Frequently Asked Questions

We will need the new signatory to:

• complete our change of authorised signatory form, and
• consent to electronic verification, or
• provide certified identification and address evidence. 

Click here to download the change of authorised signatory form. 

See our Identity Verification Checklist for identification options and a list of trusted referees who can certify these for you. The form and identity documents can be posted or emailed to us.

Note: Electronic verification is not always successful so we may still need identity documents. We’ll let you know. 

Although your child might not be working, interest payments are still considered a form of income. We are required to deduct tax from this interest and pay it to Inland Revenue on the child’s behalf. 

You can still open an account for the child, but the Resident Withholding Tax rate will be set at the maximum rate of 33%. 

Once the account is open, you can add an IRD number and update the tax rate online. 

To do this:

1. Login to RaboDirect
2. Click ‘My Rabo’ then ‘Tax Details’
3. Click ‘Actions’ then ‘Change tax details’
4. Enter the new details. 
5. Confirm the change with the Digipass. 

To change your postal and residential address within New Zealand, along with your other contact details please log into RaboDirect and select ‘My Rabo’ and then either ‘Address details’ or ‘Contact details’. Once you have entered your new contact details, please select ‘Continue’ and authorize using your Digipass.

To change your postal and residential address to an overseas address, please send a secure message. To do this, simply log into RaboDirect and select ‘My Rabo’, then ‘Create new message’. Within this message please advise if your Tax status should be changed to that of a Non-Resident and your address in your new country of residence.

To open a term deposit with RaboDirect, select 'Apply Now' on our home page, then 'Term Deposit' from the investment options and follow the instructions.
Please note that when you set up a term deposit account we will also set up a RaboSaver account for you.

For Existing Customers:

To set up a term deposit, simply log into RaboDirect and click 'Term Deposits' then 'Create Term Deposit' from the menu at the top of the page. This will allow you to specify the amount, term (duration), and maturity instructions of the new term deposit.

Please note, before the funds are transferred to the term deposit they need to be in one of your RaboDirect savings accounts. The cut-off time for starting a new term deposit is 4pm (NZT) business days. 

When you transfer money into your RaboDirect account please allow 2 - 3 business days for the funds to clear depending on whether you direct credited the funds to your account or used our direct debit facility. During this period you earn interest at our RaboSaver rate and you are able to create a pending Term Deposit, but are unable to move the funds from your RaboDirect Savings Account/Term Deposit to your nominated bank account. This is due to the sending bank reserving the right to dishonour the funds during this period. To check when the funds have cleared please log into RaboDirect and from the home page look under 'Savings account summary' to view the available and total balances.

You are welcome to keep the account open so you can use it again in future. It can stay open at a zero balance and doesn’t incur fees.

To close the account:

1. Log into RaboDirect
2. Empty the account using the 'Transfers' function
3. Click 'My Rabo' then 'Create new message'
4. Provide the name or suffix of the account you wish to close
5. Click 'Send'

We will then close the account and pay any remaining interest to your RaboSaver account.

To close your account:

1. sell any managed funds you hold,
2. transfer your funds back to your nominated account, then
3. send us a secure message.

Alternatively, you can complete our Account Closure Form.

To send a secure message, log into your RaboDirect account and click 'My Rabo' then 'Create new message'.

Any remaining funds and interest owed will be transferred back to the nominated account.

We would love to hear any feedback you have about RaboDirect and the reason for closing your account.

1. Log in to RaboDirect. 
2. Click 'Transfers' then 'Pending transfers'
3. Click the 'Actions' button
4. Select 'Change transfer' or 'Cancel transfer'
5. Make the required changes
6. Enter to the next screen, then confirm the changes by following the on-screen prompts

It is not currently possible to change the date of a transfer online. You will need to cancel it and create a new one. 

Changes need to be made at least one business day before the next payment is due.

We will need the new signatory to:

complete our change of authorised signatory form, and provide certified identification and address evidence.

See our Identity Verification Checklist for identification options and a list of trusted referees who can certify these for you.
These documents need to be posted so that we receive the original signature. Our postal address can be found on the form.

You can update your details online. 

Residential or postal address changes:

You can only have one nominated account but this can be changed online at any time.

1. Log into RaboDirect
2. Select 'My Rabo' then 'Nominated Account' from the top of the page
3. Click the orange 'Actions' button and select 'Change Nominated Account'
4. Enter your new nominated account details
5. Authorise the change using your Digipass
6. Make a deposit from your new nominated account with the reference 'verify'

Note: Any existing regular or pending transfers will be cancelled. It can take up to three business days for the new nominated account to become active.

We don’t post statements but they are available to download online at any time.

1. Log into RaboDirect
2. Click 'Savings' then 'Statements'
3. Select the account and enter the date range
4. Click 'Search'
5. Click 'Download' to open a PDF statement.

Clicking the 'Download transactions (csv)' button will generate an excel spreadsheet that can be imported into accounting software.

Rabobank has a legal obligation to collect information about foreign tax residents, and report it to the national tax authorities under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).

For more information download our leaflet

If you are moving overseas we can update your tax status to that of a non-resident and apply the appropriate non-resident tax rate.

To arrange this, send us a secure message with the following:

• A statement that you are a non-resident of New Zealand for tax purposes. 
• Confirmation of the country where you are now living. 
• Your overseas residential address. 

To send a secure message, log into RaboDirect and click 'My Rabo' then 'Create new message'.

You can also update your email address and phone numbers via the 'My Rabo' section.

1.  Click 'Contact Details'
2. Click the 'Actions' button then 'Change contact details'
3. Enter your new details
4. Confirm the change with your Digipass

Just complete our Change of Name Form and post this to us along with the required supporting documents.

Transferring funds in

When you open an account with us, you are asked to accept our online direct debit authority. This allows you to transfer funds into RaboDirect from your nominated bank account, all within our online banking system.

You can of course make deposits from any other bank account you hold, or have other people/organisations deposit funds into your account. Just use the facilities of your other bank or provide your account number to the other party.

As an online bank, it is not possible to make cash or cheque deposits.

Transferring funds out

When you withdraw funds they must always go back to your Nominated Account. 

To make a transfer in or out:

1. Log into RaboDirect
2. Click on 'Transfers'
3. Select the 'From' and 'To' accounts
4. Enter the transfer details e.g. date and amount. 
5. Confirm the transfer with your Digipass. 

The best way to view your transactions is to download a bank statement.

Although your child might not be working, interest payments are still considered a form of income. We are required to deduct tax from this interest and pay it to Inland Revenue on the child’s behalf.

You can download tax certificates online. 

1. Log into RaboDirect. 
2. Click 'My Rabo' then 'Tax Reports' 
3. Select the account owner
4. Select the tax report you require
5. Click 'Search'
6. Click 'Download' next to the required year 

You can update your IRD number, RWT rate and PIR rate online. 

1. Log into RaboDirect
2. Click 'My Rabo' then 'Tax Details'
3. Click the 'Actions' button and select 'Change tax details'
4. Enter the new details
5. Confirm the change with your Digipass

The IRD number and RWT rate used for joint accounts is determined by the information we have for each of the account holders:

1. If both IRD numbers are provided – the IRD number and tax rate of holder with highest rate is used. 
2. If both IRD numbers are provided, with the same tax rate – the IRD number and tax rate of primary holder is used (the person whose details were entered first on the original application). 
3. If no IRD numbers are provided – the account will be taxed at the maximum “non declaration” rate, currently 33%. 
4. If only one IRD number is provided – that person’s IRD number and tax rate will be used. 

If you are living overseas we can update your tax status to that of a non-resident and apply the appropriate non-resident tax rate. 
So that we can do this, send us a secure message with the following details:

1. A statement that you are a non-resident of New Zealand for tax purposes. 
2. Confirmation of the country where you are now living. 
3. Your overseas residential address. 

To send a secure message, log into RaboDirect and click 'My Rabo' then 'Create new message'

We do not offer the Approved Issuer Levy scheme. 

Resident Withholding Tax (RWT) is the tax deducted from any investment income you receive. We deduct RWT from your interest payments and pay this to Inland Revenue on your behalf. 

When you become a RaboDirect customer, you are asked to select a RWT rate. You can amend this tax rate at any time. 

Your RWT rate is determined by your annual taxable income. Here are the current tiers from the Inland Revenue website.

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If your taxable income is $0 - $14,000 – your RWT rate is 10.5%

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If your taxable income is $14,001 - $48,000 – your RWT rate is 17.5%

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If your taxable income is $48,001 - $70,000 – your RWT rate is 30%

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If your taxable income is $70,001 and over 33% – your RWT rate is 33%

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