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Children accounts

RaboSaverChildren accounts

RaboDirect children accounts help to grow savings for under 18's
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Earn 0 .75%p.a.on balances up to $5,000,000

Save for the future with RaboDirect

Get a child’s savings up and running with our RaboSaver account. With no account fees or minimum balance, it offers flexibility and easy access to the savings. All RaboDirect savings help support our local farmers who grow the produce we enjoy every day.  

No minimum balance

Start saving with just $1


No account fees

We are here to help you save and grow your savings

Create up to 5 sub accounts

Personalise the account names  e.g. scooter, camp

Children

Account in child's name

This way they know it's their savings 

How it works

An adult can open an account on behalf of any child under the age of 18. The account will be opened in the child’s name and you will act as the authorised signatory. 

You choose the nominated account for the RaboDirect children's account so you can manage the money, even when it is withdrawn from the RaboDirect account. 

If the child is 12 years or older, they can open an individual account and manage this themselves.

Other accounts a child can open

A RaboSaver account allows you to easily move money in and out of your nominated account, and between your RaboDirect accounts. Check out our other accounts that may also suit the child’s savings plan.

PremiumSaver: Great if you plan on adding to the balance each month. 

NoticeSaver:  Growing savings that you don’t need immediate access to.

Term Deposits: $1,000 minimum for a fixed competitive return. 

Frequently Asked Questions

How do I open an account for a child?

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Go to our online application form, and select ‘Children’s’ and follow the instructions. 

When opening a children’s account we will need to identify both the authorised signatory and the child. We offer the option to have the identity of the authorised signatory electronically verified, but we will need to receive certified identity documents for the child. Look out for the checklist at the end of the online application.

What identification is needed to open a children’s account?

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We will need to identify both the authorised signatory and the child. If you are an existing customer, please select this on the form as you are already identified.

For new customers, the authorised signatory can:

  • choose to be electronically verified using their passport or driver licence details, or
  • provide certified identity documents (photo ID and residential address evidence).

Electronic verification isn’t always successful, so they may still need to send certified identity documents. You will receive a checklist at the end of the online application confirming what is needed. 

For the child, we will need:

  • A certified copy of their identification (passport or birth certificate)
  • Residential address evidence (for example IRD letter, or existing bank statement)

See our Identity Verification Checklist for some options of what to send and who can certify documents for you. 


What is a nominated account?

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A nominated account is an external bank account held in the same name as your RaboDirect account. You need to provide details of this account on your application form. It is used for transferring money to and from your RaboDirect account.

What if the child doesn’t have an IRD number?

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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. 

Why does my child have to pay Resident Withholding Tax (RWT)?

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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. 

How do I change the authorised signatory on a children’s account?

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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.