High interest savings

• For customers that opened an account on or prior to 20 May 2010
• For customers that opened an account on or post 21 May 2010

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

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.  

Yes. When you open a RaboDirect high interest (master) 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. The same rate of interest applies to all your RaboDirect savings accounts (if you have more than one).   

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

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 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.

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.   

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

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

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.

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.     

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.

Simply complete the online application form and send the following information to us: 

• Signed account summary form - Signed direct debit authority
• Linked account bank statement (current copy) or a print out of your onscreen transaction summary
• (If applicable) Tax exemption certificate  

Following receipt and acceptance of your application, we will send you your account number together with a Digipass (the Digipass is a device that allows you to access the secure website, where you can view your account). A few days later, your initial PIN code for the Digipass will arrive. You can use these to login and manage your accounts.  

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.

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.  

Yes, the minimum opening deposit is $1.

A linked account is a bank account you have with another bank that you link to your RaboPlus 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.

From the moment we receive your funds.  

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.