PremiumSaver is the new RaboDirect incentivised high interest savings account. If you increase the balance of your account by $200 or more from the start of the month to the end of the month you earn an additional 1.75% interest on the balance.
Currently the standard interest rate is 4.75% so with the bonus interest the total comes to 6.10%. Unlike many other savings account products which don’t allow any withdrawals you can make as many withdrawals with the PremiumSaver as you want. Just as long as by the end of the month the balance has increased by more than $200. The $200 minimum increase must come from deposits as interest earned will not be taken into account which is something to note if you have a large account balance.
The bonus interest rate applies up to a maximum of $1 million with anything over this amount receiving the standard interest rate of 4.25%.
Interest is calculated daily and paid monthly and there is no minimum opening balance.
There is also a business version which is similar except the minimum increase in balance required is $2,000 and the bonus interest rate is 5.25% with the standard interest rate 4.25%.
For more information click here – RaboDirect PremiumSaver
Click here to compare savings accounts.
Disclaimer: Product interest rates and features change without notice. Please check all details with the product provider before taking any action.