Accounts on behalf of another person FAQs

• If you are wanting to open an account for someone else you may do so by acting as a trustee who will control and own the account. 
• By opening such an account you will be operating an 'informal trust', which will not be governed by formal trust deeds. 
• The Australian Taxation Office (ATO) will allow 'informal trust' accounts held on behalf of minors a tax free threshold of $120 (pro-rated). As RaboPlus can not apply this threshold you will need to claim this back from the ATO when you submit your tax return.
• As trustee you will be asked to submit your tax file number as part of the application process.

An Account on behalf of another person can be opened by anyone of the age 18 years and over.

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

• It is the same process as opening up a RaboPlus savings account, except you tick the box for 'Account on behalf of another person'. 
• If your child is 12 years of age or over they can open an account in their own right.

The account will be owned and controlled by the trustee, that is the person who is actually opening the account on behalf of the other person. 

The initial account opening deposit is made via direct debit. After that, you can use your RaboPlus account to transfer money out of your account whenever you like. Or set up a regular savings plan.