There is no minimum account balance for your PremiumSaver. The maximum account balance is $5,000,000. However, the maximum balance to receive premium interest is $100,000.
Balances between $100,000 and $5,000,000 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.
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:
Yes. PremiumSaver interest rates are variable and are subject to change.
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:
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:
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.