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RaboDirect
 

Tending to your savings

Growing your savings takes work, but doing a bit every month means you will be rewarded with a premium rate of interest. That is on top of knowing your savings are helping the New Zealand agribusiness sector to flourish.

For serious savers

Premium rate of interest for regular savers

No account fees

We are here to help you save

Personal account only

Not available for businesses or trusts

Money is on call

Instant access to your savings

Here's how it works

To earn premium interest, just make sure you increase your month-end balance by at least $50 from the start of the month (excluding any interest paid during the month). You need to do this before the last business day of the month. You can earn the premium rate on balances up to $100,000, and any balance above this up to $5m will earn the RaboSaver rate of 0.75% p.a. provided the monthly increase conditions are met. 

Your money is on call and you can make as many withdrawals as you like during the month, but if your PremiumSaver balance at the end of the month is not at least $50 higher than it was at the start of the month (excluding any interest paid during the month), then the entire balance will earn 0.55% p.a. for that month.

HOT TIP: We recommend you set up a regular savings plan for the 26th of the month, or an earlier date that is convenient to you. 
Doing this will ensure that the money is received by us before the last business day of the month. 



Is PremiumSaver right for me?


PremiumSaver is a great option if you're a regular saver or keen to start a savings habit. It's designed for personal and joint accounts, including children's accounts. It's not available for businesses or trusts. 

What is right for you?


Frequently Asked Questions

How do I make deposits into PremiumSaver?

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The best way to ensure you earn premium interest is to set up a Regular Savings Plan. You can set up a Regular Savings Plan and make one-off deposits from your Nominated Account online. 
  1. Log into RaboDirect
  2. Click 'Transfers'
  3. Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
  4. Enter the transfer details e.g. date and amount
  5. Confirm the transfer with your Digipass
We recommend setting your Regular Savings Plan for the 25th of the month or earlier to ensure the funds are in your account by the last business day. 
To make deposits from an account that is not your Nominated Account, just use the facilities of the other bank.

Can I make withdrawals?

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Yes. Your funds are on call so you can make withdrawals at any time. Just keep in mind that this may affect your interest rate. 

If your balance on the last business day of the month is not at least $50 more than it was at the start of the month (excluding any interest paid during the month), you will earn interest at the minimum rate. 

For example: You start the month with a balance of $1,000. If you withdraw $200, this drops your balance to $800. You will need to deposit at least $250 by the last business day to bring your balance to $1,050 (opening balance + $50) and earn maximum interest. 

To make a withdrawal:

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

Is there a minimum or maximum balance on PremiumSaver?

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There is no minimum account balance for your PremiumSaver. The maximum account balance is $5,000,000. However, the maximum balance to receive premium interest is $100,000.

Balances between $100,000 and $5,000,000 will earn interest at the RaboSaver rate, providing the monthly balance increase is met. If the monthly balance increase is not met, a minimum interest rate of 1.00% will apply to all funds in the account.

When is interest paid?

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Interest is calculated daily and paid to your PremiumSaver account on the last business day of the month. This means the interest will be included in the opening balance for the following month. 

Keep in mind:

  • Interest payments don’t count towards the  minimum $50 balance monthly increase to receive premium interest.
  • If you withdraw the interest, your balance will decrease and you may miss out on premium interest for that month.

Is there a cut off time to increase my balance?

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You need to increase your previous month-end balance by $50 or more by the last business day of the month.

To make sure you don't miss out on premium interest, we recommend setting up a Regular Savings Plan.

To do this:

  1. Log into RaboDirect
  2. Click 'Transfers'
  3. Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
  4. Select regular transfer
  5. Enter the amount, date and frequency
  6. Confirm the transfer.
We recommend setting your RSP for the 25th of the month or earlier if convenient to you, to ensure the funds reach your account in time.

How do I know if I have met the $50 balance increase?

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You can check your balance and see if funds need to be added to your PremiumSaver online. 
  1. Log into RaboDirect
  2. Click ‘Savings’
  3. Click your PremiumSaver account number
  4. You will then see your balance, the interest rates and a statement advising if you need to add funds to your account to earn maximum interest
If this says “… you need to increase your balance by $0.00 …” then the $50 balance increase has already been met.

Can the PremiumSaver interest rate change?

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Yes. PremiumSaver interest rates are variable and are subject to change.

How do I close my PremiumSaver?

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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. Confirm in the message you would like to close your PremiumSaver
  5. Click ‘Send’
We will then close the account and pay any remaining interest to your RaboSaver account.

Can I set up a regular transfer into my PremiumSaver?

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Yes. You can set up a regular transfer into your PremiumSaver from your Nominated Account. 
  1. Log into RaboDirect
  2. Click ‘Transfers’
  3. Select the ‘From’ (Nominated Account) and ‘To’ (PremiumSaver) accounts
  4. Select regular transfer. 
  5. Enter the amount, date and frequency.
  6. Confirm the transfer.
We recommend you set up a regular savings plan for the 26th of the month, or an earlier date that is convenient to you. Doing this will ensure that the money is received by us before the last business day of the month. 

How to open a PremiumSaver account

Opening a PremiumSaver account is easy and can be completed online.
Follow the steps below and you'll be able to start saving towards your goals.

1. Apply for a PremiumSaver


Go to our 'Apply Now' page and complete the online PremiumSaver application form. Be sure to have your ID documents handy. Click here to learn more about becoming a RaboDirect customer.

2. Receive your welcome pack


Once you have applied and verified your nominated account, we will courier a Welcome Pack to your address. You’ll be able to log in to your new account using the details in the welcome pack.

3. Log in and start saving


Once logged in, you’ll be able to transact on your new account and easily open other great products from our range.

Feel good about your savings