Trust Savings Account

No, we are not onboarding new Charitable Trusts at this time.

For terms, conditions and eligibility criteria of Trusts that are accepted, please see here: Trust Accounts.

No. Corporate trustees are not permitted when applying for a Rabobank Online Savings Trust Account.

All trustees must be natural persons, that is, human beings who are not acting on behalf of a company or organisation.

Professional firms or corporate entities may support the Trust with administrative tasks, but they cannot hold any of the key Trust roles listed below:

·       Trustee;

·       Settlor;

·       Appointor;

·       Beneficiary.

Rabobank Online Savings is currently accepting Trusts as customers that meet certain eligibility criteria. To open an account with Rabobank Online Savings, the Trust must:

• Be established in New Zealand;
• Have a bank account in the name of the Trust with another New Zealand registered bank;
• Have a maximum of three (3) trustees, three (3) settlors, three (3) appointors, and five (5) beneficiaries who are all natural persons, are New Zealand tax residents and reside in New Zealand.

A natural person is a human being, as opposed to a company, incorporated body, a trust, charity, or any other legally created entity.

Trust information:

• Trust IRD number;
• Trust tax residency;
• Resident Withholding Tax (RWT) rate; and
• Prescribed Investor Rate (PIR), if applicable.

Trust documentation:

• A copy of the Trust Deed; and
• All amendments or variations to the Trust Deed.

Trustee information:

The applying trustee must have the following information available when applying for a Trust Account:

• Their New Zealand driver licence or passport with a minimum of 30 days before expiry from the date of application;
• The Trust’s IRD number and registered New Zealand Business Number (if any);
• A mobile phone to receive a verification code via text message; and
• A smart device (mobile phone or tablet) to download the Rabobank Online Savings App to register for multi-factor authentication (Secure Code).

As part of the application process, all trustees of the Trust will be contacted and requested to provide a copy of their New Zealand driver licence or passport (with a minimum of 30 days before expiry from the date of application) together with their consent to open the new Trust Account.

In some cases, additional information may be required to verify the trust’s source of wealth and/or source of funds.

To open a Rabobank Online Savings Trust Account, you must:

• Be a trustee of the Trust;

• Reside in New Zealand;

• Be a New Zealand tax resident; and

• Have authority to open a Trust Account from all other trustees of the Trust.

The following parties are usually specified in the trust deed and are defined as follows:

• Settlor:  The settlor(s) of a Trust is the person who sets up the Trust. The settlor(s) can then transfer assets to the trustees to hold on behalf of the beneficiaries.
• Trustee: The person(s) who are appointed as trustee(s) of the Trust. The trustee(s) legally own, manage and administer the Trust’s assets on behalf of the beneficiaries.
• Beneficiary: The person or people who benefit from the assets of the Trust.
• Appointor: The appointor(s) are the persons who hold the Power of Appointment to remove and appoint trustees of the Trust. Usually the settlor(s) of the Trust will name the initial appointor(s) in the Trust Deed.