RaboDirect Term Deposit

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 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… Read more

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.

Good interest rate and good online banking service – Been with Rabodirect since 2012. No major problems although found initial setup difficult. I like having a separate key generator gives me an additional sense of security. Having to have an additional savings account for interest,funding, meant another bank account for my SMSF but it does allow my auditor (Esuperfund) to view the details. Still seem to offer competitive interest rates.

Double Check Everything with Rabo Term Deposits – Arranged a term deposit on line. Was sent a letter to advise all was correct along with a security pin generator that would enable checking details of the account. 15 months later when collecting information for tax return found that there was no term deposit. Money had been placed in low interest savings account that was created the same… Read more

time as the term deposit to allow the transfer from another bank.

After many phone calls and almost a month Rabo advised that there was a system error in making the original transfer and it failed. They advised they were reluctant to make adjustement for the error but due to the special circumstances they would make adjustments on this one occasion.

The only special aspect about the circumstances was that we could quote from the original letter stating the term deposit was in place.

So be WARNED when dealing with this remote bank that you keep the documentation AND regularly log in to check that things are as they should be. Once you have worked through the log in system using the PIN generator a few times it is not difficult to repeat. Good rate on term deposit. Error prone system compounded by unapologetic reluctance to take make amends for THEIR system error.

Appalling – Applied online and seemed fine. Sent documentation requested but one document wasn't received? Sent again (had to be posted). Waited for welcome pack with account details so funds could be deposited. Not received within 5 business days. Rang and was advised it was "on its way". Requested bank account details and deposited funds next day. Still no… Read more

welcome pack. Rang today to confirm funds received. "Yes but rate was only held for ten days, it is now twelve days so rate not valid".

Welcome pack with account details still not received.

Sorry I hadn't read the reviews on this site previously.

I work in the industry.

Word of mouth is far more effective than any marketing campaign.

Appalling Customer Service – I tried to change the renewal on the day my 1 year term deposit fell due - I wanted to change the renewal from 1 year to 2 years on a $100,000 term deposit. I went online to do so and found that it had already been renewed for 1 year - even though the full first year term had not finished until 12.00 midnight that day.I was unable to change the… Read more

renewal online.

I tried to phone the call centre but couldn't wait for someone to come online so I emailed my request - BEFORE the term had expired.

I received a call the next day saying I was too late but they could change the term to 2 years if I paid an extra $107! How greedy is that! Customer Service person would not put me through to a supervisor. Very obstinate and inflexible service - particularly as the original term had not yet completed when I first notified them. I was told that if I had rung their call centre (and waited 20 minutes?) I could possibly have had the change made at no cost.

I could have got better term deposit rates elsewhere but thought I would renew with Rabo direct for the convenience. What a terrible mistake I made - but never again - I will withdraw all of my funds from Rabo Direct and deposit them with a more customer friendly and flexible bank.

I suggest that others heed this and do not deal with Rabo!

Extremely inflexible and poor customer service

Good rates & easy to use - what else do you need? – Opened easily on an ipad. Got an email straight away to put money in. Realised i needed a token to get it out which came a couple of days later. Allnin all pretty good. Love that I can set up auto rollovers on my TDs and get a bonus but cancel it online too any time before it rolls if i want to switch to a better rate or move it to shares. Not… Read more ·  1

ure why the haters are so harsh on here. Quick. Good Rates. Got straight through when I rang for latest rates. Secure. Token took a couple of days.

Rabo direct – Simple to sum it up they lost all my information, When i ask for supervisor they aren't ever available and never have they treated me more then a number then when they lost my details, and my mother taught me manners unlike most staff @rabo The bank lost my details how could rabo being hacked there a bank? The bank lost my details how could rabo being hacked there a bank?

Rabobank linked account failure and messages not responded – Joined Rabobank a few weeks ago. Part of joining is to link another bank account with Rabobank so funds can be transferred from one to the other. They state to include the noatation "Verify account" in the notation field. Did this then when I received the Digipass, I logged in and the linked account shows but is not actually linked in that I… Read more

cannot transfer funds. I messaged Rabobank through the internal messaging system. No reply so today I phoned and was told there are some issues with linking some financial institutions. Why this is not mentioned upon signup, or via their numerous mailouts, via a reply message, or anywhere on their website is beyond me. So I go to close the account and find the account close form that informs me that the balance must be zero before closing. Viscious circle anyone? I can't transfer the funds because Rabo haven't linked the account so I can't close the account.

Rabobank are missing vital information as to issues with linking accounts and do not respond to messages.