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RaboDirect Term Deposit

RaboDirect Term Deposit

2.0 from 7 reviews

See the Best Term Deposits in 2019 as rated by Australians on ProductReview.com.au.

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 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.


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 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.

1 comment
Hi finbroker, Really sorry that you’ve had a frustrating experience. With some accounts we do need you to send documentation for legal reasons. We can’t hold rates indefinitely but we do understand it can take some time to gather your details so we give you 10 business days to get this to us. We send your welcome pack the very next business day after the account is opened. We would like to make this right for you so hopefully you have received this now. If not, give us a call on 1800 445 445 and we can help you out. Thanks, Ben

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 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

Hi Bruce, I realise this must be a frustrating experience on a number of levels and apologise for this. The auto-renewal option for Term Deposits is selected when you set the deposit account up, this can be changed at any time up until one business day before expiry. We received your email to the Customer Service team and one of our supervisors will be calling you to follow this up tomorrow morning. Does this help? ^GLUnfortunately a supervisor from RaboDirect did NOT call me the next morning or next afternoon! This just shows that customers do not count for anything at RaboDirect. It proves my point that RaboDirect customer service is absolutely appalling and their promises are worthless.Hi Bruce, I’m really sorry about this; we admit we dropped the ball with the follow up. I understand that the supervisor has since got in touch and resolved things satisfactorily. Thank you for your patience and understanding. If you have further questions please don’t hesitate to call us on 1800 445 445 ^GL

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 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.

1 comment
Thanks for the great feedback RJ and pleased that everything went so smoothly. Happy saving! ^GL

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?

1 comment
MrP, really sorry to hear that you’ve had such a poor experience. I’m not sure what has gone wrong but we’d love to make this right for you. As we don’t you to disclose your name or number online would you be able to email your contact details and I will have one of the manager’s call you direct? ^GarethL Email: info@rabodirect.com.au Phone: 1800 445 445

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 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.

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