PremiumSaver

Max. interest rate 2 .30%p.a.on balances up to $100,000*

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 1.90% 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

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 1.90% 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 1.50% 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.

Term Deposit

NoticeSaver

RaboSaver

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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.

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.