The RaboDirect PremiumSaver has tiered interest rates: one for when you meet the set savings goal, and a lower one for when you don’t. With no account keeping fees to pay, this online account will also require a linked account. This provides you with the flexibility of using your money when you need without any penalty, as long as you are still meeting the deposit requirements.
Create a smart savings habit with the RaboDirect PremiumSaver.
What are the features of the RaboDirect PremiumSaver?
Look closely at the following features of this account to see how they stack up in your comparisons:
$0 monthly account keeping fees
With the PremiumSaver you are not charged any monthly fees for maintaining the account.
Earn 0.85% p.a. interest on your balance
No matter what your balance is, interest will be applied to it every month. As interest on this account is variable, it's important to note that it my change in line with the RBA cash rate.
1.60% p.a. bonus interest is available if you meet certain conditions
If the closing balance on your account is at least $200 higher on the last business day of the month than it was on the first day of the month (excluding interest earned) a higher interest rate will be applied.
A linked savings account makes regular transfers easy
All RaboDirect accounts are linked to a 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 bank account which must be in the same name.
Access and manage your account on-the-go
You can view and manage your account through internet and mobile banking. The RaboDirect mobile app can be downloaded to the iOS or Android device of your choice.
Features to keep your money secure
RaboDirect will send you a special security device that generates a unique number to use as a pass code every time you wish to log in to your account. The device is not needed for the app, as that is equipped with its own version. This feature makes it difficult for anyone to gain access to the account who does not know your pin number as well as how to login to your DigiPass for the pass code. The Australian Government Guarantee Scheme also insures up to $250,000 which means your money is protected or guaranteed should the bank collapses.
- Ongoing interest rate of 2.45% p.a. (conditions apply)
- $0 Account keeping fees
- Can be linked to any Australian bank account
- Need to increase balance by $200 each month in order to earn bonus interest.
- Standard variable rate applies if you can't deposit $200 per month
How do you apply for the RaboDirect PremiumSaver?
If the features of the RaboDirect PremiumSaver provide you with what you need to meet your savings goals, click “Go to Site” and be redirected to the secure application page. Check first to make sure that you are able to meet the eligibility requirements for this account:
Eligibility to apply online
- Minimum age. Applicants for this account must be at least 18 years of age.
- Residency requirements. Only Australian residents and citizens can apply for the PremiumSaver.
- Depository requirements. You are not required to make any initial opening deposit.
Documentation for your online application
If you meet the requirements and believe the RaboDirect PremiumSaver meets your needs, put the following documentation together in order to help you in completing the online application quickly:
- Tax file number. RaboDirect is required to withhold tax on the interest earnings for this account. By providing your tax file number (TFN) or TFN exemption code you are ensuring that it is withheld at the correct rate.
- Identification. Information from your driver’s licence, passport or Medicare card will be needed in order for RaboDirect to be able to electronically verify your identity.
- Linked account. You will need to first open the RaboDirect High Interest Savings Account to be linked to this one and provide RaboDirect with that account number. Additionally, you must have an account in the same name at another Australian financial institution that the High Interest Savings Account can be linked to and provide the account number and BSB on your application. For all accounts, you are required to provide RaboDirect with a valid direct debit authority so that they may make transfers on your behalf.
What happens after I've submitted the application online?
After having confirmed the details that you provided, the PremiumSaver account will be opened in your name. A welcome pack will then be sent to your address containing the details of the account and your DigiPass. Instructions on how to setup and use the DigiPass will also be included. You should allow up to five business days for the welcome pack to arrive in the mail.
Do you have a listing showing daily transfer limits for the various saver accounts, for transferring out of them? e.g. when I want to transfer money out of the Hero Saver account what is the daily limit for internet transfers?
Internal transfers (i.e. Bankwest to another Bankwest account), there is no daily limit. For external transfers, the maximum daily limit is $20 000.