PremiumSaver FAQs

PremiumSaver is designed to reward regular savers with a higher interest rate than what you can get on our high interest on call savings account. 

Simply grow your balance by $200 ($2,000 for business) by the end of each month (on top of interest earned) and you will receive the higher rate of interest on your full balance (up to $1m) for that month. 

If you don't manage to increase your balance by the required amount by the last business day of the month compared to that month's opening balance, then you will receive the lower interest rate on your total balance for that month.

Read more detail on the full conditions of the PremiumSaver for personal, DIY Super and business customers.

It's easy! You simply login to your RaboDirect account, on the left hand side menu select PremiumSaver which will reveal the option to open a PremiumSaver. Select this option, then  choose a name  you would like to call your PremiumSaver. Once you type in your account name, select confirm and your account is opened immediately.

You'll need a RaboDirect account before you can start saving into PremiumSaver. If you don't already have a RaboDirect account, apply online now - it takes just a few minutes.

When applying, simply choose "PremiumSaver" when given the option, this will ensure your opening deposit goes directly into your new PremiumSaver.

New RaboDirect customers will automatically have PremiumSaver, high interest on call savings (or Master Savings) and a managed funds portfolio included with their new account. Once we have received all the necessary paper work we will mail your welcome pack, including login details.  When you have received your login details and Digipass, you can login any time to access your Master Savings account, PremiumSaver and managed fund portfolio.

One.

Yes, you can make unlimited transactions during the month, giving you the freedom to take care of life's unexpected expenses, and still be able to make deposits and increase your balance by the required amount before the end of the month to ensure you receive the higher rate.

No, interest from previous month(s) does not contribute to net increase in balance.

Yes, the higher rate only applies to amounts up to $1m. Balances greater than $1m attract the lower rate on the proportion of the balance that is over $1m.

Yes, the first $1m of your balance will attract the higher PremiumSaver rate while the balance over $1m will attract the lower rate.

Yes, interest from matured term deposits are considered as net increases to your balance if deposited into your PremiumSaver account.

Yes - transfers occur over night if the transaction is placed before our cut off time at 5.30pm on a business day.

Businesses have much more volatile cash requirements than individuals.  That volatility has to be priced into the interest rates.

You won't receive a notice, however when you are logged into your account, you can find out exactly how much, if any,  you are required to deposit in order to bring your balance up to the required amount to meet the eligibility to receive the higher interest rate for that month. Simply log into your RaboDirect account and select PremiumSaver, then select Summary/Details.

No, however you may be able to set one up from your linked account (check with your linked account issuer).

Yes - this is the way your RaboDirect account is structured. But there are no fees and no minimum balance requirements on the Master savings account, so it costs you nothing to have it there.

You can do a direct transfer from your PremiumSaver to your linked account by clicking on Transfer Money.

Yes , you can select the PremiumSaver to purchase managed funds from.

Yes, you can use your available funds in your PremiumSaver to create a new term deposit.

No, distributions can only be paid to your RaboDirect Master Savings account.

Yes.

Yes.