The changes from the bank - which operates on a distinct co-op model to fund farmers - follow a series of similar cuts to at-call products made in March.
Luckily the four-month intro rate, which is market-leading, of 5.75% p.a. has been left untouched.
Though its revert rate after the four-month period was lowered by 5 basis points.
Other rates were adjusted by 5 to 10 basis points, and details were vague in the email about the exact movements.
So we've broken them down for you.
| Product | New % Rate p.a. (Change) | Conditions |
|---|---|---|
| Premium Saver | 5.35% (-0.10) |
Deposit $200/month, balance up to $250k. Rate for failing to meet criteria is 1.45% - down 5bps |
| Base Revert Rate on Intro Account | 4.35% (-0.10) | Maximum balance $250k; lower rates apply thereafter. |
| 31 Day Notice Saver | 4.85% (-0.05) | Lock away funds for 31 days, applies to balances up to $250k |
| 60 Day Notice Saver | 4.95% (-0.05) | Lock away funds for 60 days, applies to balances up to $250k |
| 90 Day Notice Saver | 5.00% (-0.05) | Lock away funds for 90 days, applies to balances up to $250k |
"Our rates are reviewed regularly and those which are variable are subject to change. When reviewing our rates we consider a number of factors, including movements in the official cash rate and changing market conditions," Rabobank said in the email.
This also comes as Rabobank cut its term deposit rates by 5 and 25 basis points; the 6-month rate however was increased by 10 basis points to 4.90% p.a.
While the changes aren't huge, the slide in deposit rates is reflective of the compensation for lower home loan rates, and could be a sign of more to come.
Photo by Jed Owen on Unsplash
