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Any Rabobank Online Savings product which has the ability to receive incoming payments is positively impacted by this change. This includes:
Note: Term Deposits are not impacted by these changes.
For our Rabobank Online Savings clients, interest will continue to be calculated daily and credited into your account at the end of the last business day of the month. However, as we are now able to receive incoming payments on weekends and public holidays we will now pay credit interest in relation to incoming payments from the day they are received, including on weekends and public holidays.
As happens today, when you send an outgoing payment (to your nominated account) on weekends and public holidays, the payment will be processed on the next business day and interest will continue to accrue until the payment is processed.
RaboSaver, PurposeSaver and NoticeSaver
Currently, interest is calculated on the last business day of the month. Now, when the last calendar day(s) of the month falls on a weekend or public holiday, we will re-calculate your interest to ensure it reflects any payments you receive between the last business day and last calendar day of the month.
For example, in September we’ll calculate your interest on Friday 29th which is the last business day of the month. If on Saturday 30th ,the last calendar day of the month, you receive an incoming payment, we will re-calculate your interest based on your account balance on that day and adjust your interest payment for the month.
This means that in your online account transaction history, you’ll see a reversal and repayment of interest. This will happen for each incoming payment you receive between the last business day and the last calendar day(s) of the month i.e. if you receive 3 incoming payments you will see 3 reversals and 3 interest repayments. This activity will all show with a transaction date of the last calendar day of the month.
PremiumSaver
PremiumSaver interest will be calculated in the same way as our RaboSaver, PurposeSaver and NoticeSaver products, but now you have up to and including the last calendar day of the month to meet the PremiumSaver conditions, and receive premium interest.
Term Deposit
Interest will continue to be calculated based on the maturity date of your Term Deposit, which must be a business day. Interest payments will continue to be made on business days.
PremiumSaver interest will be calculated in the same way as our RaboSaver, PurposeSaver and NoticeSaver products, but now you have up to and including the last calendar day of the month to meet the PremiumSaver conditions, and receive premium interest.
Rabobank will continue to send outgoing payments on business days only.
Payments confirmed before 10:00PM NZT on any business day will be processed on the same business day. Payments made from 10:01PM will be sent on the next business day.
Note: It will depend on the other bank’s processing times as to when the payment will be visible in your nominated account, but typically it is within a couple of hours.
Where we need to recalculate your monthly interest payment due to the month end falling on a weekend or public holiday, you’ll now see a reversal and repayment of interest in your Internet banking.
Please note:
Our terms and conditions have been updated to reflect the above changes. These can be found here.
Our current operating hours will not be changing.
The material on this webpage is provided for information purposes only and is not a recommendation or opinion in relation to any of the products mentioned above.
