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.

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. 

1. Log into Online Savings (RaboDirect)
2. Click 'Transfers'
3. Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
4. Enter the transfer details e.g. date and amount
5. 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.

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

1. Log into Online Savings (RaboDirect)
2. Click ‘Savings’
3. Click your PremiumSaver account number
4. 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.

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.

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

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:

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

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

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

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

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. 

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:

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

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:

1. Log into Online Savings (RaboDirect)
2. Click 'Transfer and pay' then select ‘Move money’
3. Select the 'From' (Nominated Account) and 'To' (PremiumSaver) accounts
4. Select recurring
5. Enter the amount, date and frequency
6. 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.