Help & Support
Yep. Notice Saver lets you make deposits at any time.
Yes. To see your matured Term Deposits, visit the 'Term Deposits' section in your online account.
Before providing us with notice you should choose to have the interest on your Notice Saver redirected to your HISA.
Yes, interest rates offered on our High Interest Savings Account, Purpose Saver, Notice Saver and PremiumSaver are variable and may change. Our Term Deposits have fixed rates.
We'll always let you know when the interest rates change.
Does the interest rate stay the same regardless of the interest payment option I choose on a Term Deposit?
The interest rate will vary depending on the interest payment frequency chosen on your Term Deposit. View current rates and payment options on the Term Deposit page on our website.
The interest paid to your account balance is broken down into the three tiers depending on your account balance.
Tier 1: for account balances up to $250,000.
Tier 2: on the portion of your balance between $250,001 and $1million.
Tier 3: on the portion of your account balance which is above $1million.
For example, if you have an account balance of $1,300,000 the first $250,000 will attract the Tier 1 interest rate, your balance between 250,001 and $1million will receive the interest applicable to Tier 2. Your remaining balance above $1million will receive the Tier 3 rate.
Once you have linked your RaboDirect account to the account you chose during the account opening process, you will be able to transfer money in and out between your Linked account to your heart's content. Without linking your accounts you will only be able to transfer money into your RaboDirect account.
A Notice Saver is a savings account, a Term Deposit is a fixed deposit with a fixed rate and period. There are several key differences:
- The Notice Saver interest rates are variable - a Term Deposit rate is fixed.
- The rates offered on the Notice Saver are tiered like our HISA, i.e. different rates apply to different portions of your balance e.g. 0-$250K, $250-$1m, $1m+.
- Notice Saver offers access to your money after the required notice period - a Term Deposit has a fixed investment period.
- Notice Saver allows you to deposit money into the account whenever you like - A Term Deposit does not.
- Notice Saver allows you to deposit funds as often as you like
- You cannot break early
Automatic reinvestments can be cancelled online. Visit the 'Term Deposits' section, click on 'Term Deposit Summary' and select 'Cancel auto-reinvest' from the Action button.
To cancel your Term Deposit, please call us on 1800 445 445, from 10:30am to 2:30pm (Sydney time) Monday to Friday and we will arrange this for you. Please be aware that a 31 day notice period (unless your maturity date is sooner) plus an early termination fee will apply, these are detailed in the Terms and Conditions.
Before you can close your Notice Saver Account you will need to ensure that you have withdrawn all your funds. Your Notice Saver Account can be closed by calling us on 1800 445 445 between 8am and 7pm Monday to Friday AEST.
To check to see which interest rate your PremiumSaver is earning and if you need to add to your balance, log into Online banking and click on "view rates" next to your PremiumSaver account on the homepage.
It's easy to open a Notice Saver Account. Once you're on the Notice Saver page on the RaboDirect site, all you need to do is click on the green Apply button and follow the simple steps. If you're an existing Customer you can open an account by logging into your online banking.
If you're already a RaboDirect customer login to your account and from the toolbar choose 'PremiumSaver'. From the home page , click on Open your PremiumSaver now. If you're a new customer just click the 'Apply now' button on the PremiumSaver page of our website.
You will also get a High Interest Savings Account to be your 'primary account'. The HISA will be used to control all your RaboDirect accounts. Your HISA is connected to your Linked account, via which you put money in and take money out of your RaboDirect account(s).
Complete the online application form, selecting 'Trust' as your account type, and send the following information to us:
- Signed account summary form
- Signed direct debit authority
- A current bank statement. Please ensure that your name, BSB and account number are displayed on the documents you provide us.
- An original or certified copy of the Trust Deed
- A copy of the certificate of incorporation and the names of company directors RaboDirect will use the information provided on the account opening form to perform an electronic identity check. In some cases we may contact you and request additional information (in addition to the above listed documentation).
If for example you have a 31 day Notice Saver; log into your online banking 31 days in advance of when you want to access your money. Select the account that you wish to transfer the money to then submit. From this point the 31 days Notice period begins. Note that Notice given after 4pm on a working day won't count as a full days Notice and transfers can only occur on a business working day (if, for example your notice period ends on a weekend or a public holiday, the transfer will occur on the next closest business day).
You have a number of options including, setting up a direct debit from your nominated linked account, setting up a direct credit from your linked nominated account, or you can transfer funds from another RaboDirect Saving account within Online Banking.
There are three tiers and the interest rate offered depends on your account balance. These tiers apply to all personal, joint, DIY Super,Trust, and Online SMSF accounts;
Tier 1: for account balances up to $250,000
Tier 2: on the portion of your balance between $250,001 and $1million
Tier 3: on the portion of your account balance which is above $1million
To see exactly how much interest you're earning, log in to Online Banking and click "view rates" next to your High Interest Savings Account on the home page.
You can have one High Interest Savings Account, one PremiumSaver, 3 Notice Saver accounts (1 for each Notice period) and as Term Deposits as you like.
There's no limit on the number of Notice instructions you can place as long as you have sufficient cleared funds in the account.
You can have one PremiumSaver account.
You can open as many Term Deposits as you like with a maximum value of $2 million per Term Deposit.
A trust can only have one High Interest Savings Account with RaboDirect. Once this has been established, you can also have an additional Purpose Saver Account.
Interest is calculated daily and paid into your Notice Saver Account on the first day of every month. You can also redirect the interest so that it is credited to either your High Interest Savings Account, Notice Saver or your Purpose Saver account.
You can open up to 3 Notice Saver Accounts, however can only hold one of each type of Notice Saver Account at any one time, i.e. 1 x 31 day Notice Saver, 1 x 60 day Notice Saver and 1 x 90 day Notice Saver.
If you're a Sole trader, Partnership, or Incorporated entity (companies, cooperatives and incorporated societies) you can open a High Interest Savings Account with access to both Term Deposits.
I sometimes need to withdraw my money at short notice but still want to earn as much interest as possible. Can I use Notice Saver?
Notice Saver won't let you take out your money before the notice period is up, for example if you have a 31 day Notice Saver then you cannot access your money before the 31 days are up. To make sure you get the most out of your money, we recommend that you consider maintaining some funds in your High Interest Savings Account, just in case you require immediate access to your money.
We have a transfer limit of $100,000. If you need more, you'll need to call us so we can verify your identity (for security purposes). Below $100,000, you can withdraw as much as you like up to the amount you hold in your account less any additional pending withdrawals you may have requested.
Yes, there's a max amount of $2m per Term Deposit period
Yes, there is a minimum opening deposit of $1,000 for all our Term Deposits.
There is no minimum balance for your PremiumSaver Account, however you need to increase your net balance by $200 ($2000 for business accounts) excluding interest before the last business day of each month in order to earn the higher PremiumSaver rate. Different rates apply to business, smsf and trust accounts and to the portion of balances over $250k. For information on business accounts, click here.
There are absolutely no fees on our Notice Saver Account, its feeless!
No, RaboDirect does not charge any account fees on any savings accounts or Term Deposits.
Can I accrue the Loyalty bonus rate, for example if I reinvest my 12 month Term Deposit twice will I get 0.20%, (0.10% + 0.10%)?
No sorry, the Loyalty bonus is not cumulative.
If you want to change a withdrawal instruction on your Notice Saver Account, including changing the withdrawal amount and designated account. You'll need to cancel your standing instruction and then re-enter a new withdrawal instruction. The notice period will then need to be served again in full. If you do wish to cancel a Notice instruction you will need to make the change prior to 12am the day before the transfer is due.
Yes. For investment terms of 1 year or less you may select to capitalise your interest payments in conjunction with our automatic re-investment option.
Essentially you have 4 options:
- Choose to automatically reinvest the original sum (principal) plus the interest you have earned. You can change your mind up to the working day before the Term Deposit matures – so plenty of time. Plus we will give you a Loyalty bonus rate on your reinvestment term for sticking around.
- Top up the principal with more money and automatically reinvest the lot. You'll still be eligible for the Loyalty bonus on your reinvestment term!
- Choose to automatically reinvest only the principal into a Term Deposit and treat yourself with the interest you earned. Again you can do this up to one working day before the end of the term and you will still get the Loyalty bonus on your reinvestment term.
- Don't reinvest and transfer the principal and the interest earned to your HISA.
If you've ever dipped into your savings for an impulse purchase only to kick yourself after for giving into temptation then you'll like Notice Saver. Think of it like putting a timer switch on your money but unlike a term deposit you can top up the balance as you go. Plus you get a decent variable rate of interest to keep your savings working hard for you.
For up to date business account interest rates, click here.
If you select automatic re-investment, upon maturity your money will be re-invested for another term of the same length. The prevailing interest rate at the time of re-investment will apply to the new term. For Term Deposits of 1 year or less you can also choose to capitalise or re-invest your interest in conjunction with your automatic re-investment option. In this case the interest earned on your maturing deposit will be added automatically to the principal balance of the new Term Deposit.
It happens; we'll still remember to transfer the money to your nominated account, so the money will come out of your account.
You'll still receive interest, however it'll be at the lower Premium Saver rate. For current interest rates, click here.
Unfortunately we can't release your funds early. You will need to serve a Notice period and access your funds at maturity. We recommend that you maintain some funds in at-call Savings account (HISA) in case you need funds in a hurry.
For Customers suffering financial hardship you can apply for early release of your funds. Please note that you will need to complete a statutory declaration as proof of your financial hardship. Please contact our Customer Experience Centre for more information.
You'll still need to provide 90 days notice as per the account terms and conditions.
On terms of one year and over, you can have your interest paid back to the RaboDirect account which you used to originally fund your Term Deposit account monthly, quarterly, semi-annually and annually. View interest payment options on the Term Deposit page on our website. If you choose to automatically reinvest the original sum (principal), we offer a Loyalty bonus rate on your reinvestment term for sticking around.
You can select Term Deposits from any one of the following terms:
1, 3, 6,9, 15 or 18 months, 1, 2, 3, 4 or 5 years.
A RaboDirect High Interest Savings Account is the perfect way to get your dreams back on track. You'll get a great variable rate, plus there are no fees, no minimum balance requirements and no sneaky terms and conditions. You can transfer money any time between your Linked account with your other bank and your High Interest Savings Account (HISA). From your HISA you can instantly transfer funds into any of your other RaboDirect accounts.
Notice Saver is a new type of savings account that we created that requires you to provide and serve Notice prior to withdrawing your money, so it helps avoid temptation that you might get with instant access to your money.
There are 3 Notice Saver Account product options, which each have a different notice period: 31, 60 and 90 days. The amount of notice you choose to give isn't an investment period, it's just the amount of notice you need to give before making a withdrawal. You'll get the benefit of higher variable interest rates, but unlike a Term Deposit you can top up the balance whenever you like so greater flexibility.
If you're a regular saver, our PremiumSaver Account is perfect for you. Just increase your net balance by at least $200 (or $2000 if you have a business account) excluding interest before the last business day of every month and you'll earn the higher variable interest rate.
A Purpose Saver Account is a separate variable rate savings account you can open for any specific savings goal you would like to focus on. There is no minimum balance or monthly increase required. This account has one variable interest rate and applies to all balances in the account. You can have one Purpose Saver account.
A Trust account is opened and owned for the purposes of a trust, by the trustee(s) of the trust.
The interest rates are available on our website. Rates are tiered. The highest rate is paid on balances up to $250,000 and the rate reduces slightly on the portion of the balance which is greater than $250,000, and the portion of the balance which is greater than $1m.
The minimum Notice period varies depending on the product selected. The 31 Day Notice Saver has a minimum Notice period of 31 days, the 60 day Notice Saver has a minimum Notice period of 60 days and the 90 day Notice Saver has a 90 day minimum Notice period.
The maximum deposit is $5m (this may be lower and be restricted by your other bank). There is no maximum Notice Saver balance; however we reserve the right to cap the maximum balance to $5m.
For investment periods of less than 1 year, interest is paid on the maturity of the Term Deposit. For investment periods of 1 to 5 years, interest can be paid monthly, quarterly, semi-annually and annually depending on interest payment frequency selected.
Interest is calculated daily throughout the month and is paid into your High Interest Savings Account at the end of each month. You can see the amount of interest you have earned for the previous month on the next months account statement or transaction history.
To see a full list of interest payments on your Term Deposit, click on the Term Deposit you would like to view from the 'Account balances' section on the home page of your online account. Interest earned over a chosen period of time can be viewed using the 'Portfolio growth' feature on the home page.
Notice Saver Accounts can generally be opened by any Aussie resident over 18yrs old. This includes personal customers, businesses, trusts and self managed super funds (SMSF). See the RaboDirect Terms and Conditions for more information.
The trustees of the trust. These can be the individual trustees, or in the case of corporate trustee, its directors.
An authorised signatory of the Linked account held by the business.
Notice Saver is a great product if you're looking to save for a specific purpose for example Christmas, car, travel, a 'rainy' day or even a sunny day.
Notice Saver may also appeal to SMSFs who will benefit by the high ongoing rates and business customers that want to save for GST payments. Basically anyone who wants to earn higher rates than they would on a normal online savings account.
The interest rate quoted for Term Deposits is honoured for 10 working days from the date of your application.
After that time, your Term Deposit will be set up at the current advertised interest rate for your chosen term.
To ensure you get the interest rate you applied for, your RaboDirect High Interest Savings Account must receive cleared funds from your Linked account within 10 days of your application for us to set up your Term Deposit as requested.
Your Term Deposit will not be set up if the interest rate after 10 days is lower than the interest rate at the time you applied for your Term Deposit.
Please note that it can take up to 2 working days for electronic fund transfers to reach your RaboDirect account from your Linked account.
Will I still receive the higher interest rate if I make a withdrawal out of my PremiumSaver Account?
Yes, you can make unlimited transactions in and out of your PremiumSaver during the month Account. As long as you increase your net balance by $200 ($2000 for business accounts) before the last business day of each month you will receive the higher variable interest rate.