Children Savings Account Earn

Go to our online application form and select ‘Children’ 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.

Please note, the funds deposited within the Children Savings Account must be owned by the child.

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 Authorised Signatories who is not an existing customer they can:

• Choose to be electronically verified using their passport or drivers 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.

A Nominated Account is the New Zealand bank account you nominate and verify when opening your account with us. It acts as your designated external account for moving money to and from your account.

To be eligible, your Nominated Account must:
• Be an account you own and operate with a New Zealand registered bank.
• Be able to receive and send payments.
• Be in the same name(s) as your account with us (special rules apply for Joint Savings, Business Savings and Trust Savings Accounts).
• Not be a Rabobank Online Savings Account.

You'll need to complete our verification process for the Nominated Account and let us know if its details change or the account is closed.

Important: Your Nominated Account is the only external bank account that can be used to transfer funds into and out of your account with us.

You can still open an account for the child, but the Resident Withholding Tax rate will be set at the maximum rate of 45%.

Once the account is open, you can call us or send a secure message with the IRD number and tax rate.

To do this:

1. Login to your Rabobank Online Savings account.
2. Send us a secure message, by clicking on the envelope icon top right-hand side of page.
3. Create a message and send us the IRD number for the child’s account.
   

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.

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 access the change of authorised signatory form. 

Click here to access the Identity Verification Checklist for identification options and a list of trusted referees who can certify these for you.

Note: Electronic verification is not always successful so we may still need identity documents. We’ll let you know.