Money Compare

This is a great savings account that comes with a few conditions, but can work out well in the customer’s favour if handled properly with a steady income. It also has less restrictions than many savings accounts, so customers will find saving less difficult. The account is cheap to run and has no minimum opening deposit too, which many customers will find useful if they are starting saving from scratch.

Is This the Account For Me?

If you need to save up some money for a project, such as buying a house, a car or even something more long term like children’s education, this is a great account to use. The 5.75% p.a. interest rate is relatively high, and there are bonus incentives for saving a regular amount each month. So, if you can guarantee that you will be able to save the same amount every month, you can realise the maximum potential of this account. If you are looking at a looser savings plan, you may be able to get a better interest rate elsewhere.

The Advantages of This Account

The premise of this account is simple. You will earn a relatively high interest on any funds in the account. If, however, you are able to increase your monthly balance every month by $200 (aside from any interest earned) you receive interest at a higher rate. This means that, as long as the balance at the end of the month is $200 more than it was at the start, you will benefit from the bonus; you can withdraw as much and as many times as you like from the account in the meantime. This gives the customer a great deal of flexibility in terms of cash flow; with a little money-management, you can use your savings to cover your expenses mid-month, and then replace what you used when you get paid.

Aside from that innovative feature, the RaboPlus Premium Saver Account demands no minimum opening balance, so however small your savings plan starts, you can still access a great rate of interest.

Eligibility

To qualify for the RaboPlus Premium Saver Account, you must be an Australia resident, and have a RaboPlus current account from which you transfer your monthly savings.

How Do I Open a RaboPlus Premium Saver Account?

To open a RaboPlus Premium Saver Account, first open a RaboPlus current account if you do not have one already.

After this stage you can set up a Premium Saver by logging into your RaboPlus online portal and click the ‘apply’ button under RaboPlus Premium Saver Account to start the application process. It is simple, secure and only takes a few minutes.

Summary

The RaboPlus Premium Saver Account is a great product for new customers and current RaboPlus customers alike, and can work out very well if you are able to save the same amount every month but need flexibility mid-month.