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How does a Rabodirect Savings Account Work?

RaboDirect Online Savings Account

So you want to become an online saver. Great! You've come to the right place. Because you're going to do your banking online, we can keep our costs down and so offer you a decent rate without the usual strings and catches!

Here's the deal:

Saves you time and money!

You don't lodge or withdraw cash from RaboDirect like you would with the other banks and there are no cheque books or credit cards offered here. But that's ok because it saves us money which in turn saves you time and money! And that's why you're here. Right? 

Easy to transfer Money In

You transfer money into RaboDirect from your primary bank, building society or other credit institution by:

  • Cheque

  • Electronic Fund Transfer - EFT

  • The Rabo Money Mover

Easy to transfer Money Out

You transfer money out of your RaboDirect accounts into your primary bank account by Electronic Fund Transfer from within your secure account with RaboDirect.

No Fees

Fees?  There aren't any.  It's free to open and use your RaboDirect Accounts. So not only are you saving money, you're also saving on charges.  

Don’t switch a thing!

Open a RaboDirect Account you don't have to switch a thing! Keep your normal Current Account with your existing bank and use your RaboDirect Savings or Investment Account along side this. No hassle.

RaboDirect Current Account

NOTE: This is only relevant if you opened your RaboDirect Account prior to the 7th of February 2008.

When you open a RaboDirect Savings Account, a RaboDirect Current Account will automatically be opened for you. It's FREE and you use it when transferring money in and out of your accounts. 

Remember! All interest is earned on money in your RaboDirect Savings Account.