The RaboDirect Business PremiumSaver account provides the Australian business owner with the financial tools they need to keep their profits growing through their excess business capital. Earn a variable interest rate on your daily balance, or increase the rate by making sure you increase the amount in the account by the end of the month.
You still have total access to the money when you need it, with no fees or penalties for making withdrawals.
What are the features of the RaboDirect Business PremiumSaver?
A flexible business savings account can be very advantageous with the right features to fit your business structure. Compare what is offered by RaboDirect with business savings products from other banks in Australia to see which one is the right fit for you.
No monthly account fees
With the Business PremiumSaver there are no monthly fees deducted from your account.
Continue to earn interest even when you withdraw funds
Your account is always earning a variable rate of interest, regardless of any withdrawals or the balance.
Bonus interest available
You will earn bonus interest every month that the balance is $2,000 higher on the last business day of the month than it was on the first. This does not include any interest payments that were made into the account during that time.
Access to your account
RaboDirect operates online which allows you to access your account through online banking.
Manage your account with the RaboDirect App
There is a mobile app with RaboDirect that can be downloaded at the App Store or Google play for Android devices. The Digipass is built in to the app so you don’t need to have the device with you for mobile banking.
RaboDirect provides you with a Digipass. This device generates a random number to be used as a one-time access code to your online bank account giving you added security for logging in.
Your linked account
All RaboDirect accounts are linked to their High Interest Savings Account which acts as the base to transfer funds in and out of. There are no fees for this account but it will need to be linked to your everyday business bank account which must be in the same name.
- $0 opening balance
- No fees to pay
- With online banking facilities
- Should meet the monthly balance increase of $2,000
- Lower interest rate if the increase is not reached per month
How do you apply for the RaboDirect Business PremiumSaver?
If you find that RaboDirect’s Business PremiumSaver will work with your current business structure you can click “Go to Site” and apply online in just a few minutes.
Eligibility to apply online
Before getting started, check to make sure that you can meet their eligibility requirements:
- Minimum age. The authorised signatory for this account must be at least 18 years old.
- Residency requirements. You must be an Australian resident to open this account.
- Depository requirements. There is no minimum initial deposit required.
Documentation required for online application
While filling out the application you will be asked to provide documentation pertaining to both you and your business. This will include:
- Tax file number. The tax file number (TFN) or TFN exemptions for you and the business.
- Identification. You and any partners listed on the account must provide information from your driver’s licence, passport or Medicare card. RaboDirect will also ask for the full names of the following people if applicable; director, chairperson, secretary and treasurer.
- Business details. Have available your Australian Business Number (ABN) or Australian Company Number (ACN).
- Other account details. You must provide the BSB and account number for an existing bank account in Australia that is also in your business’s name. RaboDirect requires that they hold a valid direct debit authority to your linked account so that they may make transfers on your behalf.
What happens after I submit my application online?
After submitting your application online, RaboDirect will verify the details and open the account in your business name. The following day after the account has been opened a Welcome pack will be mailed to the address you provided. This will contain the details of your account as well as your DigiPass and the instructions on how to set it up and use it. Allow up to 5 business days for your Welcome pack to arrive in the mail.