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RaboDirect
 

Nurture your business

Get your business savings working for you 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 business savings are helping to support our local farmers to grow the produce we enjoy every day.

No minimum balance

Start saving with just $1

Create up to 5 sub accounts

To keep track of your savings for salaries, tax, etc

No account fees

We are here to help you save

Interest calculated daily

Earn interest on every dollar

Your gateway to a wide range of savings options


Let's say you have money set aside for tax that you want to lock away for a few months in a term deposit. There's no need to go into a branch, fill out paperwork, pick up the phone or send off instructions.

Just set up a term deposit online and transfer the money across from your RaboSaver business account.

See how we stack up!

Institution Product name Amount Rate (p.a.)    
RaboSaver for business $0 - $5m 1.00% $5m plus 0.80%
Business Call Account $0 - $499,999 0.10% $500,000 plus 0.35%
Business Saver All credit balances 0.25% - -
Business First OnCall All credit balances 0.25% - -
Business Online Call $0 - $1,999 0.75% $2,000 plus 1.75%*
Business Online Saver All credit balances 0.10%
- -

Figures sourced from interest.co.nz as at 17 July 2017. • RaboDirect rates are the current rates. • *Bonus interest rate if no withdrawals are made within the calendar month.

Frequently Asked Questions

How do I open a RaboSaver for Business?

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The first step is to complete our online application form. Click here to get started. 

Here’s a few things you will need:

  • Details of the business e.g. business type, industry, address and IRD number
  • Another NZ bank account in the name of the business
  • Details of the person who will act as authorised signatory
  • Driver licence and passport details for the authorised signatory (if possible)
  • The name, date of birth and address of any Ultimate Beneficial Owners (UBO)
A UBO is any individual who controls, or owns 25% or more of the business.After completing the online application:
  • Print, sign and post the application with the supporting documents to Freepost RaboDirect, PO Box 38567, Wellington 6035
  • Make an initial deposit to activate the account
A checklist will be provided at the end of the application that will list the supporting documents. 

How do I transfer money into a RaboDirect business account?

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When you open an account with us you will be asked to provide a nominated bank account (an account in the same name at another bank) and accept our online direct debit authority. This allows you to transfer funds into RaboDirect from this nominated bank account, all within our online banking system. 

You can of course make deposits from any other bank account the business holds, or have other people/organisations deposit funds into your RaboDirect account. Just use the facilities of your other bank or provide your account number to the other party. It is not possible to make cash or cheque deposits. 

To make a transfer from your Nominated Account:
  1. Log into RaboDirect
  2. Click on 'Transfers'
  3. Select the 'From' and 'To' accounts
  4. Enter the amount
  5. Enter the date or select 'as soon as possible'
  6. Confirm the transfer with your Digipass. 

How many RaboDirect Savings Accounts can my business have?

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You will be able to open up to five PurposeSaver accounts which allow you to separate your savings alongside your RaboSaver for Business account. You can give them different nicknames to meet your business needs such as 'Tax' or 'Wages'.

To open a PurposeSaver account:
  1. Log into your RaboDirect account
  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.

Business account holders can also open our 60 day NoticeSaver account. Click here to find out more about this product.


Who can open and manage a Business account?

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Any individual authorised to act on behalf of the business can open and operate the RaboDirect account. Authority is provided by the individuals who are in 'effective control' of the business by way of the application documentation requirements.

This person will be acting as the authorised signatory on the account. They will be issued the Digipass and will have authority to view the account details, initiate transfers and update account information.

There can only be one authorised signatory on a business account but this person can be changed at any time.

How do you change the authorised signatory?

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.

How do you change the authorised signatory for Trust or Business accounts?

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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 we can see the original signature. Our postal address can be found on the form.

Can my business open a RaboDirect account?

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The following entities can open business accounts:
  • Body Corporate
  • Maori Authority (company)
  • Incorporated Society
  • Limited Partnership
  • Private Company
  • Public Company
  • Partnership
  • Unincorporated Society
  • Sole Trader
The following entities cannot open a RaboDirect account:
  • Collective Investment Schemes
  • Financial Institutions (including fund managers)
  • Central or Local Government Entities
  • Insurance Companies
If you open a business account, you:
  • agree that you are acquiring the Internet Banking Services for the purposes of a business and that the Consumer Guarantees Act 1993 does not apply, and
  • must have appropriate internal controls to minimise the risks of fraud.

Can I download my transactions?

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

To do this:

  1. Log into RaboDirect
  2. Click on 'Savings'
  3. Then, click 'Transactions'
  4. Enter your search details, then click 'Search'
  5. At the bottom of the page click 'Download transactions (csv)'
  6. On the next page click 'Download'

When is interest paid on my RaboSaver for Business account?

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Interest is calculated daily and paid to your RaboSaver for Business 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.

Join the place where savers belong