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RaboPlus to increase rate on online savings deposits

RaboPlus, the online banking division of Rabobank Australia, has announced that it will increase on-call variable interest rate from 7.3 to 7.8% per annum on its online savings deposits.

The offer of the proposed rate will be applicable for deposits up to $1 million. For remaining balances over $1 million, the current RaboPlus standard variable rate of 7.30% per annum will apply.

The variable rate offer will apply to both existing and new RaboPlus customers until July 31, 2008. The rate will then revert back to the standard on-call variable rate currently 7.30% per annum.

The rate is also available to do-it-yourself superannuation funds, trusts and business accounts. It requires no minimum balance, no fees; interest is calculated daily and paid monthly.

Bryan Inch, head of financial services for RaboPlus Australia and New Zealand, said: This is in line with our policy of providing competitive market interest rates to our customers.