How the Notice Saver works
The notice period is the amount of time you have to wait before you can withdraw your planned transfers from your Notice Saver account. You have three Notice Saver accounts to choose from: 31 Day Notice Saver has a 31 day notice period, 60 Day Notice Saver has a 60 day notice period and a 90 Day Notice Saver has a 90 day notice period.
To give notice, you just set up a transfer for the amount you'd like to withdraw in online banking or on our mobile app. Your transfer will automatically happen on the next business day after your notice period has passed. The best part is, you'll still be earning the Notice Saver interest rate right up until your money is withdrawn.
Our award winning Notice Saver Account offers you 31, 60 and 90 day options.
Want to know more?
Check out the Notice Saver Frequently Asked Questions and Product Disclosure Statement.
Get focused on your savings with a Notice Saver
When you open a new RaboDirect account, you'll also automatically get a High Interest Savings Account in your savings portfolio, ready when you need it.
1. Apply using our
online form
2. Link your
everyday account
3. Get our mobile banking app
4. Start your
savings plan
The most commonly asked questions
What is Notice Saver Account and how does it work?
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.
Are there any fees on Notice Saver?
There are absolutely no fees on our Notice Saver Account, its feeless!
How does Notice Saver compare to a Term Deposit?
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
How do I transfer money into my Notice Saver account?
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.
How often is interest paid on a Notice 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.
What if I need my money in a hurry and I haven't provided you with the minimum notice required?
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.
Can the interest rate change?
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.
Can I install the app on more than one phone or tablet?
Yes, you can download and register the RaboDirect Mobile Banking App on up to six devices per account.
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