The RaboDirect Business High Interest Savings Account is a high-security account that combines flexibility and competitive rates to let your business grow and make transactions as needed.
This account has competitive rates, but can also give your business free and easy transfers.
What are the features of the RaboDirect Business High Interest Savings Account?
All RaboDirect customers need to hold one High Interest Savings Account with the bank. This page is for business accounts, but you can instead choose a personal account or an SMSF / trust account with different features and rates. This features of this business High Interest Savings Account account include:
No monthly fees
There are no establishment or monthly fees with this savings account.
Enhanced physical and digital security
RaboDirect provides their customers with an electronic device, known as the Digipass, to provide physical security for your online accounts. Delivering an extra layer of protection, the account cannot make transfers to third party accounts except through your linked accounts.
Free, unlimited transfers
This account lets you make unlimited to other RaboDirect account in your name, or transfer up to $100,000 per business day to linked accounts. To make transfers to third parties you can move funds through linked accounts.
No minimum balance required
There are no minimum balance requirements to earn interest.
1.70% p.a. base interest
Earn 1.70% p.a. calculated daily and paid monthly.
Introductory bonus rates
New customers will receive 0.55% p.a. for the first 4 months on balances of up to $250,000.
Link accounts, either with RaboDirect or another institution, to facilitate transactions and move your funds quickly and freely. Compare other RaboDirect products.
Online account management
Manage your business finances with RaboDirect’s online banking.
Download the RaboDirect app, for Android or iPhone, to manage your account wherever you are.
- Earns interest on any balance in the account
- Enhanced with DigiPass physical security
- Flexible transaction options to suit almost any business
- No in-branch transactions are available. RaboDirect is online only.
How do I apply for the RaboDirect Business High Interest Savings Account?
If the features of this account are right for your business, you can apply online.
Eligibility to apply
There are eligibility requirements that you will need to meet before your application can be processed:
- Minimum age. As the authorised signatory for the account, you must be at least 18 years of age.
- Residency requirements. You must have an Australian residential address and be an Australian resident in order to open this business account. In addition, the business must be currently registered to operate in Australia.
- Depository requirements. There is no minimum deposit requirement to be met when opening the account.
- Bank account. The business must have an additional bank account in Australia using the same name.
While filling in the application, you will be asked to provide relevant information:
- Tax file number. Both yours and your business’ tax file number (TFN) or exemptions will be asked for, but are not obligatory. Providing these helps in ensuring that the withholding tax on your interest earnings is applied at the correct rate.
- Identification. All partners in the business will need to provide a driver’s licence, passport or Medicare card in order for RaboDirect to verify their identity.
- Business information. The Australian Business Number (ABN) or Australian Company Number (ACN) is required.
- Bank information. You will need to provide the BSB and account number of a chosen linked account your business holds, either in another Australian financial institution or with RaboDirect. Both accounts need to be held in the same name.
- Personal information. Depending on how your business is structured, you will need the full names of the director, chairperson, secretary and treasurer. For a partnership you will have to provide the full name, birth date, and residential address for all listed partners.
What happens after I submit my application?
After verifying that all of the information provided is correct, RaboDirect will open your business high interest savings account and link your account so that you may begin making transfers and earning interest.