PremiumSaver

PremiumSaver in detail

Here’s how PremiumSaver works

Case study – Joe Joe has $900 in his PremiumSaver account at the start of the month: he deposits $1000 on the 15th January; withdraws $1200 on the 22nd, leaving him with $700; then deposits $400 - so by the last business day of the month his balance is $1100. This is $200 over his balance at the start of the month, so Joe receives the 5.75% interest rate with no penalties for the mid month withdrawals.

Want to know more about PremiumSaver? Keep reading for more detail on how it works. You should also refer to the RaboPlus Terms and Conditions.

If you have any questions, you can contact our customer service team on 1800 445 445.

PremiumSaver interest rates

To see how much interest you can earn when you make the required monthly increases, take a look at the table below. The below rates are correct as at 08/03/2010.

Note: Where the balance is over $1 million, the tier 2 rate only applies to the proportion of the balance above $1 million. 

Ready to earn higher rates with PremiumSaver?

To earn the maximum rate your monthly closing balance must increase by $200*
(in addition to the interest paid to your account) compared to the monthly opening balance

• Any withdrawals (either principal or interest) made during the month must be replenished as a deposit(s) during the same month (in addition to the minimum balance increase of $200)
• The monthly minimum balance increase of $200 must be made prior to close of business on the last business day of the month. (e.g. by 5-30pm on Friday, where the end of month falls on a weekend)
• Log into your account anytime and we will tell you how much you need to deposit to get the maximum rate

*$2000 for Business accounts

You will earn the minimum rate when:

• The monthly closing balance has not increased by at least $200 (in addition to the interest paid to your account) compared to the monthly opening balance - see above
• You withdraw funds (either principal or interest) and do not replenish these funds as a deposit(s) during the same month (in addition to the minimum balance increase amount of $200)
• You do not make the required monthly balance increase before close of business on the last business day of the month (e.g. by 5-30pm on Friday, where the end of month falls on a weekend)
• The balance of your account exceeds $1M. The portion of balance over $1M will earn 4.00% p.a.

Transferring external funds into the PremiumSaver account

• Always transfer external funds to your PremiumSaver account via direct credit or direct debit using the RaboPlus BSB 142 201 and your PremiumSaver account number
• Please note that transferring funds into your PremiumSaver account using SWIFT or other payment systems may not occur immediately and may result in you failing to achieve the minimum monthly balance increase in time
• Unfortunately, cash, cheques and international payments are not accepted by RaboPlus

Additional PremiumSaver account information

• There is no minimum opening deposit amount
• Interest is calculated daily, paid monthly
• Login to your account any time and we tell you how much you need to deposit to meet your required balance increase

Need more info? Call our Customer Contact Centre on 1800 445 445 8am – 7pm weekdays (AEST)