onto my account without the device so it is virtually impossible to be hacked which makes me feel very safe about entrusting the bank with my money. There was an atte...mpt on my account at another bank awhile ago where someone tried to use it to make a payment and the bank was able to notify me so I didn’t lose money but I would prefer that not happening in the first place. I just keep the thing where I keep all my documents so I always know where it is. Plus with the mobile app you can just register with the pass once and then do all your transactions through the app afterwards so it’s not like you have to carry the device around with you constantly. I don’t think most people will have trouble with the pass with just a bit of planning.
Notice Saver Accounts the least accessible best product on the market
The rabo direct notice saver and associated high interest account make me both fuming mad and love a bank at the same time. I HONESTLY love the notice saver product. But the infuriating digipass requirement has made this account obsolete to me from a practical sense. I have no idea where it is and my primary reason for loving the account as it allows you to save for travel and then have an income while travelling by setting up regular withdrawels. Basically it is the most undermarketed perfect millennial account ever that has the most ancient u...npractical access requirements possible without only offering branch banking. If it was accessible by an app that didnt require the pass (because I am now locked out as no pass and so can't set up app on new mobile - imagine if that happened while you were overseas or travelling) I would honestly give it 5 stars.
Questions & Answers
I need to operate my account but the site has been down for at least four days due to 'maintenance' issues. I get that you are changing to Rabobank but could do with more information on the process. No reply as yet to my email and I need to apply for a transfer of funds. No telephone response either. Will contact consumer affairs if the matter is not resolved within the next 24 hours or I at least receive a satisfactory answer.
Why am I having so much trouble getting into the site to log on? This is a recent issue. Tried a couple of other search engines, however prefer to use Crome. Frank
We’re sorry to hear you are having issues logging in. If you can give us a call at 1800 445 445 Monday to Friday 8am-7pm AEDT, one of our friendly Sydney representatives would be happy to assist.
The RaboDirect Team
I noticed that various people are dissapointed with RABO's response time to issues.
I wanted to become a customer so twice now I've used their online email asking a simple question. But the only response has been an automated reply promising to respond within 2 business days.
I am still waiting but my time to become a customer is quickly evaporating.
A pity realy!
Apologies on the trouble you’ve had in getting a response from us. We’re receiving higher than usual email and call volumes.
To improve customers experience we’ve made a few changes:
• We’re reviewing our auto-response to reflect a realistic response time. It can take a little longer than 2 days to get back to you with our current volumes.
• We now have dedicated people on our emails to get us responding to you quicker.
• We’ve implemented an option when you call us to request a call back. We get you have things to do so we’ll call you back :).
We’d love to talk to you, so give us a call on 1800 445 445, 8:00am to 7:00pm, Monday to Friday.”
Lets see if there is any kind of improvement when I test the waters again.
Potential customers desire to get accurate and timely responses from RABO.
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