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Opening an account

Are Rabobank Online Savings accounts available to all types of customer?

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Rabobank Online Savings products are designed and intended for use by the majority of retail customers. Unfortunately our systems and processes are not designed to enable us to offer deposit accounts to certain types of customers who may require a higher level of processing or monitoring due to regulatory requirements. Examples of customers we are unable to offer savings accounts to include (but is not limited to) wholesale depositors, professional investment entities and charities.

Are there any account keeping fees?

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No, we do not charge any account fees on any savings accounts or Term Deposits. Early termination fees apply to Term Deposits.

Can I get more than one Digipass?

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No, you can only have 1 Digipass for each account you hold with us. If you have multiple accounts, e.g. personal and joint you will get multiple Digipasses, but you will only ever get one Digipass for each account.

Can I install the app on more than one phone or tablet?

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Yes, you can download and register the Rabobank Online Savings Mobile Banking App on up to six devices per account.

Can I open my account via mail instead?

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Rabobank Online Savings accounts are designed to be opened and managed online, and can only be applied via our online application process.

Can I use my Online Savings account before I link my accounts?

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Yes! If you have your Rabobank Online Savings account number, you can immediately transfer money into your Rabobank account.

You will find your Rabobank Online Savings account number on your welcome letter which comes together with your Digipass.

You will not be able to transfer money out until you have linked your accounts. This is for security and compliance purposes.

Do I need to give direct debit authority?

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No, however giving us a direct debit authority on your Linked Account means you can move money from your Linked account into your Rabobank Online Savings account by giving us a 'Transfer In' instruction. If you do not provide a direct debit authority, you will only be able to transfer funds into your Rabobank account using your external account(s).

Do I need to open a High Interest Savings Account to become a Rabobank Online Savings customer?

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Yes, this comes with all of our accounts to enable you to transfer funds, it acts as your savings hub. Don’t worry though, it doesn’t have any fees.

Do I still need my Digipass for online banking?

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Yes, the PIN you create in the mobile app is for that mobile device only; you'll still need to use your Digipass when logging in to Rabobank Online Banking site as you normally would.

How can I change my direct debit authority status?

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To provide a direct debit authority, login to your account. Under the 'My details' section, click on Linked account and check the box next to Direct Debit authority. You will need to authorise this change using your Digipass.

How do I change my Linked account?

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  1. Login to your Online Savings account and follow the steps below:
  2. Select 'My details’ then ‘Linked accounts' heading.
  3. Follow the prompts on screen to provide the details of your new Linked account (including BSB and account number).
  4. Please make sure your Online Savings account and Linked account are in the same name.
  5. Authorise the new Linked account using your Digipass as instructed
  6. Any scheduled direct debits or direct credits including Regular Savings will be cancelled. You will need to set these up once you have verified your account details
  7. Now transfer money from your new Linked account into your Online Savings account. Please type 'Verify account' in the reference field of this transaction. Please keep in mind that it can take up to 2 working days from when your payment is cleared for this request to be completed.

     Please call us on 1800 445 445, from 8am to 7pm (Sydney time) Monday to Friday if you require further assistance.

How do I get a certified copy?

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Just make a copy of the original document, and then take the original and the copy along with your original Drivers License, original Birth Certificate or original Passport to one of the following authorised parties in Australia:

A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described);

  • A judge of a court;
  • A magistrate;
  • A chief executive officer of a Commonwealth court;
  • A registrar or deputy registrar of a court;
  • A Justice of the Peace;
  • A notary public (for the purposes of the Statutory Declaration Regulations 1993);
  • A Police Officer;
  • An agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public;
  • A permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public;
  • An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955);
  • An officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees;
  • A member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership;
  • A Commissioner for Declarations;
  • A Commissioner for Affidavits

Document certifiers must not be related to the applicant (e.g. their parent, child, brother, sister, aunt, uncle or cousin, spouse or partner of the customer) or the application (e.g. Director of the business, employee, trustee). The document certifier also cannot be a person who lives at the same address as the customer.

To certify the copy of the document, they will need to:

  • Provide a written statement 'I hereby certify this document is a true copy of the original document shown to me on [date]'.
  • Write their name, Authorisation title (e.g. Justice of the Peace) and sign the photocopy of the document.

All documents need to be certified in the last 6 months and we require one certification statement per document (unless it is explicitly clear that the certification statement applies to more than one document).

How do I know if I’m a tax resident of another country?

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Each country has its own tax residency rules and regulations. Please visit the OECD website for more information.  If you are unsure if you are a tax resident of another country, we recommend that you seek advice from a professional accountant or financial advisor.

How do I link my account?

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  1. To link your account, transfer money from the same account you specified in your online application form into your Rabobank Online Savings account.
  2. When you make the transfer to your Rabobank account, please type 'Verify account' in the reference field of this transaction and your account will be linked.
  3. Please keep in mind that it can take up to 2 working days for this amount to reach your Rabobank account. Once this is successfully received, your account will be linked.

How do I register for Mobile Banking?

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To register for mobile banking, you’ll need your Digipass and customer number. The steps you take to register are the same as logging in to online banking. 

After downloading the app:
1. Choose "Register for mobile banking" from the main menu
2. Read and acknowledge your agreement with the Terms and Conditions; if you’d like to see a full version of these conditions, they’re also available on the Rabobank website.
3. Enter your Online Savings customer number in the first field
4. Use your Digipass to generate an authorisation code (just like logging in) and enter it in the next field.

Steps to generate your Digipass code are:
1. Press the orange key to start your Digipass.
2. Enter your 5 digit Digipass PIN.
3. Your Digipass will display 'APPLI'.
4. Press 1 to generate your 6 - 8 digit code, enter this code in the box and tap 'Continue'
5. Choose and confirm a five digit PIN to use for mobile banking. When you choose your PIN, just make sure it's not 5 consecutive or repeating numbers.
This process builds the Digipass in to your app. So after you've registered, you won't need to use your Digipass with the mobile app.

How do I register for mobile banking?

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To register for mobile banking, you’ll need your Digipass and customer number. The steps you take to register are the same as logging in to online banking.
After downloading the app:

  1. Choose "Register for mobile banking" from the main menu
  2. Read and acknowledge your agreement with the Terms and Conditions; if you’d like to see a full version of these conditions, they’re also available on the RaboDirect website.
  3. Enter your RaboDirect customer number in the first field
  4. Use your Digipass to generate an authorisation code (just like logging in) and enter it in the next field.
    Steps to generate your Digipass code are:
    1. Press the orange key to start your Digipass.
    2. Enter your 5 digit Digipass PIN.
    3. Your Digipass will display 'APPLI'.
    4. Press 1 to generate your 6 - 8 digit code, enter this code in the box and tap 'Continue'
  5. Choose and confirm a five digit PIN to use for mobile banking. When you choose your PIN, just make sure it's not 5 consecutive or repeating numbers.
This process builds the Digipass in to your app. So after you've registered, you won't need to use your Digipass with the mobile app.

How to set up your Digipass for the first time

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Visit the Rabobank Digipass activation page and complete three simple steps to activate your Digipass for the first time.  

The first step is to get an activation code. 

You will need to enter your customer number, date of birth and then select how you would like to receive your secure code (either via email or SMS). 

Clicking ‘Send secure code’ will send the activation code via the preferred channel and will be delivered to you within 10 minutes. 

The second step is to set your personal Digipass PIN. 

To do this you will need to:

Press the orange button on your Digipass
Enter the 5 digit activation code that Rabobank sent you either via email or SMS
Enter your own new and unique 5 digit PIN
Re-enter your new 5 digit PIN to confirm
Your Digipass will now be active with your new PIN

Is giving RaboDirect a direct debit authority safe?

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Yes, RaboDirect will only debit funds from your Linked account that have been requested by you.

Is the app secure?

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Rabobank takes online banking security seriously, our mobile banking app is no exception.

To keep mobile banking convenient, the steps you take when you register for mobile banking creates a "built-in" version of your Digipass. It is unique to each device you register with so the two factor security layer you're used to having around your savings is always with you. All of your mobile banking sessions and transactions are validated and authorised using the Digipass software together with your mobile banking PIN.

 

Is there a minimum account opening balance?

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Our online savings accounts have no minimum account opening balances. However our Term Deposits require a minimum investment of $1000.

Can I certify my own documents?

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We require document certification to be done by an authorised third-party.

Even if you are an authorised certifier yourself, we will still require a third party to certify your documents for you. A list of authorised certifiers is provided above and on page 1 of your printed application form.

Can I have more than one Linked account?

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No, you can only have one active Linked account.

What happens with the Term Deposit I set up when I opened my Rabobank Online Savings account?

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If you requested us to transfer the money from your Linked account to create the Term Deposit on your behalf; this is automatically created the day after the Linked Account has been verified and funds are received into your Rabobank account.

Please keep in mind that it can take up to 2 working days for Rabobank to receive electronically transferred funds from your nominated Linked Account.

If you indicated that you will transfer funds into your Rabobank account yourself, then this will be automatically set up for you the day after we have received the funds.

The interest rate quoted for Term Deposits is honoured for 10 working days from the date of your application.

What is a digipass?

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"Your Digipass is the security token to access your Rabobank Online Savings account and authorise your transactions. 

The Digipass randomly generates single-use security access codes for transaction authorisations. 

Your Welcome Pack includes detailed instructions on how to use it so please keep these as a reference guide you can refer back to."

What is a direct debit authority?

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A direct debit authority allows your Rabobank account to withdraw the funds you requested directly from your Linked account.

What is a Linked account?

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A Linked account is an everyday transaction account that you hold with another Australian bank. This is the account used to transfer money in and out of your Online Savings account. Please make sure your Rabobank Online Savings account and Linked account are in the same name.

What tax residency information do I need to give you?

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You are required to let us know if you are a tax resident of any country other than Australia.  If you are, you’ll need to supply your TIN (tax identification number) or equivalent.  That’s your identifying number for tax purposes.

What will I need to provide to open an account?

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You will need to provide your personal details and every day bank account details for your Linked account.

SMSF accounts may require further documentation. If you are required to send in further documentation, these items will be listed at the end of the account opening form.

When does my initial deposit get debited from my Linked account?

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If you chose to have an initial deposit debited from your Linked account (when you were opening your Rabobank account), this amount will be automatically debited the next business day after we have verified your Linked account.

Please keep in mind that it can take up to 2 working days for Rabobank to receive electronically transferred funds from your nominated Linked account.

When will I receive my Digipass and welcome pack?

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Your Digipass, along with instructions on how to use it, are included in your welcome pack which will be mailed out the next business day after your account is open.

It may take up to 5 business days for your welcome pack to land in your mailbox.

You can receive your Digipass PIN either via SMS or Email by activating your Digipass here

Where can I download the app?

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Rabobank's Online Savings Mobile Banking app is available on the iTunes store and Google play. Simply search for the latest version by typing in Rabobank Online Savings Mobile Banking" and follow the download prompts.

Why are you asking me if I am a tax resident of another country?

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As of the 1st of July 2017, all Australian banks are required to collect information about foreign tax residents (under the Common Reporting Standard – CRS, & Foreign Account Tax Compliance Act - FATCA). We need this information before we can open your account.

For more information download our leaflet

Why do I need to provide my Tax File Number?

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It's not compulsory to quote your Tax File Number, however if you do not provide your Tax File Number, RaboDirect is legally obliged to deduct withholding tax (currently 49%) on behalf of the ATO from any interest earned. 

Why have I not received my Digipass activation or unlock code?

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If you have requested a Digipass activation or unlock code and the email or SMS message has not arrived within ten minutes, please call us on 1800 445 445, Monday-Friday 8am-7pm email us at clientservicesAU@Rabobank.com

Why isn’t my initial deposit showing in my Rabobank account?

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Generally there are two reasons:

1. You haven’t linked your account or

2. You did not have sufficient funds in your Linked account to cover the amount you chose to transfer as part of the account opening process.

If not, please contact us on 1800 445 445 from 8am to 7pm (AEST), Monday to Friday, or email us at clientservicesAU@rabobank.com

Why is the interest rate for my new Term Deposit different than what I set up?

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The interest rate quoted for Term Deposits is honoured for 10 working days from the date of your application.

After that time, your Term Deposit will be set up at the current advertised interest rate for your chosen term.

To ensure you get the interest rate you applied for, your Rabobank High Interest Savings Account must receive cleared funds from your Linked account within 10 days of your application for us to set up your Term Deposit as requested.

Your Term Deposit will not be set up if the interest rate after 10 days is lower than the interest rate at the time you applied for your Term Deposit.

Please note that it can take up to 2 working days for electronic fund transfers to reach your Rabobank Online Savings account from your Linked account.

Will I still need my Digipass?

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Yes, don’t throw the Digipass away just yet. You will need it to set up the Mobile Banking App and it’s always handy to keep for a back up. For example, if you need to access online banking via your desktop.

Will I need to send anything in?

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We need to do some identity checks. If you provide all required identity details during the account opening process, your account will be opened without needing to print or send in any documentation as we will have verified your identity electronically. If you are required to send in further documentation to finalise your account opening, these items will be listed for you at the end of the account opening form.