High interest savings account FAQs

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.  

Yes, the minimum opening deposit is $1.

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

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.

Yes, the interest rate can change. It is an indicative rate. If the interest rate is changed it will be shown on the RaboPlus website.  Any changes to interest rates will also be shown on your statements.

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

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

No. The RaboPlus 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 RaboPlus direct debit authority to transfer funds to and from your RaboPlus Account).

Please ensure you do not provide your RaboPlus Savings Account details when completing Direct Debit Authorities. Your Linked Account or another transactional account is ideal for this purpose.

Yes. When you open a RaboPlus 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 RaboPlus you may send it directly to any of the accounts you have set up. The same rate of interest applies to all your RaboPlus savings accounts (if you have more than one).   

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 RaboPlus savings accounts. 

To transfer funds from your linked account to your RaboPlus 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 RaboPlus master savings account, into your linked account.  

To transfer funds from your RaboPlus 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 RaboPlus account.  

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

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 RaboPlus account. The linked account must be held in the same name as your RaboPlus account.

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 RaboPlus 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.

1. Complete the Request to Change linked account form.
2. Complete the Direct Debit Authority. 
3. Cancel any outstanding transfer instructions either from, or to, your old linked account. 
4. Forward the following to RaboPlus, Reply Paid 4715, Sydney, NSW 2001. 
   • Signed Request to Change linked account form
   • Signed Direct Debit Authority
   • A copy of the most recent bank statement for your new linked account

Alternatively you can supply a printed deposit slip showing the account number and name for either of these accounts          

Please remember:

1. Your new linked account must be in the same name as your old linked account. 
2. You will be required to cancel any instructions to transfer funds either to, or from your old linked account.
3. Please check your pending transfers in and transfers out using the secure Internet banking site. 
4. Only once your change of linked account notification has been processed by us, will you be able to create new Transfer money instructions or make one-off funds transfers to or from your new linked account.  

Yes. Money transfers from your linked account created using the RaboPlus 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.     

From the moment we receive your funds.  

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.   

Yes. RaboPlus allows you to download a file containing all your account transactions. This will download a file that can be opened in Excel format.  

If you do not provide a valid TFN, we are required to deduct withholding tax at the highest rate. 

Withholding tax is a tax deducted from the gross amount of interest paid to you. This automatic deduction occurs when a valid Tax File Number (TFN) has not been provided. When you open a RaboPlus account online, you will be asked to provide your Tax File Number (TFN) or TFN exemption. In the case of joint accounts, both account holders are required to supply a valid TFN. 

In the event that you have not provided us with your Tax File Number (TFN) or TFN exemption RaboPlus will deduct withholding tax at the point we credit interest to you account.