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The Benefits

  • No account fees
  • No minimum balance
  • Create up to 5 sub accounts for college, school trips, university etc
  • Open an account in the child’s name (this way they know it's their savings)
  • Easy access to your savings
  • No need to change your everyday banking
  • Earn a return and help grow a better New Zealand

The Details

Get a child’s savings up and running with our RaboSaver account. An adult can open a RaboSaver account on behalf of any child under the age of 18. The account will be opened in the child’s name and you will act as the authorised signatory.

You choose the nominated account for the Rabobank Online Savings children's account so you can manage the money, even when it is withdrawn from the Rabobank account.

If the child is 12 years or older, they can open an individual account and manage this themselves.

A RaboSaver account allows you to easily move money in and out of your nominated account, and between your Rabobank Online Savings accounts. In addition you can open an account for any of our other savings options that may also suit the child’s savings plan.

Ready to start saving?

Already have an account? Click here

Apply online in minutes

Make sure you have a valid Driver Licence or Passport, your mobile phone and your IRD number.

Find out more

More questions? Take a look at our frequently asked questions below.

Talk to us

Our customer care team is ready to take your call, Monday to Friday, 8am - 6pm (NZT)

Other accounts a child can open

Term Deposit

Start with as little as $1,000 and choose a term that suits you from 1 month up to 5 years.

Earn up to


  • Fixed interest rate and term
  • Minimum Term Deposit amount of only $1000
  • Option for regular interest payments on terms 1 year and over

Learn more


Earn a variable interest rate by providing 60 days' notice each time you make a withdrawal.

Interest Rate


  • Add to your balance and make withdrawals at any time^
  • No account fees
  • No minimum balance

Learn more


Earn a premium interest rate if you increase your balance by $50 per month.*

Variable rate up to


  • Premium interest for growing your savings up to $100k*
  • Money is on call
  • No account fees or minimum balance

Learn more

^ A 60 day notice period applies prior to each withdrawal

* 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 2.50% p.a. will apply to the total PremiumSaver balance for that month up to $5 million.

Frequently Asked Questions

How do I open an account for a child?


Go to our online application form, and select ‘Children’s’ and follow the instructions. 

When opening a children’s account we will need to identify both the authorised signatory and the child. We offer the option to have the identity of the authorised signatory electronically verified, but we will need to receive certified identity documents for the child. Look out for the checklist at the end of the online application.

What identification is needed to open a children’s account?


We will need to identify both the authorised signatory and the child. If you are an existing customer, please select this on the form as you are already identified.

For new customers, the authorised signatory can:

  • choose to be electronically verified using their passport or driver licence details, or
  • provide certified identity documents (photo ID and residential address evidence).

Electronic verification isn’t always successful, so they may still need to send certified identity documents. You will receive a checklist at the end of the online application confirming what is needed. 

For the child, we will need:

  • A certified copy of their identification (passport or birth certificate)
  • Residential address evidence (for example IRD letter, or existing bank statement)

See our Identity Verification Checklist for some options of what to send and who can certify documents for you. 

What is a nominated account?


A nominated account is an external bank account held in the same name as your RaboDirect account. You need to provide details of this account on your application form. It is used for transferring money to and from your RaboDirect account.

What if the child doesn’t have an IRD number?

You can still open an account for the child, but the Resident Withholding Tax rate will be set at the maximum rate of 33%. 

Once the account is open, you can add an IRD number and update the tax rate online. 

To do this:

  1. Login to your Rabobank Online Savings account
  2. Send us a secure message, by clicking on the envelope icon top right hand side of page.
  3. Create a message and send us the IRD number for the child’s account

Why does my child have to pay Resident Withholding Tax (RWT)?


Although your child might not be working, interest payments are still considered a form of income. We are required to deduct tax from this interest and pay it to Inland Revenue on the child’s behalf. 

How do I change the authorised signatory on a children’s account?

We will need the new signatory to:
  • complete our change of authorised signatory form, and
  • consent to electronic verification, or
  • provide certified identification and address evidence. 

Click here to download the change of authorised signatory form. 

See our Identity Verification Checklist for identification options and a list of trusted referees who can certify these for you. The form and identity documents can be posted or emailed to us.

Note: Electronic verification is not always successful so we may still need identity documents. We’ll let you know.