The RaboDirect Notice Saver Trust account is a short term savings account that pays competitive interest rates. Whether you will need to withdraw the money in one month, two or three, this account will pay you interest without charging you any fees. RaboDirect is a part of the Rabobank group. This is a long standing Dutch cooperative that has become one of the largest financial institutions in the world. The bank has been established in Australia since 1990, operating almost exclusively online. Their expertise is in savings and providing products to Australians with no extra fees.
What are the features of the RaboDirect Notice Saver Trust?
RaboDirect has savings account plans to suit most needs. With the absence of long terms, the Notice Saver can be used when you have a short term plan that you need to save money for.
- Competitive interest rates. Refer to the information above for interest rates.
- Early withdrawal. There are no provisions made for those who need to access the money before the notice period ends. Only with you experience severe financial hardship will you be allowed to withdraw the money early.
- Linked accounts. In order to transfer the money out of your Notice Saver it will need to be linked to another of your bank accounts.
- Adding money. You are able to make regular deposits into this account by transferring them from another.
- Interest calculation. Interest is calculated every day and paid into the account on the first of each month. You can also choose to have the interest payments deposited into another RaboDirect savings account.
- Minimum balance. There is no minimum for the amount of money you use to open or maintain your account.
How do you apply for the RaboDirect Notice Saver Trust?
With RaboDirect, everything can be done online, including applying for one of their products. To make sure that the Notice Saver Account is right for you, first check that you meet the following eligibility requirements:
- Linked account. In order to open a Notice Saver account you will have to have a RaboDirect High Interest Savings Account active to be your primary account.
- Identity verification. With online applications, an electronic identification check is done to ensure that you are indeed who you say you are. If you are unable to provide a valid driver’s licence number or other form of photo ID you may not be able to complete the application online.
Click ‘apply now’ if you meet those requirements to begin filling out your online application.
You must provide the following information when making an application:
- Linked account details. You will need to know the account information for any account that you plan on linking this one to.
- Personal information. You will need to provide your full name, date of birth, physical address and contact information. Also have your driver’s licence ready for the identification verification.
This is an account to consider when you need to guarantee that you have the money for an upcoming special event or purchase. Consider the features carefully and compare them to other bank’s short term savings accounts before deciding which one benefits you the most.
What fees and charges are payable for this account?
There are no fees or extra charges with the Notice Saver account. However, if you choose to have it linked to a non-RaboDirect savings or transaction account, that banking institution may charge you fees.