Frequently Asked Questions - Open an Account with RaboDirect

Simply complete the online application process and send the following information to us:

• Signed account summary form 

• Signed Direct Debit Authority 

• Nominated Account bank statement (current copy) or a print off of your onscreen Transaction Summary. 

• Evidence of your current postal address (for example, a utility bill or a bank statement showing your name and postal address)

• (If applicable:) RWT exemption certificate 

• For accounts on behalf of a minor, a certified copy of identification for the minor and the authorised signatory.

• For business accounts, a certified copy of identification for the authorised signatory.

Following receipt and acceptance of your application, we will post you your account number together with a Digipass (a device that allows you to access the secure site). A few days later, your initial PIN code for the Digipass will arrive. You can use these to login and manage your accounts.

• Savings Accounts
• Term Deposits
• The Cash Advantage Fund
• A selection of excellent Managed Fund products

A nominated account is an external bank account held in the same name as your RaboDirect account, which you nominate as being the linked account, for the purpose of transferring money either to or from your RaboDirect account.

There are two key reasons:

• To help us confirm your identity as required under the Financial Transactions Reporting Act 1996. We achieve this by direct debiting your nominated account for the Opening Balance amount; and
• By providing RaboDirect with a completed Direct Debit Authority you are able to make one-off and regular transfers from your nominated account into your RaboDirect Savings Account(s).

• Yes, simply select 'An account for a child' during the online account opening process.
• You can open an account on behalf of any child under the age of 18 years. The account will be opened in their name however you will be acting as the sole authorised signatory of the account, until their 18th birthday. However, if your child is 12 years of age or over they may open an account in their own right by selecting 'A personal account' during the online account opening process.
• When opening an account for a child you will need to provide us with a certified copy of a passport, drivers licence, NZ firearms licence or birth certificate for the child and the authorised signatory.

Yes. Please refer to our Business Account FAQs.

Yes. Our online form allows for both Individual and Joint Accounts to be opened (as well as Children's, trust and business accounts).

The nominated account is required to be in the same legal name as your RaboDirect account. However, if you wish to open an individual account with us you can use a joint account, provided you are one of the people named on the account, as your nominated account.

You will need to take the passport, drivers licence, NZ firearms licence or birth certificate to a JP, lawyer, bank officer, doctor, registered teacher, chartered accountant or minister and have them certify/sign a photocopy of the document.

Following receipt of your application, we will send you your account number together with a Digipass (a device that allows you to access the secure site). A few days later, your initial PIN code for the Digipass will arrive. You can use these to login and manage your accounts. The whole process will normally take no longer than 10 days.

First, you will need to open a Savings Account. Once you activate your Savings Account on the secure Internet banking site you can open a Term Deposit account with as little as $1000. Just go to the Term Deposit menu and select 'New'.

First you have to become a customer of RaboDirect. Once you open a RaboDirect Master Savings Account, you can then also open a RaboDirect Managed Fund Account online, or as part of the initial application. Once you have your RaboDirect Managed Fund Account, you can purchase Managed Funds online via the internet.

If you are already a RaboDirect customer you can create a Managed Fund account by logging in to your RaboDirect account, selecting "Managed Funds", then "Open New Account".

When you become a RaboDirect customer, your residential and postal address must be in New Zealand and you must be a New Zealand tax resident. If you move overseas and become a non-resident for tax purposes you must advise us through a secure email immediately of your new non-resident tax rate and residential address. You must also advise us of the New Zealand address you wish to maintain as your postal address with RaboDirect.

As a non-resident you are unable to hold or purchase any Managed Funds. Prior to advising us of your non-resident status you must first sell any managed funds you hold via RaboDirect.

If you return to New Zealand let us know and we will update your details. For more information please read our Terms and Conditions.