Rabobank launches cash management account

Rabobank Australia says the new facility is designed to expand the range of services it offers in the Australian banking market, which includes specialist agribusiness lending, as well as retail savings and deposits through its RaboDirect online banking division.

Rabobank Australia chief executive officer Thos Gieskes said the Rabobank Cash Management Account would enable customers with a minimum deposit of $20,000 to put their savings to work by investing in an account with competitive interest rates, yet still retain access to those funds with the built-in flexibility of an everyday transaction account.

The account is launching with an interest rate of 4.75 per cent per annum. Premium accounts are also available for customers with a minimum of $100,000 to invest, which attract a higher rate of interest from 4.9 per cent per annum as well as a chequebook option.

Mr Gieskes said the new account facility would be available to customers Australia wide, and would not be exclusive to its existing farmer and agribusiness clientele.

“While the Cash Management Account (CMA) has been designed to complement and round out our product offering to rural customers, it is available to everyone in Australia,” he said.

“The CMA combines the options of targeted investment savings facilities with the ease and flexibility of regular transactional banking.

Mr Gieskes said deposits with Rabobank Australia were guaranteed by its parent company Rabobank, which has been ranked one of the top 10 safest banks in the world for more than 10 years by Global Finance.

Other key features of the Rabobank Cash Management Account include:

• No account keeping fees provided a minimum balance is maintained
• Global access to funds via ATMS and Eftpos through the Visa network
• Rabobank internet banking, for online management of accounts
• Access to funds through a Rabobank Visa Debit Card, ATMs, Bpay, Eftpos and Bank@Post