This was posted 9 years 10 months 17 days ago, and might be an out-dated deal.

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Open Business High Interest Savings Account at RaboDirect with $25k Balance, Get Free iPad Mini

1032
REBELS14

Somehow stumble on this one — can't find the page on RaboDirect's page but only available in that little popup Updated: thanks to EC who PM'ed me the direct link. It's also for business (rather than for individuals) that have some cash that needs to be parked somewhere. Basically, open a business account at RaboDirect, use promo code REBELS14, have $25,000 or more in the account by the year end, and they'll give you an iPad mini for free.

Terms and conditions:

  • Offer available to eligible new business account holders (for eligibility to open a RaboDirect account, please read our Terms and Conditions).
  • A minimum balance requirement of $25,000 applies
  • This offer is valid from Thursday 20 February until 31 December 2014 or whilst stocks last, and the balance must reach $25,000 before the end of the offer period to be eligible.
  • Only one iPad mini per account opened.
  • Please allow up to 4 weeks for the delivery of the iPad mini
  • Offer is subject to availability. If for any reason whatsoever beyond RaboDirect's reasonable control the offer is not capable of being conducted as reasonably anticipated, including due to tampering, unauthorised intervention, fraud or any other causes beyond RaboDirect's control which corrupt or affect the administration, security, fairness or integrity or proper conduct of the offer, RaboDirect reserves the right in its sole discretion, to suspend, modify, or terminate this offer or disqualify any individual from receiving this offer.

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      • Haven't tried the police station, have only experienced the half hour or more wait at supermarkets and libraries for a JP.

        Maybe I'll see if the fuzz can help me.

  • Thanks Scotty! Signed up, just need to post off the paperwork.

  • How does one obtain these:
    Cert of Business Name Rego
    ASIC Extract showing company, director, shareholder and members?

    Thanks.

    • +1

      When you register a business name, you receive a certificate. Send that with your account forms.

      If you have any details from ASIC showing those (directors etc), send with the forms.

      The "Other Business Types" seems to lump a bunch of stuff that may/may not be relevant. Best call Rabo to confirm if you are a sole trader (ABN) - or send what you can and see if they follow up for more information.

      Example of what I included in my "Rabo Pack"

      • Account opening form
      • Form from Rabo showing Director Owner %s
      • ASIC Certificate of Company Registration (ACN)
      • Secretary, Public Officer, Director pages from Company Registration showing Full Name and Address
      • Passport Copy signed by JP
  • So it sounds like they give you the iPad at the end of the calendar year not the financial year, correct?

    Does the balance have to be at least $25k on the last day or does it just have to have reached $25k on any day before the last day?

    • See comment from Sshanaz above:

      I spoke with their customer service team morning and she confirmed being a sole trade one can use personal account opened with another financial institution.

      Once you reach 25K balance, the IPAD will be sent within 2 weeks - I have only 6 months to save such a big pile of cash!

  • +1

    sorry, who is JP?

    • +2

      Justice of the Peace

    • +1

      Jp or jv :p

    • +2

      If you don't know, you don't need to know…

      Just kidding. It means Justice of the Peace. It is someone who is certified by the government to identify that a copy is identical to the original, amongst other things they can do, like issue warrants on the behalf of Police.

      Usually your local shopping centre or library will have a JP or two come once or twice a week so people can have things witnessed.

    • +2

      Justice of the Peace, search for nearby JP's online or go to a police station etc. to certify your copies…

    • Would JC do?

  • +1

    ipad mini 1st gen or 2nd gen?

    • 1st Gen/non retina I believe

  • I know it's probably irrelevant to this discussion but we are looking to move from a CBA business cheque account (well that is what it was called when we opened it 15 years ago) so:

    What are Rabodirect like? How's do their interest rates compare? What is their online banking like?

    Does this really also require you are transferring from another business banking account? We are also looking to open a new business banking account for another business we are working on.

    Thanks,
    Ashley.

    • +1

      @Ashley — I have been a RaboDirect customer since 2007 (was known as RaboPlus back then) and their online banking is quite easy to use although you need to use those keypad device to generate one-use signin code. Personal account only so I have no experience with their business account, although I suspect would be similar.

      Their Business High Interest Savings Account rate is currently at 3.0% pa which is good for a business. ING Direct Business Optimiser has 4% for 6 months though, and then fall back to 2.75% afterwards.

  • Why didn't we hear about this earlier? :-(

    Who knows what availability will be like?!

    • +1

      I don't imaging alot of people have spare $25k lying around…? correct me if I am wrong!

      • +1

        yeah, apparently everyone is eating ramen, taking cold showers and living week-to-week with no money in the bank so that they can pay the mortgage on their $750k hovel in outer suburbia

  • Sorry for all the questions but will there (generally speaking) be a fee involved with transferring funds from one bank to another electronically. Of course, a $1.50 transaction fee is not important but if it gets a lot bigger and multiple transfers are required that could be problematic.

    • no fee if between Australian banks

  • OK, forms have been posted. took about 30 minutes to get everything sorted. Hopefully the account gets open.

    1. Account gets opened
    2. Deposit 25k into the account
    3. Get my Ipad delivered
    4. Transfer money back
    5. Close account

    6 weeks and an couple of hours of my time for a free ipad……ozbargained!!!

    • About $120 of lost interest for 6 weeks, depending on your interest rate.

      • +1

        how are you calculating that $120?

        Did you realise that there is 3.00% interest for this HISA?

        • Wishful thinking for the days of double-digit interest rates.

      • +1

        moving $25k from ubank (4.37%) to rabo (3%) for 6 weeks would cost you ~$40.

        does anyone know if you can just leave the money in for 1 day? this should meet the t's&c's.

        • yeah. I dont actually plan to leave the money for more than 1 day.

        • +1

          USaver's base rate is actually 3.31%, and it applies to sole-traders only because USaver is a personal account.

        • +1

          In any case - thats still a good deal for an ipad mini.
          Keep in mind as well. ,that $120 (or whatever) you would receive from interest would be taxable. Whereas this is a tax free iPad mini !

        • Yep I totally agree with this, but not to subjecting my money to mediocre interest rates for any longer than is necessary.

        • "ubank (4.37%) "

          "USaver's base rate is actually 3.31%"

          smart ozbargainers would be getting the ubank 1.06% "ultra bonus" (3.31+1.06 = 4.37)

  • Sorry for the noob question, how does tax work on the interest earned from the business. Want to know before I decide to get abn and sign up. Thanks

    • no difference. but there would be other tax deductible "expenses".

    • +1

      Depending on your business type. Sole trader — that would be taxed as your personal income. Partnership or trust would need to distribute it to partners or beneficiaries (which would then be taxed accordingly). Company would be taxed at 30% company tax.

      • So I would need to do a separate tax return for the 'business' then? And then put the interest earnings into my personal return.

        • Which business are you talking about? As a sole trader, it's in the same tax return. Otherwise, please see an accountant :)

        • I'll be a sole trader then, it would be the simplest to set up. Thanks Scotty

        • No kidding a sole trader is easiest to setup, your parents did it for you already :)

        • As a sole trader, can I assume the 25k be declared as income from the business? Not necessarily being taxable income, but at least 25k business income? Otherwise, how to justify the spare 25k to ATO when tax return being audited? That's the tax implication popped up in my mind. Can anyone else enlighten me about any tax implications on sole traders?

        • 25k here is not the income - it's a fixed amount of asset in a bank account. With sole trader you = the business, and there's really no division with personal our business assets.

          Sorry I am not an accountant and it's best to ask one for clarification (out search ATO's website)

  • Dumb question, there are no fees with this account right?

  • Cant seem to access application page - anyone else having issues with this?

    • works for me. try a different browser

  • Confirm your eligibility
    'The business has a bank account in its name with another financial institution.'

    I don't have any business account with another bank, does anyone know I still apply a business account?

    • +4

      Read it again.

      • Anyway, I have my ABN for years.
        going to send the papers back then call them later.

  • How to get an ABN? The ABN application questions make me ineligible and if I answer incorrectly I might be fined?

    • If you're ineligible then you're ineligible

  • Thanks for the deal, have applied for it, just need to send off paperwork now.

  • Where would you find the UBO form (ultimate beneficial owner?) that some have said should be submitted if you're a sole trader. Can't find a forms section on the site.

  • can I apply for this if I only have commercial property and an ABN?

  • can someone help me for a sole trader who just owns a commercial property I'm not sure what to put for "Entity name" for "registered business address" do I put the actual property's address? or the address of the property management people that are managing the property?

    • +1

      If you are a sole trader without a trading name, your business name would just be your own name (first name + surname), and the "business address" would be your residential address or whatever address you gave to ATO.

  • have they taken down the deal?

    • It appears so. Wonder if they will honour the previous signups?

    • +1

      Looks like ozbargained…

  • I've applied. Does anybody have a screenshot of the deal? Just making sure they don't play dumb if I have to call up.

  • Was just about to post my app in so called them - they received 'an overwhelming number of applications' and 'ran out' of iPads! So anyone who has applied & doesn't want a merchandise pack (i.e. everyone) I'd call and cancel the account. Def ozbargained! Lesson learnt - act faster on good deals.

    • Damn - too late for me, I posted the forms in last week. I will call to confirm whether I was allocated an iPad before depositing the $25k thats for sure

      • I joined at 8:30am Friday, apparently anyone who signed up 'last week' would not be receiving an iPad according to an email from one of their customer service guys… I thought the deal only went live on Thursday Evening?.. Slightly confusing if no one is getting them.

        • +1

          Unbelievable. We had retailers not honouring price errors before, but a bank backtracking on a deal is the new low.

    • +3

      Pretty pathetic really - sounds like they are happy to waste everyones time just because they designed a promotion that was unsustainable - if you are going to have a generous promotion then either set a hard limit in the terms and conditions or be prepared for whatever comes in and honour it. I think they may lose legitimate business over this.

      "ran out" of iPads - they can always go to the Apple store and buy some more!

      • +4

        I agree. I thought $300 to gain legitimate business customers sounds pretty cheap to me. Otherwise they just waste money on hit and miss marketing on tv/newspapers.

    • Bear in mind that "Promotion valid from 20.02.2014 to 31.12.2014. Offer is subject to availability."
      So i'm assuming this promotion has been going for a fairly long period of time prior to being on ozb?

  • +5

    Everyone should take their views to their Facebook page and write a review, you never know they might be honored due to the power of social media!

  • Wow guess I will be canceling tomorrow, was looking for a up today lol.

    • Call, complain, escalate.

      Claiming they don't have enough iPads when they can simply get more is not good enough. I recon you're in with a chance as getting satisfaction through the FOS, it's easy to do. But i doubt they will let it get that far.

  • +1

    JP

  • +6

    Looks like RaboDirect is not a bank you can bank on

  • +1

    I just spoke with their customer service team and apparently only those people whose application got approved and they deposit $25K till yesterday will receive Ipad otherwise forget it. Bloody waster my 30 minutes to get everything organised!

    You can't do anything based on these T&Cs as they ran out of stock

    Offer is subject to availability. If for any reason whatsoever beyond RaboDirect's reasonable control the offer is not capable of being conducted as reasonably anticipated, including due to tampering, unauthorised intervention, fraud or any other causes beyond RaboDirect's control which corrupt or affect the administration, security, fairness or integrity or proper conduct of the offer, RaboDirect reserves the right in its sole discretion, to suspend, modify, or terminate this offer or disqualify any individual from receiving this offer.

    • +1

      Well that's no OzBargainer then. I doubt anyone would have received the new account pack in the mail to be able to make the $25k deposit by yesterday.

    • +1

      If for any reason whatsoever beyond RaboDirect's reasonable control the offer is not capable of being conducted as reasonably anticipated

      I would read this as being: We won't honor if there are: no more iPads in existence and rabbo simply can't go out and buy more to fulfill their obligations.

      What BS they ran out of stock! DO NOT ACCEPT THIS PEOPLE! They ran this promo, people went to great lengths to open one of their accounts, they need to honor. Complain and then FOS their asses!

      Disclosure: I'm currently contracting in the finance industry, un-related though.

      • +1

        You won't get anything out of FOS and you accepted their T&Cs.

        I also want to lodge complaint with FOS but it will be waste of time and energy.

        However you can give them negative review on
        https://www.facebook.com/RaboDirectAU

        • +1

          Sorry, i don't buy this. Their Ts and Cs say nothing about there being a limited supply of iPads. If the Ts and Cs said soemthing like: We are giving away 50 ipad minis to the first 50 customers to open and deposit 25k. Fine, that's clear there are 50 available.

          However, the Ts and Cs do not mention anything about limited supply of iPads. Rabbo can simply go and buy more of them to honor this deal, this does not exclude them based on the last point of the Ts and Cs. Even then they must adhere to consumer law!

          This seems pretty clear to me, I recon you'd get satisfaction out of the FOS on this one.

  • Hi Benjamin,

    We're thrilled you applied to be a RaboDirect Rugby Business customer!

    Thanks for taking part in our rugby business offer. This promotion has been running on our website since early March, however since last Friday we have received a sudden and unexpected response to our promotion, independent of any of our marketing activity.

    As a result we're almost completely out of our stock of iPad minis so we've had to close the offer early. Any remaining stock will be allocated to the lucky people who open their account first and deposit $25,000.

    We can't guarantee that you will receive an iPad mini and we're really sorry if you miss out. You'll still receive a free RaboDirect Rebels merchandise pack once your account is open and your balance reaches $1,000 or more. This pack contains a beanie, scarf and limited edition Gilbert Rugby ball - it's an instant Rebels fan kit!

    And your new business account still gives you the following benefits:

    Earn a healthy ongoing standard variable rate on every dollar
    No account fees
    Manage your account online 24/7
    Plus, as a Rugby business customer, you'll also have the opportunity to take part in money can't buy events and experiences with the RaboDirect Rebels.

    Go the RaboDirect Rebels!

    Nathalie Gibson
    Sponsorship & Events Manager

  • hahahahah

    Hi,

    We're thrilled you applied to be a RaboDirect Rugby Business customer!

    Thanks for taking part in our rugby business offer. This promotion has been running on our website since early March, however since last Friday we have received a sudden and unexpected response to our promotion, independent of any of our marketing activity.

    As a result we're almost completely out of our stock of iPad minis so we've had to close the offer early. Any remaining stock will be allocated to the lucky people who open their account first and deposit $25,000.

    We can't guarantee that you will receive an iPad mini and we're really sorry if you miss out. You'll still receive a free RaboDirect Rebels merchandise pack once your account is open and your balance reaches $1,000 or more. This pack contains a beanie, scarf and limited edition Gilbert Rugby ball - it's an instant Rebels fan kit!

    And your new business account still gives you the following benefits:

    Earn a healthy ongoing standard variable rate on every dollar
    No account fees
    Manage your account online 24/7
    Plus, as a Rugby business customer, you'll also have the opportunity to take part in money can't buy events and experiences with the RaboDirect Rebels.

    Go the RaboDirect Rebels!

    Nathalie Gibson
    Sponsorship & Events Manager

  • +1

    dogs lol

  • +1

    what a croc!

  • +1

    just received this:

    We're thrilled you applied to be a RaboDirect Rugby Business customer!

    Thanks for taking part in our rugby business offer. This promotion has been running on our website since early March, however since last Friday we have received a sudden and unexpected response to our promotion, independent of any of our marketing activity.

    As a result we're almost completely out of our stock of iPad minis so we've had to close the offer early. Any remaining stock will be allocated to the lucky people who open their account first and deposit $25,000.

    We can't guarantee that you will receive an iPad mini and we're really sorry if you miss out. You'll still receive a free RaboDirect Rebels merchandise pack once your account is open and your balance reaches $1,000 or more. This pack contains a beanie, scarf and limited edition Gilbert Rugby ball - it's an instant Rebels fan kit!

  • +1

    Just got the email as well. I thought all along that this offer sounded too good to be true but I think it reflects really badly on them - if they had a limited amount clearly stating what that amount was is absolutely necessary. I really don't like how they are essentially saying "there might be some left, how about you deposit $25k to find out?" what a load of garbage.

    • +1

      Yeah not worth the effort in proceeding due to the low probability of getting an IPAD.

  • +5

    Their Facebook page already has some comments about this
    https://www.facebook.com/RaboDirectAU

    RaboDirect (Nathalie Gibson),

    Thank you for your email regarding the closing of the Business iPad Mini deal.

    I am currently getting 4.01% on my business savings and thought that at the gain of an iPad Mini, I could be tempted to try another institution. Granted, I did not know about this tempter until I saw it posted on OzBargain.

    At the expense of $300, RaboDirect has decided they do not want my business. That's fine - however with this declination I would probably never be tempted to sign up with Rabo in the future unless they did something extraordinary to win my business. You have also given me a negative experience to talk about to friends and family who may have been considering this institution.

    Regards
    Benjamin

  • +1

    They just posted this in response to me, interesting how they believe the promotion was "abused" - surely if you meet the terms and conditions you meet the terms and conditions. I am a legitimate business owner (it's my primary source of income and has been since 2006) but even if someone just got an ABN for this deal they still met the terms and conditions I would've thought.

    If they wanted to limit it to legitimate business customers only they could've easily done so by requiring applicants to be GST registered - very few people would become GST registered purely to get an iPad.

    Hi Jay,

    Thanks for taking the time to provide feedback. I totally understand your frustration and the decision to close the offer was not lightly taken.

    The truth of the matter is that a member of the public listed the promotion on OzBargain, independent of our marketing activity. This promotion was intended to attract legitimate business owners searching for an easy business savings solution.

    The promo has been running since early March without any problems, since it has been listed on OzBargain, we’ve seen the promotion sadly abused by some OzBargain forum participants, some of whom do not appear to even run a business. This has driven the unexpected spike in applications, which was not projected in our stock levels of iPad minis.

    We decided to close the offer early to avoid any further disappointment. ‘Whilst stocks last’ was covered in the conditions of the promotion but to have to close the offer is still regrettable.

    If you have further questions, I will have one of our team give you a follow up call.
    ^Gareth

    • +3

      So we didn't just crash some random company's web server, we trashed a bank's entire 2014 marketing campaign in two days. RaboDirect never anticipated so many OzBargain professional business owners have a spare $25k waiting to pounce on its deal. Well done all.

      • There was also a spike in our exchange rate with the US$ coinciding with the surge in new Aussie businesses…

  • +2

    I started filling in all the paper work as a run a business and I already have all this documentation that is not issue. Yet then I check on here and I notice no more iPads. So then I message them on Twitter (I have a decent following a few thousand people) they said DM me if I already submitted documents, maybe they can help!!!

    Sorry but not a good look from RaboDirect. I think the competition terms were silly to begin with, they are clearly targeting business customers. They should have said clearly business must be registered with ASIC for at least 1 year before applying or something small like that.

    I was looking for a new business account as CommBank has been pretty poor recently yet I can not say I will be looking to go with RaboDirect any time soon, I wasted 20 mins on their stupid forms.

  • +1

    Got an email informing me they are out of ipads due to unprecedented uptake since last Friday. Yay OzB! I was too slow

    Thanks for taking part in our rugby business offer. This promotion has been running on our website since early March, however since last Friday we have received a sudden and unexpected response to our promotion, independent of any of our marketing activity.

  • deal expired…anybody know why?

    • +1

      ignore my last comment

  • +5

    I feel sorry for the little businesses who signed up months ago and have been depositing their earnings into their account, trying to reach $25k before the end of the year, to bless their employee of the year with an iPad mini…. and then we come along and smash their dreams. Now we've primed our spears & shields, readying for battle with the ACCC.
    Love you guys.

  • I opened the account on Thursday and posted all forms on Friday morning. As I have not heard anything back I called them to check on the status. Apparently they have not received my forms.

    Has anybody actually got their account opened?

    • I also submitted my paperwork last Friday after signing up online on the Thursday night. Also haven't heard anything back since :-/

  • +1

    Mine opened on last Friday and sent the form off on the same day, still got no respond from them.

    • +1

      It looks like they don't even open the accounts. When I mentioned it was a Business Saver Account the lady became very hesitant.

  • +2

    They don't appear to want to help anyone - or themselves.

    Benjamin Fischer reviewed RaboDirect.
    24 June at 12:03 ·
    ★☆☆☆☆ I signed up for a promotion deal which was removed days afterwards. For the sake of a $300 promotion item - you have lost the business of my business banking and left a sour taste in my mouth which I will share with friends and family who may have been future customers. Not good for PR Rabo.

    RaboDirect Hi Benjamin Fischer I totally understand your frustration. We would like to make this right for you. Are you able to provide me with your application reference number or business name? I will follow up with our customer service team and see what we can do to fix all of this up. ^Gareth
    24 June at 12:46 · Like

    Benjamin Fischer Thank you for the reply Gareth, the company is Keepr Pty Ltd. Interested to hear what can be done to rectify. - Benjamin
    24 June at 13:04 · Like · 2

    Erin Rainsford Was this the iPad mini deal Benjamin Fischer? If its no longer running I won't complete my application to move all my money to rabo direct then !!
    24 June at 16:41 · Like

    Benjamin Fischer That's the one! Despite Gareth's efforts, I received another email from Rabo repeating "The deal is closed, if you're lucky you may get one." I don't think they'll win me back at this rate. Don't bother with it is my advice.
    24 June at 16:47 · Like

    RaboDirect Benjamin Fischer Please can you private message us regarding your application. Thanks ^Gareth
    24 June at 16:55 · Like

    Benjamin Fischer Thank you Gareth for following up to see what can be done to make this right. Unfortunately, as you wrote in your message nothing can be done (to be fair to everyone else) and you cannot guarantee anything further if I were to finalise my account opening right now. I will not be opening an account with Rabo and transferring money where there is no gain in doing so for myself. Thank you for wasting my time (but providing my connections with a story to follow on how not to do PR.) - Benjamin
    24 June at 18:24 · Edited · Like · 8

    Damo Kearn So basically nothing can be done Gareth? I had not heard anything further from yesterday but from what Benjamin mentions above you have had communication with him to say it wouldn't be fair to everyone else to make exceptions?
    Yesterday at 10:13 · Unlike · 1

    Damo Kearn Rather than offering platitudes publically on Facebook, and then offering private messaging that reinforces a "nothing can be done attitude". Maybe you should outright state publically "don't bother wasting your time completing your application and moving 25k as you have 0% chance of getting an Ipad, in future our T&C will be clearer to avoid disappointment"
    Yesterday at 10:22 · Edited · Unlike · 2

    Benjamin Fischer In fairness you don't have zero chance - if you are 'lucky' you will still get the promotional item. Unfortunately they are not lucky enough to win me over. However I do agree with your above post Damo
    Yesterday at 10:24 · Edited · Like

    Damo Kearn 0% is probably being a little melodramatic I agree , but I cant imagine many transferring money over with a slim chance of receiving anything in return. They made this offer into a lucky dip.

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