RaboDirect High Interest

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 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… Read more

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.

Couldn't open an account without a smart phone or tablet, a fact I verified with Rabo Bank. I own a laptop, desk top computer and a mobile phone that meets my needs . That should be sufficient for online banking. I will not be forced to buy a smart phone or tablet I do not want or need in order to satisfy the demands of a service provider. Work out what "customer" means, Rabo Bank.

terrible rude customer service, inhuman staff and their management seems to think it is above dealing with customer complaints, do yourself a favour stay right away from this disgusting service

Excellent for online banking – Very happy with my High interest savings account at Rabo Direct. They always pay the interest at the end of the month and rates are good now than they have been for a long time. Transferring all my savings from Ubank where they only pay interest when you transfer in from an external bank or source. and you have to pay in a minimum of $200 a month. This does apply Rabo.

Safe and Easy – Opened a high interest savings account to park some money and was an easy process all verified online. Digipass is a bit old school and also means you have to have it with you to use the app on your phone but does also mean large sums of money are protected quite well giving peace of mind. No issues at all with them. Show details

Fantastic product, customer service and interest rate! – I was looking for a high-interest bank account to park a large amount of money and stumbled across Rabobank on the Mozo financial comparison site. The large number of negative reviews almost put me off opening an account, but there were some strongly positive ones as well, so I decided to take a chance. My experience of four days so far has been… Read more

fantastic! The account was really easy to open. I received an SMS with my customer number and account BSB and number almost immediately. Several reviewers had complained about the Digipass taking a long time to arrive, so I phoned Rabobank customer service to find out how I could transfer funds to my account in the meantime. They told me that once I had linked my account to another bank and done a test transfer of $1.00 I could transfer funds in to my Rabobank account, but warned me that I could only withdraw funds from my new account once I had received the Digipass. That was fine by me, so I linked accounts and got my existing bank to do the transfer as the amount was over $100K. I phoned Rabobank the following day and got confirmation that the funds had been transferred and cleared.

Today the Digipass arrived, so three days all up from Sydney to Perth - amazing given the sluggishness recently of Australia Post! It was easy to activate and use, but I did get an error message when trying to log in to my account which was probably my fault due to a typo (sticky keyboard). The customer service person at Rabobank was great - walked me through the steps again, and everything worked when I had her on the phone.

Setting up the app was very simple, again using the Digipass but this time choosing a PIN for future ease of access. With the app, once the PIN has been set up, there is no requirement to use the Digipass again as there is when logging on from a PC.

So all great so far and I really don't know what people are complaining about. I've phoned Rabobank four times now and haven't waited for longer than a minute each time for the phone to be answered. Their customer service people are really on the ball - friendly, solutions-driven and nothing appears to be too much trouble. Best of all, since opening the High Interest Saver Account four days ago, the introductory interest rate has increased from 3.6% to 4%, prompting me to move more money into my account today. I'm a very happy customer!

2 MARCH 2022 UPDATE: sadly, my relationship with Rabobank has come to an end after 4 months as I'm no longer eligible for the introductory high interest rate on my savings account. However, closing my account was a breeze. I phoned Rabobank yesterday morning and spoke to a very helpful customer service person after waiting less than a minute. He verified my personal details and closed the account for me, transferring the balance to my linked account with another bank. By late last night, the funds had been transferred and cleared.

In the time I was with Rabobank, the introductory interest rate on their High Interest Savings Account increased a few times, from the initial 3.6% to 4%, then to 4.5% and recently to 4.75%., the best available as far as I can see. Your funds are not fixed at the initial rate, but are subject to change as rates increase, which is great. The bank to which I have moved my funds does it differently in that they fix the rate for the introductory period of 4 months (which I suppose can be beneficial if interest rates drop).

All up, I had a wonderful experience with Rabobank. My only minor complaint is that the plastic Digipass cannot be returned to them for reuse. I was told to remove the battery and recycle it and dispose of the plastic casing. That's a real pity as it would be so easy to return the Digipass - and save them from landfill.

Good experience with High Interest account, bad one with Premium Saver. Lots of fine print interpretable in different ways, seemingly to get them out of paying. Eg increase balance by $200 a month, "excluding interest earned". This led to them not paying me $750, and they wouldn't budge when I complained twice. Show details

Possibly the worst customer service in the country – The customer support is absolutely abysmal. It is almost impossible to get through to them, and if you are "fortunate" enough to actually get to speak to someone, they will keep you holding for "hours" while they attend to your query. Incompetent - at best. Invest with anyone else!!!!

Very Poor attention to Detail – I have a number of term deposit accounts (TDA) with Rabobank for my SMSF. A TDA matured today and my instructions were to credit the proceeds to my Rabobank HISA account. The principal mount of the matured TDA is recorded on the Bank statement as a "Credit Arrangement" rather than a maturing TDA. The interest on the TDA is recorded as a "Principal… Read more

Increase" rather than an interest payment. These guys used to be very good on detail however their standards have slipped dramatically in recent times. I should not be forced to contact them over issues like this, however as it is a SMSF I have to account to an auditor. For God's sake Rabobank get your act together.

Absolute waste of time – I wanted to open a savings account to take advantage of their high-interest rate offer. Their process is slow and painful. They want to know where my deposits will be coming from and how much they will be each month. It is just a savings account. It is far easier to work with any of the other banking institutions. Definitely not worth the hassle.

Unnecessary Complicated – I was attracted to their higher-than-average interest rate on their High Interest Savings account. The setup was complicated and this was before the digipass. The digipass was a pain the backside to get setup and when finally got setup was just annoying to use to access my account. It's so very outdated. With everything digital now, I need to… Read more

cart around this thing if I ever want to access my account when out of home. Their internet banking system is also very outdated. It's so basic in what you can do in it. In my account, I had to pair it up to another account of mine (from another bank) and that was the only account I could transfer money to. That's unheard of in this day and age of digital banking. Then there is the delay in getting the money to/from the account. It would take the old-fashioned 3 business days for the money to be cleared like it's 15 years ago. It also pays to read the T&C's as there's a lot of ways they'll try to screw you if you're not paying attention.

FWIW, after the 4 month introductory bonus interest had surpassed, I closed the account and moved to another bank (will remain nameless) with a higher interest rate, higher introductory rate, and when I transferred money into the account, it was in there immediately; no 3 day wait.

Like a complex puzzle – Opened an account. No problems. Deposited $240000. Tried to check I’d received their good interest at the end of month. No could do. Their stupid digipass is like a complex puzzle. It didn’t work even with their helpful assistance. Tried end of next month. Same problem. Only hoped I was receiving interest. Tried again at end of next month. Same… Read more

story except that a helpful assistant at their end worked through the problem and allowed me to access the account. I very swiftly swept all but 10 cents into another bank’s account. Bye, bye Rabo. It’s a pity; I was good to you, you weren’t good to me. ( can’t help noticing Rabo doesn’t respond to reviews… shame).

Needlessly complicated setup procedure – Gave up after following instructions to activate the account which I did correctly and it was locked out. Wasted more time with customer service. They were actually very good but in the end just went to another bank.

Upsetting and incompetent customer service – I have tried to set up a bank account for my husband. I have power of attorney and want his money secure. I loved that this bank offers high interest rates, however it has been impossible to set it up. Everyone i have spoken to offers no assistance - only road blocks. Actually they seem to not hear me. I spoke with one person and refused to hang… Read more

up until they told me to whom i should send my power of attorney documents. I was told I could send in my power of attorney documents and was given the address. I sent it express and registered post. Once I knew it had been recieved (via the australia post tracking), I called and was again given no customer service, yet again They refused to tell me if it was received or to which department i could follow up. They actually said they would only speak to my husband. My husband who has had a stroke and cannot talk. My husband for whom i have power of attorney due to his impairment... I have obviously put this in the 'too hard basket' and having read some of the reviews I believe i have dodged a bullet. A lot of bad customer service stories and hijacking of accounts!

Banking with dinosaurs - Do NOT recommend – Good savings interest when the economy is going down hills but this bank is soo far behind it’s like trying to bank with someone who has year 1990 infrastructure. I think it’s time to provide payID and OSKO and do away with the stupid digipass. We all have phones now and don’t really need to waste and resources on dumb plastic devices. Also… Read more

needing to verify a nominated account which you can only withdraw to? Why? They string you along on this because they add 0 in front of all your account numbers so the nominated account number you put in will most likely be wrong. Guess what? They don’t tell you this until you realise 1-2 weeks later when you want to withdraw some money that you can’t. Now your money is stuck being held by these fools. You call up, they “manually” verify it and it takes another 2-3 business days to verify. So if you need the money asap you’re technically screwed because they’ve strung you along for the ancient dinosaur ride where people are approving with typewriters.

Not only that, once verified, when sending you have to wait another 2 business days to transfer because they don’t use new technology like Osko. You transfer on a Friday? Well good luck, because you’ll be waiting until late Monday or Tuesday.

It’s a huge waste of time and I can’t wait for banks like this to disappear because blockchain technology can service transfers faster, cheaper and more securely 24/7.

Only recommend for the high interest, otherwise there are banks with way better UX and experiences. Get with the times. Highly not recommended.

Good to bad – Last year they wanted all these documents to be provided when I had been with them for 3 years I didnt provide frozen account to get my Moni and account to Be closed 10 working days that's a joke never again also they keep changing there app so U have to keep setting it up all the time I never banked with a bank that keeps changing apps so often and asking for documents all the time when it was provided at the opening of account never never again

Excellent bank – Very easy to contact and deal with. Haven't needed to contact customer service and everything is so easy via internet unlike other banks that I deal with. Internet banking is intuitive and secure. Highly recommended.

Rabo WAS Good. NOW Rabo is TERRIBLE. Stay away from it – RaboBank used to be good but it has slowly deteriorated to be the WORST BANK I have ever had to deal with. Incompetent and arrogant customer service. Someone else commented that all of the sudden and for absolutely no reason they ask you to provide an unjustifiable and enormous amount of documentation for accounts that are already in place and… Read more

have been for years. It is absolutely true. Same thing happened to me. And they want all that documentation emailed to them... Even worst, they hold your money hostage if you don't comply with their unacceptable demands. I thought banks were supposed to promote online safety and look after their clients! Good luck to you if that amount of personal information was intercepted through the emails or hacked from their servers!!! They keep harassing you with numerous phone calls and keep repeating the same crap without listening to you. Take your money out while you can or you will be subject to their blackmail and incompetence!!!!!

Thank you - Rabobank's customer service ethos – By way of background, I am a long term client. I recently ran into an unanticipated difficulty which saw me contact customer support with little expectation of a result (particularly as I am currently 'trapped' overseas). However they were prompt, extremely understanding, and went "above and beyond" in helping me to resolve my problem. If only more companies had this service ethos!!

Good Account for 4 months, but NO customer service – I had a Rabo High Interest account for 4 months and never had a need to contact them for customer service. The interest rate was good and I had no complaints at all. My wife has now opened an account. We went through the process of verifying her linked account as per the provided instructions, but when we needed to withdraw some money a couple… Read more

of weeks after opening we suddenly discovered that the account was not verified and were unable to withdraw anything.

Reviews mentioned long waits when trying to phone them, so we contacted them using the message facility provided within their internet banking. I did not expect an instant response, but expected they should at least respond within a couple of business days. It is now 5 business days later and still no reply from them (internet banking shows our sent message, but no messages received).

After a few business days without receiving any response we tried 'changing' the linked account. We actually specified the same account as we had originally done, but included a leading zero (as we noted that the verify transaction showing in rabo internet banking had a leading zero on the account number). A couple of days later and we have been able to process a withdrawal to the linked account, so not sure if the leading zero made a difference or if there was just some other problem with their verification process. Either way we have still not received any response to our message.

I find it hard to believe that their verification process cannot realise that '12345678' is the same account number as '012345678', but if others have a similar problem it may be worth trying to change the linked account number by adding a leading zero. I am disgusted by their level of customer service and we will certainly not be retaining the account at the end of the 4 month introductory rate.

Used to be great, but they moved the goal posts – ....without giving investors the option of opting out. I have banked with them for 12 years, because initially they offered better investor interest rates than most. I gave all the ID that was required when I opened the account, & I have only ever used the one linked account (of 30+ years). But when I notified them I wanted to take my money out of… Read more

a 90-day notice account, and not roll over my term deposits, then all of a sudden they want me to disclose online enough information to provide anyone with an ID ready-made for taking up when their security fails. So now they are withholding the large-ish amount which should have gone into my linked account on 12/12/20, and I expect them top do the same when term deposits should be paid out in February. So unless you want your life story live on the web, and payments that are legally yours withheld from you as a form of blackmail, I would look elsewhere for a user friendly bank. And now, even though I notified them 90 days prior to the 12 December that I wished to close my 90 day account, I see that they have not closed it, and according to them I cannot access those funds for another 90 days! Do these seem like the actions of a financial organisation in difficulty?

I only used for the 4 month introductory rate – They have one one the higher 4 month interest introductory rates up to a maximum limit of 250K. Plus no conditions, unlike most the others with require you jumping through ridiculous hoops. The only annoying thing I found was their digital token system - step 1 enter a long hard to remember customer number in the login username, step two Start… Read more

the Digipass by pressing the orange key, step three Enter your 5-digit PIN, step four APPLI will display. Press 1. step five Digipass will generate a code. Please enter this code to login. I copied this word for word, LOL RaboDirect please Simplify the login process.

Time consuming – Used to be good many years ago. But my experience with them in this recent years was bad... Took over 3 months to transfer fund out and decided to close our account in the end... Lots of time, energy and money wasted due to international calling.

So far so good – High interest rate, excellent security, easy to access platform for internet banking, good reputation. I feel my money is safe with them. Some may find their security features a bit complicated and daunting but I'm happy; better safe than sorry.

Tried to open an account, but gave up – Rating this bank one star only because there's no zero star rating. I went online to open an account for my SMSF and went through every detail in their application. I was issued with a customer number. Then I was asked to download a form to sign and email back to their new client team which i did immediately. No reply or confirmation by… Read more

Rabobank. I waited a few days and RESENT and asked for some kind of reply. Nothing. I tried to phone twice but no reply after waiting ages. I sent an online query, still no reply. I found another phone number which was answered after a 10 minute hold. I explained my situation and was placed on hold a further 15 minutes, to be told someone would get back to me. It's been almost a week since first attempting to open an account. If this is a sign of their treatment of "potential" investors, I decided to give up an go elsewhere. I also noted so many poor reviews. I suggest they pack up and go back to where they came from.

Terrible service, terrible product – I can't get my money out of rabodirect! I know it's covid crisis but that's No excuse to block my money from me! First of all, the app and website said error when I tried to transfer my money out of my account last week. So I called them and they made the transfer for me last week. Today is Monday, a new week and still no money transferred in my… Read more

linked account. I call them today about it and they say the money never went through and it had failed to transfer.

TERRIBLE SERVICE.

Once I take all my money out, I'm not putting my money back in.

Don't go with rabodirect, they can't hold up in times of crisis.

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… Read more

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… Read more

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. Show details

Very poor customer service and online banking – Net banking is not working. Very difficult to log in with security token. Poor customer service. Took more than one week to receive security token. No proper communication. Received only text message.

Great Experience – 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… Read more

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… Read more

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 system is like being transported into an episode of Dr Who. It's bizarre!

Life is too short to use the Rabobank digipass device. Choose another bank and go for a walk or run in nature with all the free time you will now have.

Problems with online banking – Since they changed from RaboDirect to Rabobank I've had problems with online banking. Quite often it is impossible to login as their server does not response at all or I get "error, we try to fix it" message whatever browser I use

Poor service – Avoid at all costs ,can't provide me 12 month savings statement for tax till the end of the month. After being on hold for 45 min.Not sure what planet there on ?

Good stuff – Does everything it says it does......once you get the hang of the system it's a breeze. Reliable accurate and attractive