To gain access to our term deposits you must open a RaboPlus Savings Account first. 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 that shows your name and the account number

Depending on the account type some additional information may be required:

For individuals and 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.

For incorporated bodies (as either an account owner or as a trustee), a copy of certificate of incorporation will be required, along with the name of company directors.

For DIY super funds and trusts an original or certified copy of the Trust Deed will be required.

For partnerships an original or certified copy of the partnership agreement will be required.

For businesses a copy of Certificate of registration of the business name will be required.

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.

First, you need to open a savings account. Once you have activated your account on the secure Internet banking site you can start a term deposit online (simply go to the term deposit menu.)  

You can select from any one of the following terms: 

• 1 month
• 3 months
• 6 months
• 1 year
• 2 years
• 3 years
• 4 years
• 5 years 

There is a minimum opening deposit of $1000. 

Yes, fees are applicable. Please refer to the term deposit terms and conditions. 

As many as you like.

For investment periods of 1 year or less, interest is paid on the maturity of the term deposit.  

For investment periods of 2 to 5 years, interest is paid annually on the anniversary of the investment and at maturity.

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. The interest will automatically be added to the original sum and incorporated in the new term investment. 

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 your interest in conjunction with your automatic re-investment option. In this case your interest earned on your maturing deposit will be added automatically to the principal balance of the new deposit.  

At any time prior to the maturity of the term deposit you can cancel your request online by using the 'Cancel automatic re-investment' instruction. 

It simply means that the interest earned on a maturing term deposit will be added to the principal balance of your new term deposit.  

If you don't want this to happen when you create the term deposit, you can simply nominate to have the interest paid to your savings account.  

This feature is only available for investments with terms of one year or less.  

Yes. All transactions relating to current and matured term deposits can be viewed by clicking on your term deposit contract number within the Internet Banking site. To see your matured term deposits, you will need to go to the term deposit menu and select 'Matured Term Deposits' from the menu. 

Interest payments, withholding tax deductions, automatic re-investments and maturity transactions are all available on the term deposit transaction details.  

Yes. To see your matured term deposits you will need to go to the term deposit menu and select 'Matured Term Deposits' from the menu.   

If you do not provide a Tax File Number (TFN) or TFN exemption, 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 and will apply where your have not provided us with a valid 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 time we credit interest to your account.