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What are the tiers?

• Tier 1: The portion of your balance up to $250k will attract a standard variable interest rate of 4.85% p.a.
• Tier 2: The portion of your balance between $250k-$1m will attract a standard variable interest rate of 4.50% p.a.
• Tier 3: The portion of your balances over $1m will attract a standard variable interest rate of 4.25% p.a.

Are all accounts eligible?

The tiered rates only apply to High Interest Savings Account Master Accounts.
High Interest Savings Account Purpose Savings accounts are not eligible for tiered rates and will earn 4.25% p.a.
Business accounts are not eligible for the High Interest Savings Account tiered rates. All balances up to $1m in Business High Interest Savings Account accounts will earn an increased standard variable rate of 4.50% p.a.

How do the tiers work?

The tiered rates only apply to balances within High Interest Savings Account Master Accounts (excluding business accounts). Your PremiumSaver and Term Deposit accounts will continue to operate in the same way.

What happens to my High Interest Savings Account Purpose Savings Accounts?

These will continue to receive a flat standard variable rate of 4.25% p.a. across their whole balance (yes, even if it is over $1m, the total gets the flat rate).

How will the tiered rates apply to the sum balance of all the RaboDirect accounts I own?

The tiered rates will be applicable to the High Interest Savings Account Master Account of each RaboDirect account you own. For example, if you hold separate Individual, Joint or Trust accounts with RaboDirect, the tiered rates will be applicable to each account separately.

Why was this decision made?

Our aim is to introduce a very competitive standard variable rate that was attractive and achievable for the majority of our savers, compared to other banks’ standard variable rates.

Is it just new money that is considered for this new tiered rate offer or does it apply to any money in my account/s?

You’ll enjoy the new tiered rates on all the money in your High Interest Savings Account Master Account. It doesn’t affect your PremiumSaver or Term Deposits if you have any of those.

What happens if I have $350000 in my account, how is the interest calculated?

For amounts up to $250k you will receive 4.85% p.a., and for the $150000 over and above that you will get 4.25% p.a. Therefore, in cases where your High Interest Savings Account Master Account balance is above $250k, you will be paid a combination of two or more interest rates. There is a new High Interest Savings Account calculator available at www.rabodirect.com.au/high-interest-savings so that you can quickly and simply calculate the overall “blended” interest rate which your total balance is earning.

Your new rate is still lower than other banks with special rates, why should I stay?

Ours is an ongoing competitive rate as opposed to a competitive rate on limited funds, or for a limited time only. We have current standard variable rate of 4.25% p.a. which is why we are introducing the tiers. The new tiers of 4.85% p.a. for balances under $250k and 4.50% p.a. for balances between $250k - $1m is one of the best in the country, outside of introductory bonus rate offers, because that’s not comparing apples with apples.

Since it is just a standard variable rate, what prevents you guys from having this for a month and then lowering it?

Our track record shows that we don’t play games with your money, we hold our co-operative and competitive values very highly and wouldn’t hoodwink customers in that way.

How do I become a customer?

Simply complete the online application form

Are there any account keeping fees for my account?

RaboDirect savings accounts have no fees, no minimum balance and no minimum term.

Is there a minimum opening deposit?

Yes, the minimum opening deposit is $1.

When is interest paid on my Savings Account?

Interest is calculated daily and paid to your account after the close of business on the last day of each month. Interest payments will be available to you on the first day of the new month.

Can the interest rate change on my savings account?

Yes, the interest rate can change. It is an indicative rate. If the interest rate is changed it will be shown on the RaboDirect website. Any changes to interest rates will also be shown on your statements.

Can my linked account be a 3rd party account?

No, the linked account must be in the same name as the RaboDirect account.

Can someone else transfer money into my account?

Yes, your RaboDirect account will allow deposits in from 3rd parties.

Does RaboDirect allow funds to be withdrawn from my Savings Account by other banks and businesses?

No. The RaboDirect Savings Account is not a transactional account therefore we do not allow other banks or businesses to debit your account using electronic direct debits. The only external transfers allowed are to and from your Linked Account (ie the external account you have nominated in the RaboDirect direct debit authority to transfer funds to and from your RaboDirect Account). Please ensure you do not provide your RaboDirect Savings Account details when completing Direct Debit Authorities. Your Linked Account or another transactional account is ideal for this purpose.

Can I have more than one type of savings account?

Yes. When you open a RaboDirect savings account you will automatically have the option to open up to five purpose savings accounts. These can be used for any individual purpose you choose (a holiday, new car, Christmas etc). When you transfer money into RaboDirect you may send it directly to any of the accounts you have set up.

How do I deposit money into my RaboDirect account?

By using the 'Transfer money' functionality on the secure website you can make either one-off or regular transfers from your linked account into any of your RaboDirect savings accounts. To transfer funds from your linked account to your RaboDirect account you need to click on "Transfer money" from the left hand menu. This will allow you to make a one-off transfer from your linked account or set up a reoccurring transfer from your linked account.

How do I withdraw money from my RaboDirect account?

By using the 'Transfer money' functionality on the secure site you can transfer money out of your RaboDirect master savings account, into your linked account. To transfer funds from your RaboDirect master savings account to your linked account click on "Transfer money" from the left hand menu. This will allow you to make a one-off transfer out of your RaboDirect account.

Can I make cheque or cash deposits?

No. We're an online bank and do not accept cheque or cash deposits.

What is a linked account?

A linked account is a bank account you have with another bank that you link to your RaboDirect account. This account can then be used to transfer money to and from your RaboDirect account. The linked account must be held in the same name as your RaboDirect account.

Can I make 'same day' funds transfers to or from my linked account?

No, if we receive your internet banking instructions prior to 5.30pm (Sydney time) each business day your funds will be transferred to your linked account overnight & show as cleared funds the next morning in your linked account. When transferring from your linked account via direct debit to credit your master savings account this will generally take 48 hours to show as available funds in your RaboDirect account. However you will be earning interest on the day the transfer has been initiated. Please note that where Internet banking instructions are received after 5.30pm (Sydney time) on a business day, or on a non business day we will process your funds transfer on the next available business day and credit/debit your account that night.

How do I change my linked account?

1. Complete the Request to Change linked account form.
2. Complete the Direct Debit Authority.
3. Cancel any outstanding transfer instructions either from, or to, your old linked account.
4. Forward documents to RaboDirect, Reply Paid 4715, Sydney, NSW 2001.

Do clearance periods apply to RaboDirect funds?

Yes. Money transfers from your linked account created using the RaboDirect secure Internet banking site will only be available for transfer out of your account once they have been cleared. Generally, funds should be available two business days following the actual transfer. For example, if you transfer funds from your linked account on Monday they will generally be available as 'cleared funds' on Wednesday morning.

When do I start to earn interest?

From the moment we receive your funds.

Can I view my transactions online?

Yes. Through the secure Internet banking site you can view all your account transactions using our online statement. Your statement will contain the latest transactions and can be printed.

Can I download my transactions?

Yes. RaboDirect allows you to download a file containing all your account transactions. This will download a file that can be opened in Excel format.

What if I don't supply a Tax File Number (TFN)?

If you do not provide a valid TFN, we are required to deduct withholding tax at the highest rate.

What is withholding tax?

Withholding tax is a tax deducted from the gross amount of interest paid to you. This automatic deduction occurs when a valid Tax File Number (TFN) has not been provided. When you open a RaboDirect account online, you will be asked to provide your Tax File Number (TFN) or TFN exemption. In the case of joint accounts, both account holders are required to supply a valid TFN.

When is withholding tax deducted?

In the event that you have not provided us with your Tax File Number (TFN) or TFN exemption RaboDirect will deduct withholding tax at the point we credit interest to you account.