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RaboDirect
 

Kick start your savings with RaboSaver

Get your savings up and running with our RaboSaver account. With no account fees or minimum balance, it offers flexibility and easy access to your money. You also get to feel good knowing that your savings help support our local farmers who grow the produce we enjoy every day.  

No minimum balance

Start saving with just $1

Create up to 5 sub accounts

Set aside money for a holiday, big event etc


No account fees

We are here to help you save

Interest calculated daily

Earn interest on every dollar


Your gateway to our products


Once you have a RaboSaver, you can quickly and easily invest in any of our other savings accounts online.

See our other products


Cash Advantage Fund


The Cash Advantage Fund (CAF) offers you a pre-tax return similar to a traditional on-call savings account.

Learn more about CAF


RaboSaver for Business


RaboSaver offers the same high rate of interest for business accounts. The interest rate may vary but will always be competitive.

See RaboSaver for business

See how we stack up!

Institution Product name Rate (p.a.) Bonus rate (p.a.) Fees Minimum balance
RaboSaver 0.75% - None $0
Online Call 0.10% - None $1
FastSaver 0.10% - None $1
Total Money 0.10% - None $1
Online Call 0.50% 1.00%* None $2,000
On-line Saver 0.10% - None $1

Figures sourced from interest.co.nz as at 7 November 2017  •  RaboDirect rates are the current rates.   •  *Bonus interest rate includes 1.00% if no withdrawals are made within the calendar month.

Frequently Asked Questions

How do I deposit and withdraw funds?

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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. 

When is interest paid on my RaboSaver or PurposeSaver account?

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Interest is calculated daily and paid to your RaboSaver account on the last business day of the month. The payment will be available to you on the first day of the new month.

Do clearance periods apply to RaboDirect funds?

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This depends on how the funds are transferred to your account. 

If you transfer funds into your account using the RaboDirect online banking system, a clearance period of three business days will apply. This is because the funds are direct debited from your Nominated Account and we need to ensure that the transaction will not be dishonoured before we make the funds available to you. 

You will start earning interest immediately but you will not be able to transfer the funds or invest in PIE products until the funds have cleared. 

If funds are transferred to your account using the services of another bank there is no clearance period. The funds will be available to use as soon as they reach your account.

How do I view and download my transactions?

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

  1. Log into RaboDirect
  2. Click 'Savings' then 'Statements'
  3. Select the account and enter the date range
  4. Click 'Search'
  5. Click 'Download'
Clicking the 'Download transactions (csv)' button will generate an excel spreadsheet that can be imported into accounting software.

Can I have more than one RaboSaver account?

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Yes. You can open up to five PurposeSaver accounts which allow you to separate your savings if you have several goals in mind. You can give them different nicknames such as 'Holiday' or 'House Deposit'.

To open a PurposeSaver account:
  1. Log into RaboDirect
  2. Click 'Savings' then 'Open PurposeSaver account'
  3. Enter a nickname and select the 'Account Owner'
  4. Click 'Confirm'

Note: For legal and tax purposes these accounts will be in the same name as your RaboSaver account. To open an account in a different legal name you will need to complete an application for a new RaboDirect account.

Feel good about your savings