Your excess business funds have a secure place to be parked with the RaboDirect Business High Interest Savings Account. This is an at call savings product that allows you to move money in and out, whenever you want and as often as you need to.
With RaboDirect online and mobile banking, your business will always have the money it takes to stay up and running.
What are the features of the RaboDirect Business High Interest Savings Account?
The way your business working capital is managed will go a long way towards securing success. Before signing on for a high interest business savings account, compare the features of RaboDirect’s with those found at other Australian banks:
- Monthly fees. There are no establishment or monthly fees with this savings account.
- Minimum balance. You will not be required to maintain a minimum balance.
- Interest rates. A variable competitive interest is earned on each dollar you have invested in the account.
- Introductory bonus. New customers will receive a variable bonus rate on top of the standard on balances of up to $250,000 for the first four months after the account has been opened.
- Interest calculation. Interest is calculated every day and paid into the account once a month.
- Nominated account. A business transaction account is necessary in order for you to be able to move your money quickly in and out of the savings account.
- Accessibility. Manage your money using RaboDirect’s online banking feature.
- Mobile access. By downloading the RaboDirect app onto your Android or iPhone, you can manage your account wherever you are.
- Security. RaboDirect provides their customers with an electronic device known as a Digipass to provide extra security for your accounts.
How do I apply for the RaboDirect Business High Interest Savings Account?
If after comparing the features you find that this is the high interest savings account which can give yours the best benefits, you can begin filling out an online application by clicking on “Go to Site”. There are eligibility requirements that you will need to prove can be met 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 obtained from documentation which you should have readily available:
- 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 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 be able to verify their identity.
- Business information. The Australian Business Number (ABN) or Australian Company Number (ACN) is required.
- Bank information. The BSB and account number of the banking account your business holds in another Australian financial institution. It is important that the name on that account matches the name you are providing RaboDirect with.
- 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.
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. Keep in mind that the bonus introductory rate is only good for the first four months after the account has been opened.