Frequently Asked Questions
How many Term Deposits can I have?
During the initial account opening process you are only able to set up one Term Deposit, however, once you receive your Welcome Pack and PIN you are then able to login and create as many Term Deposits as you wish.
When is interest paid?
For terms of 1-5 years, you can choose to have interest paid monthly, quarterly, six monthly (excluding the 15 month term) or annually.
Interest is paid back to the RaboDirect savings account that originally credited the term deposit. We are not able to pay interest back into the investment or directly to the nominated account.
Can interest be compounded?
How do I invest over $5,000,000?
Please call our friendly Customer Contact Centre on 0800 22 44 33, between 8am and 6pm weekdays. They will advise the best available rate and create the term deposit on your behalf.
My funds haven't cleared. Can I still set up a Term Deposit?
Yes. You can reserve a term deposit using uncleared funds providing the funds clear within three business days. The interest rate will be held and the term deposit will start once the funds clear. But don’t worry, if rates go up, we will honour the new rate. While the funds are clearing you will earn interest at our RaboSaver rate.
If your transfer is dishonoured, the term deposit request will be cancelled and one of our friendly contact centre consultants will contact you.
How do I change my reinvestment instructions?
- Log into your RaboDirect account
- Click ‘Term Deposits’
- Click the ‘Actions’ button next to your term deposit
- Select ‘Change Reinvestment Option’
- Choose your new reinvestment instructions
- Confirm the change using your Digipass
What if my tax rate changes during the Term Deposit?
Can I add funds to a Term Deposit?
Once the term deposit is set up, the details such as the amount, term and interest rate are locked in. You can always open additional term deposits with any balance of $1,000 or more.
I need access to my funds. Can I break my Term Deposit?
Call us on 0800 22 44 33 or send a secure message with details of the term deposit you wish to break.
To send a secure message, log into RaboDirect and click 'My Rabo' then 'Create new message'.
We will then contact you to advise if the investment can be broken and if a fee will apply.
Once we have approved your request to break, and provided you with a break quote, confirmation from you to proceed must be received by 12.00pm on a business day to ensure it is broken that day.
The funds should be available in your RaboDirect savings account by 5.00pm that evening. From there, you can transfer them back to your nominated account online by clicking 'Transfers'.