High Interest Savings Account
What is a High Interest Savings Account?
A RaboDirect High Interest Savings Account is the perfect way to get your dreams back on track. You'll get a great variable rate, plus there are no fees, no minimum balance requirements and no sneaky terms and conditions. You can transfer money any time between your Linked account with your other bank and your High Interest Savings Account (HISA). From your HISA you can instantly transfer funds into any of your other RaboDirect accounts.
How do the tiered interest rates on my HISA work?
There are three tiers and the interest rate offered depends on your account balance. These tiers apply to all personal, joint, DIY Super, Trust, accounts on behalf of another person and Online SMSF accounts;
Tier 1: for account balances up to $250,000.
Tier 2: on the portion of your balance between $250,001 and $1million.
Tier 3: on the portion of your account balance which is above $1million.
Click here to check current interest rates
Click here for details about business accounts.
How are the rates applied to HISA balances over $250,000?
The interest paid to your account balance is broken down into the three tiers depending on your account balance.
Tier 1: for account balances up to $250,000.
Tier 2: on the portion of your balance between $250,001 and $1million.
Tier 3: on the portion of your account balance which is above $1million.
For example, if you have an account balance of $1,300,000 the first $250,000 will attract the Tier 1 interest rate, your balance between 250,001 and $1million will receive the interest applicable to Tier 2. Your remaining balance above $1million will receive the Tier 3 rate.
When is the interest rate calculated and paid into my account?
Interest is calculated daily throughout the month and is paid into your High Interest Savings Account at the end of each month. You can see the amount of interest you have earned for the previous month on the next months account statement or transaction history.
Can the interest rate change?
Yes, interest rates offered on our High Interest Savings Account, Purpose Saver and PremiumSaver are variable and may change. Our Term Deposits have fixed rates.
Purpose Saver Account
What is a Purpose Saver Account?
A Purpose Saver Account is a separate variable rate savings account you can create from your High Interest Savings Account for any specific savings goal you would like to focus on. There is no minimum balance or monthly increase required. This account has one variable interest rate, regardless of the account balance or frequency of contribution. You can have one Purpose Saver account.
PremiumSaver Account
What is a PremiumSaver Account?
If you're a regular saver, our PremiumSaver Account is perfect for you. Just increase your net balance by at least $200 (or $2000 if you have a business account) before the last business day of every month and you'll earn the higher variable interest rate.
How do I open a PremiumSaver Account?
If you're already a RaboDirect customer login to your account and from the toolbar choose 'PremiumSaver'. From the home page , click on Open your PremiumSaver now. If you are a new customer just click the 'Apply now' button on the PremiumSaver page of our website.
Is there a minimum or maximum balance on PremiumSaver Accounts?
There is no minimum balance for your PremiumSaver Account, however you need to increase your net balance by $200 ($2000 for business accounts) before the last business day of each month in order to earn the higher PremiumSaver rate. Different rates apply to business accounts and to the portion of balances over $1million. For information on business accounts, click here.
What if I don't contribute to my PremiumSaver Account?
If you make no contributions to your PremiumSaver Account during the month, you will receive the lower PremiumSaver variable interest rate. For current interest rates, click here.
Will I still receive the higher interest rate if I make a withdrawal out of my PremiumSaver Account?
Yes, you can make unlimited transactions during the month in and out of your PremiumSaver Account. As long as you increase your net balance by $200 ($2000 for business accounts) before the last business day of each month you will receive the higher variable interest rate.
How many PremiumSaver accounts can I have?
You can have one PremiumSaver account.
Can the interest rate change?
Yes, interest rates offered on our High Interest Savings Account, Purpose Saver and PremiumSaver are variable and may change. Our Term Deposits have fixed rates.
Term Deposits
How do I open a Term Deposit?
If you are an existing customer and would like to open up a Term Deposit, log in to your RaboDirect account, click 'My quick links' and select 'Open a new Term Deposit'. If you're a new customer, click on the 'Apply now' button on the Term Deposit page on our website.
You will also get a High Interest Savings Account to be your 'primary account'. The HISA will be used to control all your RaboDirect accounts or investments. Your HISA is connected to your Linked account, via which you put money in and take money out of your RaboDirect account(s).
Is there a minimum amount required to open a Term Deposit?
Yes, there is a minimum opening deposit of $1,000 for all our Term Deposits.
How many Term Deposits can I open?
You can open as many Term Deposits as you like with a maximum value of $2 million per Term Deposit.
What investment periods are available?
You can select Term Deposits from any one of the following terms:
1, 3, 6 or 9 months, 1, 2, 3, 4 or 5 years.
Does the interest rate stay the same regardless of the interest payment option I choose on a Term Deposit?
The interest rate will vary depending on the interest payment frequency chosen on your Term Deposit. View current rates and payment options on the Term Deposit page on our website.
What interest payment options are available on Term Deposits?
On terms of one year and over, you can choose to have your interest paid back to the RaboDirect account which you used to originally fund your Term Deposit account monthly, quarterly, semi-annually and annually. View interest payment options on the Term Deposit page on our website.
When is interest paid on a Term Deposit?
For investment periods of less than 1 year, interest is paid on the maturity of the Term Deposit. For investment periods of 1 to 5 years, interest can be paid monthly, quarterly, semi-annually and annually depending on interest payment frequency selected.
Is there a penalty for breaking my Term Deposit?
Yes, fees are applicable. Please refer to the Terms and Conditions. for details.
What are my options when my Term Deposit matures?
Essentially you have 4 options:
Choose to automatically reinvest the original sum (principal) plus the interest you have earned. You can change your mind up to the working day before the Term Deposit matures – so plenty of time. Plus we will give you a Loyalty bonus rate on your reinvestment term for sticking around.
Top up the principal with more money and automatically reinvest the lot. You'll still be eligible for the Loyalty bonus on your reinvestment term!
Choose to automatically reinvest only the principal into a Term Deposit and treat yourself with the interest you earned. Again you can do this up to one working day before the end of the term and you will still get the Loyalty bonus on your reinvestment term.
Don't reinvest and transfer the principal and the interest earned to your HISA.
Can I accrue the Loyalty bonus rate, for example if I reinvest my 12 month Term Deposit twice will I get 0.20%, (0.10% + 0.10%)?
No sorry, the Loyalty bonus is not cumulative.
How do I cancel a Term Deposit?
To cancel your Term Deposit, please call us on 1800 445 445, from 8am to 7pm (Sydney time) Monday to Friday and we will arrange this for you. Early termination fees are applicable, these are detailed in the
Terms and Conditions.
How do I cancel an automatic reinvestment?
Automatic reinvestments can be cancelled online. Visit the 'Term Deposits' section, click on 'Term Deposit Summary' and select 'Cancel auto-reinvest' from the Action button.
Where can I see the interest payments I have received on my Term Deposit?
To see a full list of interest payments on your Term Deposit, click on the Term Deposit you would like to view from the 'Account balances' section on the home page of your online account. Interest earned over a chosen period of time can be viewed using the 'Portfolio growth' feature on the home page.
Can I choose to have interest added to the principal automatically?
Yes. For investment terms of 1 year or less you may select to capitalise your interest payments in conjunction with our automatic re-investment option.
What does 'automatic re-investment' mean?
If you select automatic re-investment, upon maturity your money will be re-invested for another term of the same length. The prevailing interest rate at the time of re-investment will apply to the new term. For Term Deposits of 1 year or less you can also choose to capitalise your interest in conjunction with your automatic re-investment option. In this case the interest earned on your maturing deposit will be added automatically to the principal balance of the new Term Deposit.
Can I view my matured Term Deposits?
Yes. To see your matured Term Deposits, visit the 'Term Deposits' section in your online account.
Managed Funds
What are Managed Funds?
Managed Funds are a great way to invest in a range of assets such as shares, property and bonds using one simple product. You will have the ability to pool your funds with a lot of other investors and let the experts manage it for you.
Investing in a Managed Fund can deliver a number of advantages compared to direct, individual investment, including:
• Buying power
• Economies of scale
• Diversification
• Professional management
• Access
How do I buy Managed Funds?
Managed Funds can be bought via your RaboDirect account.
Once you are logged in to your account, click on 'My Managed Funds' and choose 'Find and buy funds'. When you have chosen the funds you would like to purchase, click the 'buy' button which will guide you through the process.
Is there a minimum investment amount for Managed Funds?
The minimum amount per investment is $250.
When will my Managed Funds order be processed?
Orders for Managed Funds are only completed during working hours on regular business days. Your Managed Funds orders must be placed before 11am (AEST) in order for it to be completed at that day's unit price. Orders are completed and processed as soon as the fund manager provides the fund price, for funds investing inside Australia this will usually be within 2 business days, for other funds this can be up to three business days later. In each case RaboDirect processes your order as soon as we receive confirmation from the fund manager. With managed fund orders, there are no guarantees regarding the price at which the order will be executed. Unit prices displayed on the website are indicative only.
Are the prices quoted, the same as prices quoted on the Funds website?
The unit prices displayed on the RaboDirect website are provided by Morningstar, who in turn are provided the unit prices by the Fund Managers. The unit prices quoted on the RaboDirect website may not always be the same as the prices quoted on the Fund Manager's websites due to delays in pricing feeds from Morningstar.
What are the fees and conditions for Managed Funds?
For details of all Managed Funds fees and conditions, see our IDPS Guide and Terms and Conditions.
What is an investor profile?
No two investors are the same. Some swear by risk, others want capital security above everything; many have a view somewhere in between. You must decide which profile best suits you, your time horizon and your investment objectives.
To determine your investor profile, decide how much risk you are prepared to take with your Managed Fund investment. You need to identify your investment objectives, assess your comfort with the various levels of risk and reward, and clarify your long-term investment goals.
Where can I view my Managed Funds portfolio?
To view your Managed Funds portfolio, log in to your account and visit the 'My Managed Funds' section.
Do I need to be a RaboDirect customer to purchase Managed Funds?
Yes, to become a customer, click on the 'Apply Now' button on the Managed Funds page to complete the online account application form. You will need to open up a High Interest Savings Account first.
Do I need any specific investment knowledge?
Each Managed Fund comes with a Product Disclosure Statement (PDS) and additional information e.g. Fund profiles, Morningstar risk and ratings and historical performance data.. We advise you read these documents carefully before placing an order, giving full consideration to your risk profile and investment objectives.
How do I know if my order has been completed?
You can check if your order has been completed in your Managed Fund Portfolio. Those orders yet to be confirmed are shown as pending.
Can I amend an order?
Pending orders can be amended prior to 11am (Sydney time) on the same day you place the order, or prior to 11am (Sydney time) the next business day if the order is placed after 11am. You must first cancel the existing order and then place a new order.
How do I cancel an order?
Pending orders can be amended prior to 11am (Sydney time) on the same day you place the order, or prior to 11am (Sydney time) the next business day if the order is placed after 11am. You must first cancel the existing order and then place a new order.
How frequently do Managed Funds pay distributions?
Different funds may pay distributions at different times of the year and this will typically depend upon what type of fund it is. Funds will schedule to pay distributions either monthly, quarterly, semi-annually or annually. To find out how often a fund schedules to pay distributions, it is best to refer to the fund's Product Disclosure Statement (PDS). Any distributions will be paid directly to your RaboDirect High Interest Savings Account.
Are the returns quoted per annum?
Yes, all returns are quoted per annum.
Do you have an advisory service?
RaboDirect operates an advice-free IDPS platform. It is up to you to select the fund you would like to invest in. RaboDirect offers a range of investment calculators, but if you cannot choose a fund to match your needs we recommend that you seek personal financial advice from your financial planner.
What is the role of the RaboDirect Investment Committee?
The Investment Committee is responsible for managing and maintaining the relationship with providers of the Managed Funds that RaboDirect offer and ensuring that the funds we offer continue to meet our selection criteria. The Investment Committee is required to uphold our selection philosophy, safeguard the selection criteria, guidelines and procedures of the selection criteria. The role of the Investment Committee is not to verify the quality of the fund providers and/or Managed Funds.
What should I know about tax on my Managed Fund investments?
The following FAQs are a general summary of some of the Australian taxation implications associated with individual residents owning Managed Funds. The information is based on current Australian tax laws in force as at 1 May 2012. These laws may change at any time. You should consult your own tax adviser in relation to your investments.
After the end of each financial year, RaboDirect will provide you with your consolidated annual tax statement showing the tax components of the distributions you received during the year as well as a capital gains tax report. As an individual investor, you can use the information in these two reports to help you complete your personal tax returns.
Will Withholding Tax apply to the distributions?
Where you have not provided RaboDirect with a valid TFN, ABN or exemption code, the distributions on your units may be subject to withholding tax. RaboDirect may be required to deduct withholding tax at the maximum marginal tax rate plus the Medicare levy (currently 46.5%) from payments of those distributions it makes to you. The amount withheld will be displayed in your annual statement credited against your assessment, and may be refunded by the Australian Tax Office (ATO).
Do I have to pay Capital Gains Tax?
The Capital Gains Tax (CGT) rules are complex and you should consult your accountant or tax advisor to assist you with your CGT position. RaboDirect will provide you with a CGT statement for the end of the financial year that may assist you with determining your CGT position. The CGT statement will be produced on the basis that you are an Australian individual resident. Refer to the annual tax information section below.
What are my tax compliance obligations?
You will be required to file an income tax return and declare distributions you have received, and taxable gains made on the sale of your units (if applicable) in the financial year in which those events occurred. You will be responsible for satisfying any income tax liability arising in relation to your units to the ATO.
How do I sell units in a Managed Fund?
Once you are logged in to your account, click on 'Managed Funds', then click on 'Actions' for the fund you would like to sell units in. You can choose either the 'Sell units' option or 'Sell units by parcel' (selling units by parcel will allow you to sell units from a particular buy made earlier, where as selling units directly applies the FIFO rule i.e. units purchased first are sold first). Click on the relevant option and simply follow our on screen instructions.
How long does it take for the money to be credited into my savings account once I have sold units
Redemptions are usually paid within 5-7 business days. However, it does depend on the processing times of the underlying Fund Manager.
What is Morningstar's involvement in your Managed Funds offering?
RaboDirect uses Morningstar to obtain unit price feeds, past performance data, star ratings, risk categorisation and fund profiles. All of these are components of the Fund Selector.
Online SMSF
How much does ongoing administration for my SMSF cost? Is it included in my $695 establishment fee?
If you choose for Cavendish to take care of your ongoing SMSF administration you will pay a fee directly to them for this service. The minimum fee payable to Cavendish is $2,000 for the first year and the monthly fee is $240. You can set Cavendish up on your RaboDirect 'Payee List' for this payment to be made automatically every month. Administration fees are not included in your $695 establishment fee.
How do I pay my $695 establishment fee?
You can pay your establishment fee electronically via internet banking to:
Account name: Rabobank Australia Ltd.
BSB: 142-201
Account number: 10000001-04
You must include your reference number in the transfer details for the transaction so we can identify your payment. You will receive your reference number once you submit your online application form. If you don't have your reference number call us on 1800 445 445, from 8am to 7pm (AEST) Monday to Friday.
Who can set up a RaboDirect Online SMSF?
To set up an Online SMSF with RaboDirect you must:
a. be over the age of 18
b. have not been convicted of an offence involving dishonesty
c. have not been subject to civil penalties under the Superannuation Industry (Supervision) Act
d. have not been insolvent, under administration or an un-discharged bankrupt
e. have not been disqualified by a regulator (ATO or APRA)
Strict rules apply to Self Managed Super Funds, please consider the following before setting up a RaboDirect Online SMSF:
i. Are you eligible to perform the duties of a trustee?
ii. Do you have sufficient funds in your super to make the extra costs of an SMSF worthwhile?
iii. Have you consulted a financial planner, accountant or lawyer about setting up an SMSF?
How long does it take to set up my SMSF?
We'll do everything we can to get your SMSF set up as quickly as possible and we'll keep you up to date every step of the way. The ATO generally takes between 4-6 weeks to complete registration of your SMSF. If you have elected for RaboDirect to organise the incorporation of a new company for a corporate trustee, this will take an additional 3-4 days.
Setting up the SMSF (and company where requested) will start once you have returned your correctly completed Set Up Pack to RaboDirect, so the sooner you return your completed documents to us, the sooner we can send the documents to the ATO .
Can my financial planner/accountant set up my SMSF for me?
Yes. They can submit your application on your behalf and take care of the paperwork for you. You and your SMSF members will still need to sign the relevant set up documents.
I want to set up my SMSF with a corporate trustee? Do you set up a company for me?
Yes. As part of your SMSF set up we can also set up a company for your corporate trustee. You just need to tick 'yes' in the Company Details section of your online application form. It will cost $840 (in addition to the SMSF establishment fee) to set up a new company and the fee is payable to Cavendish by cheque, an invoice will be provided in your Company Set Up Pack.
Why do I need a bank account for my SMSF?
You need a bank account in your SMSF's name to manage your SMSF transactions including:
• Rollover of any superannuation money into your SMSF
• Super contributions (paid into your bank account)
• Investment income (paid into your bank account)
• Expenses and liabilities of the fund (paid out of your bank account )
I already have a bank account. Can I use that for my SMSF?
Unfortunately not, the bank account must be in the name of your new SMSF. Your SMSF bank account must be kept separate to each member's individual bank accounts to protect the assets of the SMSF. When you use RaboDirect Online SMSF we'll automatically set up a RaboDirect High Interest Savings Account for your SMSF.
How can I find out what interest rate my SMSF account will earn?
View current interest rate on our Online SMSF page on our website.
Who is Cavendish?
Cavendish is our expert SMSF partner. They're award winning SMSF specialists with nearly 20 years experience in superannuation. You can choose for Cavendish to look after your ongoing SMSF administration. They'll take care of your paperwork and make sure you comply with your obligations as a trustee. We have chosen to partner with Cavendish because we believe their administration service is the best in the market. Just tick the ongoing administration box when you complete your online application and Cavendish will be in touch to walk you through how the ongoing administration service works.
I would like to look after the ongoing administration of my SMSF myself. Is that possible?
Yes. The great thing about RaboDirect Online SMSF is that you're in control. You choose the providers you want to use. We have chosen to partner with Cavendish because we believe their administration service is the best in the market, but this service is optional.
How do I rollover my existing Super into my RaboDirect Online SMSF?
RaboDirect can arrange everything for you. All you need to do is tick the rollover box on your online application. We'll organise the paperwork and get your Super rolled into your RaboDirect High Interest Savings Account once it's established.
Do I have to keep all of my Super with RaboDirect Online SMSF?
No. The great thing about RaboDirect Online SMSF is that it gives you control and flexibility. You can use your RaboDirect Online SMSF to make investments outside RaboDirect.
What will I see when I log in to my RaboDirect Online SMSF account?
When you log in you will see your Online SMSF High Interest Savings Account. You can also choose to open a PremiumSaver account, or invest in a range of Term Deposits and Managed Funds. We set everything up for you so you only have to complete one form, from here you will be able to easily manage all your investments and reporting requirements.
How do I invest in Managed Funds and Term Deposits with my RaboDirect Online SMSF?
It's easy to invest online with a RaboDirect Online SMSF. Login to your account then select either 'Managed Funds' or 'Term Deposits'. Click on the investment of your choice and follow the prompts to start investing.
Where can I find more information about the Managed Funds available?
Our online fund selector is packed with useful research to help you search, sort, select, compare and buy your preferred Managed Funds.
Where can I find more information about the Term Deposits available?
Use our comparison table on the Term Deposits page on our website, to find the best rate and term to suit your investment needs and see how we compare with other banks.
Can I invest in shares with RaboDirect Online SMSF?
You will still need to place your trades through your preferred broker, but you can pay for share purchases and receive any dividend payments into your RaboDirect Online SMSF High Interest Savings Account.
How do I invest in investments with other providers?
It's easy to settle investments with RaboDirect Online SMSF using the 'pay anyone' facility. Log in with your Digipass at RaboDirect.com.au, and follow the prompts to set up a new Payee and make the payment.
Notice Saver
What is Notice Saver Account and how does it work?
Notice Saver is a new type of savings account that we created that requires you to provide Notice prior to withdrawing your money, so it helps avoid temptation that you might get with instant access to your money.
There are 3 Notice Saver Account product options, which each have a different notice period: 31, 60 and 90 days. The amount of notice you choose to give isn’t an investment period, it’s just the amount of notice you need to give before making a withdrawal. You’ll get the benefit of higher variable interest rates compared to our HISA standard variable rates, but unlike a Term Deposit you can top up the balance whenever you like so greater flexibility.
What are the benefits of Notice Saver?
If you’ve ever dipped into your savings for an impulse purchase only to kick yourself after for giving into temptation then you’ll like Notice Saver. Think of it like putting a timer switch on your money but unlike a term deposit you can top up the balance as you go. Plus you get a decent variable rate of interest to keep your savings working hard for you.
How does Notice Saver compare to a Term Deposit?
Although Notice Saver rates are in general similar to the rates we offer on our 6month Term Deposit, there are several differences:
The Notice Saver interest rates are variable – a Term Deposit rate is fixed.
The rates offered on the Notice Saver are tiered like our HISA, i.e. different rates apply to different portions of your balance e.g. 0-$250K, $250-$1m, $1m+.
Notice Saver offers access to your money after the required notice period– a Term Deposit has a fixed investment period.
Notice Saver allows you to deposit money into the account whenever you like – A Term Deposit does not.
I sometimes need to withdraw my money at short notice but still want to earn as much interest as possible. Can I use Notice Saver?
Notice Saver won’t let you take out your money before the notice period is up, for example if you have a 31 day Notice Saver then you cannot access your money before the 31 days are up. To make sure you get the most out of your money, we recommend that you consider maintaining some funds in your High Interest Savings Account, just in case you require immediate access to your money.
What is the interest rate?
The interest rates are available on our website. Rates are tiered. The highest rate is paid on balances up to $250,000 and the rate reduces slightly on the portion of the balance which is greater than $250,000, and the portion of the balance which is greater than $1m.
Are there any fees?
There are absolutely no fees on our Notice Saver Account, its feeless!
Can I make regular deposits just like a savings account?
Yep. Notice Saver lets you make deposits at any time.
Who can open a Notice Saver Account?
Notice Saver Accounts can generally be opened by any Aussie resident over 18yrs old. This includes personal customers, businesses, trusts and self managed super funds (SMSF). See the RaboDirect Terms and Conditions for more information.
Who’s best suited to Notice Saver?
Notice Saver is a great product if you’re looking to save for a specific purpose for example Christmas, car, travel, a ‘rainy’ day or even a sunny day.
Notice Saver may also appeal to SMSFs who will benefit by the high ongoing rates and business customers that want to save for GST payments. Basically anyone who wants to earn higher rates than they would on a normal online savings account.(?)
I’m not sure what Notice period to choose, can I open more than one Notice Saver Account?
You can open up to 3 Notice Saver Accounts, however can only hold one of each type of Notice Saver Account at any one time, i.e. 1 x 31 day Notice Saver, 1 x 60 day Notice Saver and 1 x 90 day Notice Saver.
How do I open a Notice Saver Account?
It’s easy to open a Notice Saver Account. Once you’re on the Notice Saver page on the RaboDirect site, all you need to do is click on the green Apply button and follow the simple steps. If you’re an existing Customer you can open an account by logging into your online banking.
How do I take money out of my Notice Saver?
If for example you have a 31 Notice Saver; log into your online banking 31 days in advance of when you want to access your money. Select the account that you wish to transfer the money to then submit. From this point the 31 days Notice period begins. Note that Notice given after 4pm on a working day won’t count as a full days Notice and transfers can only occur on a business working day (if, for example your notice period ends on a weekend or a public holiday, the transfer will occur on the next closest business day).
How do I transfer money into my Notice Saver account?
You have a number of options including, setting up a direct debit from your nominated linked account, setting up a direct credit from your linked nominated account, or you can transfer funds from another RaboDirect Saving account within Online Banking.
What is the minimum Notice period that I can provide?
The minimum Notice period varies depending on the product selected. The 31 Day Notice Saver has a minimum Notice period of 31 days, the 60 day Notice Saver has a minimum Notice period of 60 days and the 90 day Notice Saver has a 90 day minimum Notice period.
Can I change a withdrawal instruction?
If you want to change a withdrawal instruction on your Notice Saver Account, including changing the withdrawal amount, you’ll need to cancel your standing instruction and then re-enter a new withdrawal instruction. The notice period will then need to be served again in full. If you do wish to cancel a Notice instruction you will need to make the change prior to 12am the day before the transfer is due.
What if I change my mind about a withdrawal but forget to change the instruction?
It happens; we will still remember to transfer the money to your nominated account, so the money will come out of your account.
How many Notice withdrawal instructions can I place?
There is no limit on the number of Notice instructions you can place as long as you have sufficient cleared funds in the account.
What if I need my money in a hurry and I haven’t provided you with the minimum notice required?
Unfortunately we can’t release your funds early. You will need to serve a Notice period and access your funds at maturity. We recommend that you maintain some funds in at-call Savings account (HISA) in case you need funds in a hurry.
For Customers suffering financial hardship you can apply for early release of your funds. Please note that you will need to complete a statutory declaration as proof of your financial hardship. Please contact our Customer Experience Centre for more information.
Is there a limit on how much I can withdraw from my Notice Saver?
You can withdraw as much as you like up to the amount you hold in your account less any additional pending withdrawals you may have requested.
What’s the maximum amount I can deposit into a Notice Saver Account?
The maximum deposit is $5m (this may be lower and be restricted by your other bank). There is no maximum Notice Saver balance; however we reserve the right to cap the maximum balance to $5m.
How often is interest paid on a Notice Saver Account?
Interest is calculated daily and paid into your Notice Saver Account on the first day of every month. You can also redirect the interest so that it is credited to either your High Interest Savings Account or your Purpose Saver account.
How do I close my Notice Saver Account?
Before you can close your Notice Saver Account you will need to ensure that you have withdrawn all your funds. Your Notice Saver Account can be closed by calling us on 1800 445 445 between 8am and 7pm Monday to Friday AEST.