PremiumSaver | Rabobank Online Savings account with no fees

Max. interest rate 1 .00%p.a.on balances up to $100,000*

The Details

Earn a premium rate by increasing your month-end balance by at least $50 from the start of the month (excluding any interest paid during the month). You need to do this before the last business day of the month.

You can earn the premium rate on balances up to $100,000, and any balance above this up to $5 million will earn the RaboSaver rate of 0.50% p.a. provided the monthly increase conditions are met.

If your PremiumSaver balance at the end of the month is not at least $50 higher than it was at the start of the month (excluding any interest paid during the month), then the entire balance will earn 0.30% p.a. for that month up to $5 million.

Only one PremiumSaver account can be opened for individual, joint or children's accounts and is a great option if you're a regular saver or keen to start a savings habit. It's not available to business or trusts.

We recommend you set up a regular savings plan for the 26th of the month, or an earlier date that is convenient to you. Doing this will ensure that the money is received by us before the last business day of the month.

The Benefits

No account fees
No minimum balance
Premium rate of interest for regular savers on balances up to $100,000*
Balances over $100,000 up to $5 million earn a rate of 0.50% p.a. provided the monthly increase conditions are met.*
Funds are on call, make unlimited withdrawals during the month
Interest is calculated daily and paid monthly
Earn a return and help grow a better New Zealand
One dedicated PremiumSaver account per account entity

*If the required $50 monthly balance increase excluding interest paid during that month is achieved. The standard RaboSaver rate applies to the portion of the PremiumSaver balance over $100,000 and up to $5 million. If the required $50 monthly balance increase is not achieved, a rate of 0.30% p.a. will apply to the total PremiumSaver balance for that month up to $5 million.

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Is there a minimum or maximum balance on PremiumSaver?

There is no minimum account balance for your PremiumSaver. The maximum account balance is $5 million. However, the maximum balance to receive premium interest is $100,000.

Balances between $100,000 and $5 million will earn interest at the RaboSaver rate, providing the monthly balance increase is met. If the monthly balance increase is not met, the minimum interest rate will apply to all funds in the account.

How do I make deposits into PremiumSaver?

The best way to ensure you earn premium interest is to set up a Regular Savings Plan. You can set up a Regular Savings Plan and make one-off deposits from your Nominated Account online.

Log into Online Savings (RaboDirect)
Click 'Transfers'
Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
Enter the transfer details e.g. date and amount
Confirm the transfer with your Digipass

We recommend setting your Regular Savings Plan for the 26th of the month or earlier to ensure the funds are in your account by the last business day.
To make deposits from an account that is not your Nominated Account, just use the facilities of the other bank.

How do I know if I have met the $50 balance increase?

You can check your balance and see if funds need to be added to your PremiumSaver online.

Log into Online Savings (RaboDirect)
Click ‘Savings’
Click your PremiumSaver account number
You will then see your balance, the interest rates and a statement advising if you need to add funds to your account to earn maximum interest

If this says “… you need to increase your balance by $0.00 …” then the $50 balance increase has already been met.

When is PremiumSaver Interest paid?

Interest is calculated daily and paid to your PremiumSaver account on the last business day of the month. This means the interest will be included in the opening balance for the following month.

Keep in mind:

Interest payments don’t count towards the minimum $50 balance monthly increase to receive premium interest.
If you make a withdrawal, your balance will decrease and you may miss out on premium interest for that month.

Can the PremiumSaver interest rate change?

Yes. PremiumSaver interest rates are variable and are subject to change.

How do I close my PremiumSaver?

You are welcome to keep the account open so you can use it again in future. It can stay open at a zero balance and doesn’t incur fees.
To close the account:

Log into Online Savings (RaboDirect)
Empty the account using the ‘Transfers’ function
Click on the envelope icon top right hand corner of page to send a secure message.
Confirm in the message you would like to close your PremiumSaver
Click ‘Send’

We will then close the account and pay any remaining interest to your RaboSaver account.

Can I set up a regular transfer into my PremiumSaver?

Yes. You can set up a regular transfer into your PremiumSaver from your Nominated Account.

Log into Online Savings (RaboDirect)
Click ‘Transfers’
Select the ‘From’ (Nominated Account) and ‘To’ (PremiumSaver) accounts
Select regular transfer.
Enter the amount, date and frequency.
Confirm the transfer.

Can I make withdrawals from PremiumSaver?

Yes. Your funds are on call so you can make withdrawals at any time. Just keep in mind that this may affect your interest rate.

If your balance on the last business day of the month is not at least $50 more than it was at the start of the month (excluding any interest paid during the month), you will earn interest at the minimum rate.

For example: You start the month with a balance of $1,000. If you withdraw $200, this drops your balance to $800. You will need to deposit at least $250 by the last business day to bring your balance to $1,050 (opening balance + $50) and earn maximum interest.

To make a withdrawal:

Log into Online Savings (RaboDirect)
Click 'Transfer and pay'
Select the 'From' (PremiumSaver) and 'To' (Nominated) accounts
Enter the transfer details e.g. amount and date
Confirm the transfer with your Digipass

Is there a cut off time to increase my PremiumSaver balance?

You need to increase your previous month-end balance by $50 or more by the last business day of the month.

To make sure you don't miss out on premium interest, we recommend setting up a Regular Savings Plan.

To do this:

Log into Online Savings (RaboDirect)
Click 'Transfer and pay' then select ‘Move money’
Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
Select recurring
Enter the amount, date and frequency
Confirm the transfer with your Digipass

We recommend setting your RSP for the 26th of the month or earlier if convenient to you, to ensure the funds reach your account in time.

Open a Rabobank Online Savings account

OTHER OPTIONS TO SAVE WITH RABOBANK

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