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Opening an account

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Product related FAQs

Trust accounts

What is a Trust Account?

A trust account is one held by trustees, not for themselves but for the beneficiaries of the trust.

Are there any fees or charges?

With our RaboDirect savings account, there are no fees, no minimum balance and no minimum term. 

Who can open a Trust Account?

The trustees of the trust. 

How do I open a RaboDirect Trust Account?

Simply complete the online application form and send the information to us...

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How many Trust accounts can my Trust have?

A trust can only have one master account with RaboDirect, however with RaboDirect savings accounts, you can open a master trust account and have 5 more purpose savings account under your master trust account .

Who has access to the account/s?

The trustees must nominate an authorised signatory to the account who will be responsible for the account and therefore also for the Digipass that enables access to the account/s. 

How do I get money from my existing Trust account and into my RaboDirect Trust Account?

The initial account opening deposit is made via direct debit to the account to validate the linked account. After that, you can use your RaboPlus account to transfer money between your linked trust account and RaboDirect account whenever you like. Or set up a regular savings plan to regularly pay funds into your RaboDirect account.