Money Compare

The RaboPlus High Interest Savings Account is a straight-up savings account that does exactly what it says on the tin. There are accounts out there that might give you better interest rates depending on the degree to which you increase your savings, or how long you leave your money untouched for, but if you are looking for simplicity, this is a prime example.

Is This the Account For Me?

This savings account is ideal for anyone who wants to save up some money, but cannot guarantee how much will be saved each month and might need to withdraw the money for everyday costs when things get a little tight. It is ideal for those on low incomes who are looking to save, but realise that some months are leaner than others and do not want to tie themselves into a complicated account.

The Advantages of This Account

The most obvious benefit of this account is the high 4.50% p.a. interest rate, meaning that what you save will be worth more if you are able to leave it in the account for a reasonable amount of time. Once again, the benefit of this account is its simplicity and lack of hidden catches and costs.

There are no fees for any transactions at all, meaning that your savings will not be eaten up by withdrawal costs. There is no minimum balance, so customers will not face penalties for dipping into their savings. Also, a RaboPlus High Interest Savings Account can be opened with just $1, so however small savers begin, they can still access a great rate of interest.

RaboPlus is one of Australia’s safest banks, thanks to the use of its innovative Digipass feature, so if you are nervous about banking online and normally prefer to do your banking the old-fashioned way in branch, this could be the perfect introduction to secure online banking.

You can access your savings online around the clock, seven days a week, meaning that if you need to transfer a little of your savings balance into your current account to pay the bills, there is no need to panic. Transfers like this normally take only 24 hours.

It is necessary to have another current account for the RaboPlus High Interest Savings Account, but RaboPlus does not tie you into opening a current account with them; you can pay your savings in from an account with a different bank. Additionally, third parties such as parents can pay into the account as well as you, so if you’re counting on some help with your savings, the process can be very simple.

Eligibility

To be eligible for a RaboPlus High Interest Savings Account, you must be aged 12 or over and be an Australian resident.

How Do I Open a RaboPlus High Interest Savings Account?

To open a RaboPlus High Interest Savings Account, visit the RaboPlus website, and click the ‘apply’ button under the High Interest Savings Account section. The online application process is simple, secure and only takes a few minutes.

Summary

The RaboPlus High Interest Savings Account is a simple, straightforward savings account with a great interest rate.