Frequently Asked Questions - Business Savings Account with High Interest

Yes. If you are a:

• Sole trader
• Joint business (non-partnership)
• Partnership
• Incorporated entity (companies and incorporated societies)

The following entities are excluded from holding an account:

• Collective Investment Schemes
• Financial Institutions (including fund managers)
• Central or Local Government Entities
• Insurance Companies

If you open a RaboPlus Savings Account for your business you:

• Agree that you are acquiring the Internet Banking Services for the purposes of a business and that the Consumer Guarantees Act 1993 does not apply
• Must have appropriate internal controls to minimise the risks of fraud

As with our RaboPlus Savings Account, there are no account fees, no minimum balance and no minimum term.

An authorised signatory of the nominated account held by the business.

Simply complete the online application process and send the following information to us:

• Signed account summary form 

• Signed Direct Debit Authority 

• Nominated Account bank statement (current copy) or a print off of your onscreen Transaction Summary. 

• (If applicable:) RWT exemption certificate 

• For business accounts, a certified copy of identification for the authorised signatory.

Following receipt and acceptance of your application, we will post you your account number together with a Digipass (a device that allows you to access the secure site). A few days later, your initial PIN code for the Digipass will arrive. You can use these to login and manage your accounts.

As with personal RaboPlus Savings Accounts, you can open one Master Savings Account per business and have 5 more special purpose accounts under your Master Savings Account. A business can only have one Master Savings Account with RaboPlus.

The Account Operator is responsible for the account and the Digipass to enable access to the account(s).

When you login to your RaboPlus Account you can use the website to make either one-off or regular transfers from your Nominated Account into any of your RaboPlus Savings Accounts.

To transfer funds from your nominated account to your RaboPlus Account:

• Login to your account.

• Click on "Transfer in".

• Then, click "New".

This will allow you to make a one-off transfer from your nominated account or set up a recurring transfer from your nominated account.

You can also transfer funds from any other bank account to your RaboPlus Savings Account by quoting your RaboPlus Savings Account name and number to the other bank or person who wishes to make the payments.

Please note that it takes 2-3 working days for the funds to clear so if you do have funds paid into RaboPlus you will not have access to them straight away.