Raboplus offers 7.10% ‘on call’ savings

October 30th, 2007

RaboPlus Digipass Security Device Ok, so we are not a banking blog, but I kind of work in the industry and have a bit of savings in one of these “high interest accounts” so I thought I would share this piece of news. Available from today, RaboPlus a division of Rabobank Australia Ltd, are offering 7.10% p.a. interest on your savings until 02 Jan 2008.

The plan is a bit limited though, you can only get this rate on balances up to $1 million. There are no account fees or any other charges. An ‘on call’ account, for those of you who do not know the terminology, means you have access to your savings at any time, just like a regular bank transaction account. You can put money in and take money out whenever you want and it will not affect the interest rate you receive. Unlike a term deposit where you have to “lock” your money away for a pre-determined period, an “on call” high interest rate account gives you complete access to your cash.

The RaboPlus account gives you the amazing 7.10% p.a. interest rate until 02 Jan 2008, but then on 03 Jan 2008 the rate reduces to their regular current already market leading rate of 6.70% p.a.

Like ING Direct, RaboBank has no branches, all transfers are done online. You connect it up to your normal bank account and push and pull money to and from the RaboPlus account. You also get top notch account security with the patented “Digipass” security system. It’s basically a little device, slightly smaller than a mobile phone that generates codes that you use in combination with your account PIN / password to ensure “two factor” security

If you have any savings knockin’ about even $500, why not open a RaboPlus account today? You don’t even need $500 to start! The RaboPlus account has no minimum balance to be eligible for this great rate! Start your account with $100 or even just $10. But once you open your account and get yourself in the habit of saving and earning high interest with no effort, you will become addicted to .. well, cash!