If you’re looking to boost your business bank balance, a RaboDirect business savings account could be the perfect solution.
Whether you’re a sole trader, a small business owner or in charge of a larger enterprise, it’s crucial that you make your money work as hard as possible for your business. From saving to fund future capital purchases to simply putting money aside for a rainy day, the right business savings account can help you reach your financial goals.
Compare Rabodirect business bank accounts
RaboDirect offers a selection of business banking products designed to help businesses around Australia achieve better savings. These accounts combine competitive returns with convenient access to your funds, so let’s take a closer look at the benefits RaboDirect business banking has to offer.
What types of business banking products does RaboDirect offer?
RaboDirect is an online bank that specialises in helping Australians reach their savings goals. It does not offer any transaction or cash management accounts for businesses, but it does offer a suite of savings accounts.
RaboDirect offers the following types of business savings accounts:
- High-interest online savings accounts. High-interest savings accounts combine a competitive interest rate with easy online access to your funds. RaboDirect also offers an introductory bonus interest rate for the first four months, providing a further boost to your business savings.
- Bonus saver accounts. A bonus saver account rewards you with bonus interest whenever you meet specific terms and conditions, for example depositing a minimum amount into your account each month. The RaboDirect PremiumSaver pays bonus interest when you deposit at least $2,000 a month into your business account.
- Notice saver accounts. When you open a notice saver account, in return for agreeing to give the bank at least 31 days’ notice when you wish to withdraw funds, you receive a higher interest rate on your business savings. RaboDirect offers 31-, 60- and 90-day notice options.
- Term deposits. Providing a fixed interest rate for terms ranging from one month to five years, term deposits provide the security of guaranteed returns. RaboDirect allows you to invest as little as $1,000 in a term deposit account.
RaboDirect business savings accounts
RaboDirect business banking offers four savings account options:
- RaboDirect High Interest Savings Account. This account kickstarts your savings with a four-month introductory bonus interest rate before reverting to RaboDirect’s standard variable rate at the end of this four-month period. There are three tiers of interest based on the balance in your account, while no account-keeping fees means your money works harder for you. Interest is paid monthly and the funds in your account are easily accessible via Internet and mobile banking. When you open any other type of business banking account with RaboDirect, you also automatically open a High Interest Savings Account. This account acts as your savings hub and allows for fast and easy transfers to your other RaboDirect accounts.
- RaboDirect PremiumSaver. RaboDirect’s PremiumSaver is a bonus saver account that pays additional interest whenever you deposit at least $2,000 into your account per month. There is no minimum balance requirement and you can access your funds whenever you want without affecting the interest rate. Interest is paid monthly and there are no account-keeping fees to worry about.
- RaboDirect Notice Saver. If you want to earn a higher interest rate and you don’t need instant access to your savings, a RaboDirect Notice Saver could be the ideal account for your business. There are 31-, 60- and 90-day notice options available and the longer the notice period, the higher the interest rate. Interest is also tiered based on the size of your account balance, while once again there are no account-keeping fees.
- RaboDirect Term Deposit. Term deposits provide a low-risk investment option for your business’s funds, providing consistent returns and protection against falling interest rates. RaboDirect offers terms ranging from one month to five years, and you can invest amounts ranging from $1,000 to $2 million. Interest is paid monthly, quarterly, half-yearly or yearly, while you can receive a 0.10% p.a. interest rate loyalty bonus when you reinvest your term deposit before maturity.
What are the features of RaboDirect business savings accounts?
- No fees. There are no ongoing account-keeping fees on any of RaboDirect’s business banking accounts. This means you don’t have to worry about hidden charges chipping away at your bank balance and can reach your financial goals sooner.
- Competitive interest rates. Regardless of the type of account you choose, the interest rates on offer from RaboDirect are competitive when compared to those available on other business savings accounts.
- Easy account access. RaboDirect provides customers with easy account access via its Internet and mobile banking platforms. This makes it quick and easy to deposit to and withdraw from your account.
- Australian customer service. RaboDirect’s customer service centre is based in Sydney and is operated by real people. There’s also a handy online help centre to help you find the answers to a range of frequently asked questions.
- Automated savings. If you want to make regular deposits from a linked account into your RaboDirect savings account, it’s quick and easy to set up an automated savings plan and start building a bigger balance.
How do I apply for a RaboDirect business banking account?
If you’ve reviewed the features of RaboDirect business banking and would like to open an account, click on one of the “Find out more” links on this page. Clicking on the link will take you to the RaboDirect website where you can read the full account terms and conditions and also start an online application.
To open a business account, you’ll need to be an authorised signatory on the linked bank account held by your business. RaboDirect business savings accounts are available to the following types of businesses:
- Sole traders
- Incorporated entities (companies, co-operatives and incorporated societies)
Eligibility to apply
The business will also need to meet a few eligibility criteria:
- Registered in Australia. Your business must be currently registered in Australia and have an ABN or ACN for tax purposes.
- Bank account. The business must hold a bank account in its name with another financial institution.
- Age requirement. The authorised signatory for the account must be at least 18 years of age.
- Residency requirement. The authorised signatory must be an Australian resident for tax purposes.
There are also limits on the number of accounts any one business can open. You can have the following:
- One High Interest Savings Account
- One PremiumSaver
- Three Notice Savers (one for each notice period)
- Unlimited Term Deposits
Documentation required for your application
Finally, you’ll need to provide a range of information during the application process. You will need the following when completing your application:
- Bank details. You’ll need to supply the BSB and account number of an existing Australian bank account held in the business’s name.
- ABN. You must provide the ABN or ACN of your business.
- Tax details. You’ll need to provide the tax file number for your business and for yourself (or exemptions where applicable).
- Personal details. Next, you must provide the name, address and date of birth of any sole traders or partners.
- Important business contacts. You must also provide the full names of the director, chairperson, secretary and treasurer of your business (where applicable).
- ID. Sole traders and all partners must supply their driver’s licence, passport or Medicare details.
RaboDirect’s business banking products are well worth a look if you’re looking for competitive interest rates, no fees and easy access to your business savings. Compare RaboDirect business savings accounts with other business bank accounts to see how they stack up against the competition.