Online Savings Account FAQ - RaboDirect New Zealand

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.

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.

Interest is calculated daily and paid to your account after the close of business on the last business day of each month. As such, interest payments will be available to you on the first day of the new month. 

Yes. When you open a RaboDirect Savings Account you will automatically have the option to open up to five special purpose savings accounts. These can be used for any individual purpose you choose (a holiday, a new car, Christmas etc).   

To open one of these accounts log in to your account, select "Savings Accounts" and then "Open new account".

You can give the purpose savings accounts descriptive names for your own information, however note that for legal and tax purposes these accounts will be in the same name as your Master Savings account. To open an account in a different legal name you will need to complete the online application process for a new RaboDirect account.

When you login to your RaboDirect account you can use the website to make either one-off or regular transfers from your Nominated Account into any of your RaboDirect Savings Accounts.

To transfer funds from your nominated account to your RaboDirect account:

• Login to your account. 

• Click on "Transfer in". 

• Then, click "New".

This will allow you to make a one-off transfer from your nominated account or set up a recurring transfer from your nominated account.

You can also transfer funds from any other bank account to your RaboDirect Savings Account by quoting your RaboDirect Savings Account name and number to the other bank or person who wishes to make the payments.

Please note that it takes 2-3 working days for the funds to clear so if you do have funds paid into RaboDirect you will not have access to them straight away.

When you login to your RaboDirect Account you can transfer money out of your RaboDirect Master Savings Account, or any RaboDirect Purpose Savings Accounts you may have, into your Nominated Account.

To transfer funds from one of your RaboDirect accounts to your nominated account you need to login to your RaboDirect account, click on "Transfer Out", and then "New". This will allow you to make either a one-off transfer, or create a regular transfer, out of your RaboDirect account.

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.

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

Provided we receive your Internet banking instructions prior to 9pm on a business day your funds will be transferred on the same business night.

Please note that where Internet banking instructions are received after 9pm (or on a non-business day), we will process your funds transfer on the next available business night. For example, a transfer instruction made on a Saturday will be processed on Monday night and credited/debited to your account by first thing Tuesday morning.

• Log in to your account, and select Transfer In from the left hand side menu and then Summary Pending from the sub menu. Note, if you have multiple sub accounts, you will need to select which account would you like to view the regular transfers for.
• Once you arrive at the list of currently-set regular incoming transfers, you will see two buttons at the bottom: Cancel and Change. Selecting the appropriate automatic payment from the list and click one of these buttons to perform the desired action.
• Please note that you will need to confirm the changes using your DigiPass.
• Changes should be made before 2pm on any business day. For this reason we recommend completing the changes to your regular incoming transfers prior to the next payment date.

1. Complete the Request to Change nominated account form
2. Complete the Direct Debit Authority
3. Forward the following to Freepost RaboDirect, PO Box 38567, Wellington:
   - Signed Request to Change nominated account form
   - Signed Direct Debit Authority
   - Official evidence of your new nominated account showing the account name and number. This can be a statement, an internet printout, or an encoded deposit slip.
   -Official evidence of your old nominated account name and number.

Please remember:

1. Your new nominated account must be in the same name as your RaboDirect account.
2. Only once your change of nominated account notification has been processed by us will you be able to create new funds transfers to or from your new nominated account.

Yes. Your funds will start to earn interest immediately, but they will only be available for transfer out of your account once they are cleared. Generally funds should be available three business days following the actual transfer. For example, if you transfer funds from your Nominated Account on Monday they will generally be available as 'cleared funds' on Thursday morning.

You can view the available balance of your account by clicking "Savings Accounts", then "Balances" while you are logged-in to your account.

• From the moment we receive your funds.

Yes. Through the secure internet banking site you can view all of your Savings Account transactions using our online statement. Your statement will contain even the latest transactions and can be downloaded and printed (should you wish).

To print a statement, login to your account and click "Savings Accounts", then "Statements", in the left-hand menu.

Yes. RaboDirect allows you to download an extract file containing all your Savings Account transactions. This file will be downloaded as a CSV file that can be exported to other file and spreadsheet formats.

Unless you hold an exemption certificate, Resident Withholding Tax will be deducted when interest is paid to you. This is a legal requirement and not a bank charge.

For information about the deduction of PIE tax for managed funds, view the Managed Fund FAQs and select the question "How will tax on my PIE Managed Funds be paid?"

Resident Withholding Tax (RWT) is a tax deducted from the gross amount of interest paid to you. It is deducted at the time when the interest is paid (from RaboDirect to you).

When you open a RaboDirect account online, you will be asked to select your RWT rate. In the case of joint accounts, you'll be required to select one rate, which will be applied to all your accounts.

Whichever RWT rate you choose will be applied to each RaboDirect account you hold. 

• 0% (in this case a current RWT exemption certificate must be provided)
• 10.5%
• 17.5% 
• 30% 
• 33%

If you do not provide an IRD number, we are required to deduct RWT at 33%.

In the case that you supply an IRD number but fail to select an RWT rate, then we are legally required to deduct RWT at 33%.

You can change your RWT rate at any time by logging in to your account and clicking "Tax", then "Change tax details".

At the end of each financial year (31st March), we will generate a RWT certificate online for customers. This certificate is only available by logging into our secure site.

To print the certificate, simply click "Tax" in the left-hand menu, and then "RWT Interest". If you then scroll down to the bottom of the screen there is a link to print out the IR15.

You can change your RWT rate at any time by logging in to your account and clicking "Tax", then "Change tax details".