Business account FAQs

Yes. If you are one of the following you can open a savings account then access both term deposits and managed funds.

• Sole trader  
• Partnership 
• Incorporated entity (companies, cooperatives and incorporated societies) 
• Unincorporated association  

The following entities are excluded from holding an account:

• Collective investment schemes 
• Financial institutions (including fund managers) 
• Central or local government entities 
• Insurance companies  

With our savings account, there are no fees, no minimum balance and no minimum term.  

An authorised signatory of the linked account held by the business.     

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 an encoded bank deposit slip for the linked account or a print out of your online transaction summary. Please ensure that your name and the account number are displayed on what you provide to us.

• For incorporated bodies acting as trustee a copy of the certificate of incorporation and the names of company directors

• For partnerships an original or certified copy of the partnership agreement

• For businesses a copy of Certificate of Registration of the business name

• For authorised signatories:
  RaboPlus will use information provided on the account opening form to perform an electronic identity check. In some cases we may contact you and request additional information to be provided to us in the form of a certified copy of your Drivers Licence, Birth Certificate or Passport. 

As with personal savings accounts, you can only open one master savings account per business and have 5 more purpose savings accounts under your single master savings account. 

The account operator (authorised signatory) is responsible for the account and for the Digipass that enables access to the account(s).     

The initial account opening deposit is made via direct debit from your linked account. After that, you can use your RaboPlus Account to transfer money out of your business account whenever you like. Or you can set up a Regular Savings Plan.