The RaboDirect Business Notice Saver allows you to make the most of your excess working capital by stowing it away in a high interest savings account. Yet unlike a business term deposit, you are able to give notice for when you want your money back, and not be charged a penalty. This allows you to better manage your business financial needs, and have the money you need available when you need it most.
What are the features of the RaboDirect Business Notice Saver?
The Business Notice Saver has many of the same beneficial features of a term deposit, without the hassle of having to wait out a term. Compare these features with what you find at other Australian banks to see which account suits your business structure:
No minimum balance required
You are not required to maintain a minimum balance for this account.
$0 monthly account keeping fees
This account is free of any establishment or monthly account keeping fees.
Options available for the length of notice required
You have a choice of three different accounts, 31 day, 60 days or 90 days. That is the length of time you have to give RaboDirect notice that you will be withdrawing your funds. Interest is still earned on the account, even while waiting out the notice period.
Competitive variable interest rate
This is a variable rate savings account, competitive to what you find with other banks high interest earning savings accounts. The longer the notice you choose to give, the higher the interest will be for your account.
Interest earned daily and paid each month
Interest is calculated on your daily balance and either paid into your linked High Interest Savings Account or directly into the notice saver each month.
Additional deposits allowed
Unlike a term deposit, you are allowed to deposit additional funds into your notice saver.
What happens after the notice period?
In order to give notice on your money the transfer will be set up through the online banking platform. The transfer will then automatically take place on the first business day after the notice period has passed. You can choose to make a partial or whole withdrawal, and even cancel the notice up until the day before it is set to expire.
Linked to your high interest savings account
RaboDirect requires that all customers have a High Interest Savings Account as their banking hub. This will be linked to your Notice Saver, allowing you to make deposits into the account and receive your payments and interest earnings.
- There is $0 account keeping fee
- Unlimited deposits for your account
- No minimum balance required to maintain the account
- You can make additional deposits
- RaboDirect is an online-only bank so there are no physical branches available should you need to visit one
How do I apply for the RaboDirect Business Notice Saver?
If you are already a customer of RaboDirect you can apply for a Business Notice Saver by logging into your online banking and following the prompts.
Eligibility to apply online
New customers should first check the eligibility requirements and then click “Go to Site” in order to begin their online application.
- Minimum age. Not only do applicants need to be at least 16 years of age, you must also be an authorised signatory for the business.
- Residency requirements. Applicants must be Australian residents for tax purposes.
- Depository requirements. There is no opening deposit amount for the Business Notice Saver.
Documentation for your online application
RaboDirect also recommends that you have the following documentation handy to help you in filling out the application correctly:
- Tax file number. You are not obligated to provide your tax file number (TFN), but if you don’t, RaboDirect is required to withhold tax on the interest earnings at the highest marginal rate.
- Identification. All partners listed on the account must provide the details from a driver’s licence, passport or Medicare card.
- Existing bank account. You will need to have the BSB and account number of an existing bank account in Australia that is in the same business name.
- Business details. The Australian Business Number (ABN) or Australian Company Number (ACN) is needed as you fill out the application.
What happens after I submit my application online?
Keep in mind that if you do not already have a Business High Interest Savings Account with RaboDirect, you will be asked to apply for that product first. Find out more about this account on the product page. Once both accounts have been established, you can begin transferring funds into your Business Notice Saver.
After having confirmed the details that you provided, the Business Notice Saver account will be opened in your name. A welcome pack will then be sent to your address containing the details of the account. You should allow up to five business days for the welcome pack to arrive in the mail.