Being eligible for a Rabobank Online Savings Business Account means that you are operating an account specifically for business purposes. Rabobank’s Online Savings Business Account is currently available to Companies, Sole Traders and Partnerships that meet specific eligibility criteria.
To be eligible as a Company, the Company must:
- Be incorporated in New Zealand and be registered on the New Zealand Companies Register;
- Have Directors and Shareholders who are all tax residents of and residing in New Zealand;
- Have all Directors of the Company listed as a Shareholder, and all Shareholders must hold more than (not equal to) 25% of shares;
- No different classes of shares - all ordinary shares;
- Have all shares beneficially held by individual Shareholders in their personal capacity (shares cannot be held by a Trust or other entity); and
- Have a New Zealand bank account in the name of the Company with another financial institution.
To be eligible as a Sole Trader, you must:
- Be an individual who owns and operates a business as a Sole Trader in New Zealand; and
- Have a New Zealand bank account in your name (as a Sole Trader) with another financial institution.
To be eligible as a Partnership, the Partnership must:
- Be a Partnership established in New Zealand and governed by the Partnership Law Act 2019;
- Have a maximum of six (6) Partners who are all natural persons; and
- Have a New Zealand bank account in the name of the Partnership with another financial institution.
For Companies, you will need to be a Company Director. As the Company Director, you’ll need to have the following for the online application:
- The Company New Zealand Business Number (NZBN)
- A valid passport or New Zealand driver licence with a minimum of 30 days before expiry from the date of application
- Your mobile phone to receive a verification code via text message
- A smart device (mobile phone or tablet) to download the Rabobank Online Savings app to register for multi-factor authentication (Secure Code)
For Sole Traders and Partnerships, you’ll need to have the following for the online application:
- Your IRD number if you have it handy (you can provide this later), and your registered New Zealand Business Number (if any);
- A valid passport or New Zealand driver licence with a minimum of 30 days before expiry from the date of application
- Your mobile phone to receive a verification code via text message
- A smart device (mobile phone or tablet) to download the Rabobank Online Savings app to register for multi-factor authentication (Secure Code)
For Companies, when you submit your online application you will be asked to download a Rabobank Online Savings Account Opening Authority form that you need to complete, sign and return.
For a Partnership, we may request additional documentation to support your application. This could include documentation such as (but not limited to): Audited financial accounts, tax statements, or a letter from a lawyer or accountant confirming that the Partnership exists.
Companies, Partnerships and Sole Traders will also need to either provide, or organise documentation to verify people associated with the Business Account.
Any certified identification documents need to be posted to:
Freepost 201424
Rabobank Online Savings
PO BOX 38567
Wellington 5045
All other documents can either be posted to the above address, or emailed to: clientonboardingNZ@rabobank.com from the email address provided during your application.
If you have all the information readily available, it should take you approximately 30 minutes to complete and submit the application.
Once submitted, the application will be reviewed and once all required documentation is received, processed by Rabobank.
The online application will automatically log out after 20 minutes of inactivity, so please ensure that you save the details entered before leaving the site.
RaboSaver, Term Deposits, PurposeSaver*, and NoticeSaver (60 days) products are available to Business customers in New Zealand.
*The PurposeSaver product is available to Business customers only after their RaboSaver account is fully operational.
Please refer to Online Savings Rates for the latest information on available interest rates.
There are no minimum balance requirements apart from Term Deposits which require a minimum of $1,000 to open.
You may log in to Internet Banking via your computer or mobile app to view your balance or statements and transfer money.
You can contact the Client Services team Monday to Friday, 8am - 6pm on 0800 22 44 33 to check the status of your application. If you have not submitted your application yet, you can navigate to ‘Apply for a Savings Account’ on the home page and click ‘Continue application’.
A Nominated Account is an everyday transaction account that you hold with another New Zealand Registered Bank, like a savings or a cheque account. This is the account used to transfer money in and out of your Rabobank Online Savings account. Your Rabobank Online Savings account and Nominated Account needs to be in the same name and entity type.
No, Rabobank Online Savings does not provide access to transactional accounts or a debit card.
As part of our compliance with international tax regulations (CRS and FATCA), we are required to collect information about your entity’s tax classification. Entities are generally classified as either Active or Passive Non-Financial Entities (NFEs).
An Active NFE is typically a business that earns most of its income through active trade or services (e.g. retail, consulting, manufacturing).
A Passive NFE is usually an entity that earns most of its income from passive sources such as dividends, interest, or investments (e.g. holding companies, trusts).
If you're unsure about your entity’s classification, we strongly recommend that you seek advice from a qualified tax adviser or accountant before proceeding with your application.
Please note: We are unable to provide tax advice or determine your entity’s classification on your behalf.
Incorrect or incomplete classification may result in delays or additional documentation requirements.
For more information, you can also refer to:
Inland Revenue’s CRS Guidance
No, we only open accounts for Partnerships that are governed by the Partnership Law Act 2019.