Westpac vs Rabobank savings accounts

Rabobank High Interest Savings Account has no monthly conditions and no linked-account requirement. Its standard rate is tiered by balance, with a higher rate on the first $250,000 and a lower rate above that, and new customers receive an introductory rate for the first four months on balances up to $250,000. There is no deposit, spend, growth or withdrawal rule at any point.

In the current data Rabobank's four-month intro rate is above Westpac Life's bonus rate, but its ongoing rate is below it. That makes Rabobank the better short-term home for a lump sum from a new customer, and the simpler long-term home for anyone who would rather accept a lower rate than manage three conditions every month.

Westpac Life pays a small base rate plus a bonus on the whole balance when, in a given month, you make at least one deposit, finish with a higher balance than you started, and keep the balance above zero at all times. It requires a linked Westpac everyday account. There is no bonus cap in our data.

For a saver who already banks with Westpac and adds to savings every month, those conditions are routine and the bonus rate is the higher ongoing rate of the two. Over a full year, and for anyone who is not a new Rabobank customer, the calculated comparison below will usually favour Westpac as long as every month qualifies.

Decide on time frame first. For up to four months as a new Rabobank customer, Rabobank's intro rate wins outright with no conditions attached. Beyond that, Westpac's ongoing bonus rate is higher, but only in months where you deposit, grow the balance and never dip to zero; one withdrawal that shrinks the balance costs the bonus for that month.

If you expect to withdraw from savings at all, or hold more than $250,000 and want to avoid Rabobank's lower upper tier, rerun the comparison at your own balance. Westpac's occasional cashback promotions are not included in any rate here, because promotions are never counted as interest in Savings Planner.