Online Savings Account FAQ - RaboPlus New Zealand

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 accounts on behalf of a minor, a certified copy of identification for the minor and 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.

Interest is calculated daily and paid to your account after the close of business on the last business day of each month. As such, interest payments will be available to you on the first day of the new month. 

Yes. When you open a RaboPlus Savings Account you will automatically have the option to open up to five special purpose savings accounts. These can be used for any individual purpose you choose (a holiday, a new car, Christmas etc).   

To open one of these accounts log in to your account, select "Savings Accounts" and then "Open new account".

You can give the purpose savings accounts descriptive names for your own information, however note that for legal and tax purposes these accounts will be in the same name as your Master Savings account. To open an account in a different legal name you will need to complete the online application process for a new RaboPlus account.

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.

When you login to your RaboPlus Account you can transfer money out of your RaboPlus Master Savings Account, or any RaboPlus Purpose Savings Accounts you may have, into your Nominated Account.

To transfer funds from one of your RaboPlus accounts to your nominated account you need to login to your RaboPlus account, click on "Transfer Out", and then "New". This will allow you to make either a one-off transfer, or create a regular transfer, out of your RaboPlus account.

The nominated account is required to be in the same legal name as your RaboPlus account. However, if you wish to open an individual account with us you can use a joint account, provided you are one of the people named on the account, as your nominated account.

• No. We're an online bank and do not accept cheque deposits.

Provided we receive your Internet banking instructions prior to 9pm on a business day your funds will be transferred on the same business night.

Please note that where Internet banking instructions are received after 9pm (or on a non-business day), we will process your funds transfer on the next available business night. For example, a transfer instruction made on a Saturday will be processed on Monday night and credited/debited to your account by first thing Tuesday morning.

1. Complete the Request to Change nominated account form
2. Complete the Direct Debit Authority
3. Forward the following to Freepost RaboPlus, PO Box 38567, Wellington:
   - Signed Request to Change nominated account form
   - Signed Direct Debit Authority
   - Official evidence of your new nominated account showing the account name and number. This can be a statement, an internet printout, or an encoded deposit slip.
   -Official evidence of your old nominated account name and number.

Please remember:

1. Your new nominated account must be in the same name as your RaboPlus account.
2. Only once your change of nominated account notification has been processed by us will you be able to create new funds transfers to or from your new nominated account.

Yes. Your funds will start to earn interest immediately, but they will only be available for transfer out of your account once they are cleared. Generally funds should be available three business days following the actual transfer. For example, if you transfer funds from your Nominated Account on Monday they will generally be available as 'cleared funds' on Thursday morning.

You can view the available balance of your account by clicking "Savings Accounts", then "Balances" while you are logged-in to your account.

• From the moment we receive your funds.

Yes. Through the secure internet banking site you can view all of your Savings Account transactions using our online statement. Your statement will contain even the latest transactions and can be downloaded and printed (should you wish).

To print a statement, login to your account and click "Savings Accounts", then "Statements", in the left-hand menu.

• Yes. RaboPlus allows you to download an extract file containing all your Savings Account transactions. This file will be downloaded as a CSV file that can be exported to other file and spreadsheet formats.

Unless you hold an exemption certificate, Resident Withholding Tax will be deducted when interest is paid to you. This is a legal requirement and not a bank charge.

For information about the deduction of PIE tax for managed funds, view the Managed Fund FAQs and select the question "How will tax on my PIE Managed Funds be paid?"

Resident Withholding Tax (RWT) is a tax deducted from the gross amount of interest paid to you. It is deducted at the time when the interest is paid (from RaboPlus to you).

When you open a RaboPlus account online, you will be asked to select your RWT rate. In the case of joint accounts, you'll be required to select one rate, which will be applied to all your accounts.

Whichever RWT rate you choose will be applied to each RaboPlus account you hold. 

• 0% (in this case a current RWT exemption certificate must be provided)
• 19.5% 
• 33% 
• 38%

If you do not provide an IRD number, we are required to deduct RWT at 38%.

In the case that you supply an IRD number but fail to select an RWT rate, then we are legally required to deduct RWT at 19.5%.

You can change your RWT rate at any time by logging in to your account and clicking "Tax", then "Change RWT Rate".

At the end of each financial year (31st March), we will generate a RWT certificate online for customers. This certificate is only available by logging into our secure site.

To print the certificate, simply click "Tax" in the left-hand menu, and then "RWT Interest". If you then scroll down to the bottom of the screen there is a link to print out the IR15.