Are interest payments from my term deposits paid into my PremiumSaver considered as part of a net balance increase?
Yes.
Can I have distributions from my managed funds portfolio paid into the PremiumSaver?
No, distributions can only be paid to your RaboDirect Master Savings account.
Can I open a term deposit using my PremiumSaver?
Yes, you can use your available funds in your PremiumSaver to create a new term deposit.
Can I purchase managed funds using my PremiumSaver?
Yes , you can select the PremiumSaver to purchase managed funds from.
Can I select my PremiumSaver to have sell orders from my managed funds portfolio paid into?
Yes.
Can I set up a regular savings plan from my MasterSavings account to pay directly into the PremiumSaver to cover the required monthly deposit?
No, however you may be able to set one up from your linked account (check with your linked account issuer).
Can the previous month’s interest be part of the net increase in balance?
No, interest from previous month(s) does not contribute to net increase in balance.
Can you make withdrawals during the month?
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.
Do I get any notice if I am not meeting the monthly requirements?
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.
Do I have to have a high interest on call Master Savings account to have a PremiumSaver?
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.
Does interest from my term deposit contribute to the net increase in balance?
Yes, interest from matured term deposits are considered as net increases to your balance if deposited into your PremiumSaver account.
How do I open a PremiumSaver if I am a new customer?
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.
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How do I open a PremiumSaver if I am already a RaboDirect customer?
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.
How do I transfer money to my linked account from my PremiumSaver?
You can do a direct transfer from your PremiumSaver to your linked account by clicking on Transfer Money.
How does the Premium Saver work?
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.
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How many PremiumSaver accounts can you open?
One.
Is there a maximum balance amount?
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.
Is there any delay if I transfer funds from my Master Savings account into my PremiumSaver?
Yes - transfers occur over night if the transaction is placed before our cut off time at 5.30pm on a business day.
My account balance is greater than $1m, and I have increased my balance by the required amount this month compared to the previous month, am I eligible for the higher PremiumSaver rate?
Yes, the first $1m of your balance will attract the higher PremiumSaver rate while the balance over $1m will attract the lower rate.
Why do business account holders have to deposit so much more than your other account types? And why do we get a lower rate of interest?
Businesses have much more volatile cash requirements than individuals. That volatility has to be priced into the interest rates.
