Rural Bank - One - Online Application

Rural Bank ONE is an initiative of Rural Bank Limited, offering individuals and businesses and DIY Super Trusts in both metropolitan and regional Australia the opportunity to invest in a range of high-interest rate deposit products. Deposits with Rural Bank are used to support the Australian economy through loans to primary producers. For more information about Rural Bank ONE visit our About Us page.

Existing RBOnline customers can retain and continue to use their existing accounts. RBOnline customers do not need to apply for a new account or transfer over existing accounts to Rural Bank ONE.

One of the benefits of Rural Bank ONE is that Rural Banks online products are now available to wider range of customers including Business and DIY Super. Please refer to the individual product pages on this website for more information.

The main differences between RBOnline and Rural Bank ONE are:

• Fast Account Application
• Open to more customers
• All communications are now Electronic

Any Australian resident over the age of 12 is eligible to apply for a Rural Bank ONE account. However for online applications you must be 18 or over. Australian businesses and DIY Super Trusts are also eligible to apply for a Rural Bank ONE account.

Rural Bank ONE offers the following online deposit products:

• Rural Bank ONE Saver Account
• Rural Bank ONE Saver Account for DIY Super
• Rural Bank ONE Business Saver Account
• Rural Bank ONE Term Deposit
• Rural Bank ONE Term Deposit for DIY Super
• Rural Bank ONE Term Deposit for Business
• Rural Bank ONE Farm Management Deposit

The fastest way to apply for a Rural Bank ONE account is using our online application. You also have the option to download the relevant forms and post us your details. The information required for applications will depend on the account type (personal or business) and product you are applying for. To find out exactly what you need, visit the relevant product page and click the ‘apply now’ button for details. You will then be presented with a summary of the process and information required for your particular circumstance.

Also, please refer to the Identity verification information below.

Most Rural Bank ONE product applications can be completed online, however you may be required to send us supporting documents depending on your account (i.e. for Trusts we require certain documents). These details will be provided to you as part of the application process. If you are required to send us documents, or you choose to post us your application, our postage-free mailing address within Australia is:

Rural Bank ONE Deposit Account Applications
Rural Bank Limited
Reply Paid 551
Adelaide SA 5001

Please note: Faxed applications are not acceptable.

Online applications: Once you have completed the online application you will receive conformation immediately via email that your application has been received and is being processed. We will then review the information you have provided in the application process and generally open your account within one business day or if your application is incomplete we will contact you. If you are required to send supporting documents we will wait until those documents have been received before opening your account.

Postal applications: Once we've received all the required documentation from you we will generally open your account within one business day.

Within one business day of applying for a Rural Bank ONE Account online, or us receiving your mailed application you will receive email confirmation that your account has been opened. Your account BSB, account number and instructions on accessing Internet and Phone Banking will be included within the email. If there are any issues with you application we will contact you.

Rural Bank's BSB is: 633-111

Online applications: Applying online is the fastest way to open a Rural Bank ONE account. If you are applying online, all individuals associated with accounts will need to have their identity verified. Existing Rural Bank customers will have the option to verify their identity by sending us a secure email using their Internet Banking. These details are provided during the online application process.

Mailed applications: If you are an existing Rural Bank customer and are applying by mail (i.e. you download and print the application form) you will not need to be identified again. New customers who are applying by mail will need to have their identity verified by completing a Rural Bank Identity Verification Form (which can be downloaded during the application process) and including this with their account application.

For online applications, existing Rural Bank customers can verify their identity by sending us a secure email using their Rural Bank Internet Banking (you will need to apply for Internet Banking if you do not have a log-in already, it only takes a few minutes). Details and secure email instructions are provided during online the application process. Existing customers who are applying by posting their application are not required to be re-identified.

Online applications: If you're applying online for a Rural Bank ONE account in most instances you will be able to verify your identity during the online application process. For this you will need identity documents such as your drivers licence and Medicare card (or other options). Additional details will be provided before you start your online application.

Alternatively, during the online application process you will be presented with other options to verify your identity over the phone or by visiting an Australia Post outlet.

Mailed applications: All mailed applications can only provide identity verification by using the Rural Bank Identity Verification Form (which can be downloaded during the application process).

A complete list of current interest rates is available from our rates page.

Any Australian resident over the age of 12 is eligible to apply for a Rural Bank ONE Saver Account. However for online applications you must be 18 or over. If you are aged between 12 and 18, you must submit your account application through the mail. The account must be in the name of an individual or joint individuals (i.e. this is not a business account). Rural Bank ONE Saver Accounts are also suitable for self-managed (DIY) superannuation applicants.

You can apply online or by mailing us an application from the Personal Saver Account page or the DIY Super Saver Account page.

Debit cards and cheque books are not available on Rural Bank ONE accounts. If you require card or cheque access to your funds, Rural Bank offers a range of other Savings and Transactional Accounts that may meet your needs.

There are no monthly account keeping or transaction fees. Rural Bank does however, charge fees for general banking services. For information about these fees, see the Schedule of Fees and Charges.

When applying for a new account you will have a couple of options for making an opening deposit:

• Transfer funds from another account (we will email you your new account BSB and Account number as soon as we create your account). Note, generally daily transfer limits apply when transferring money online however, you may be able to apply for an increase of your transfer limit by contacting your financial institution.
• Post Rural Bank a cheque (remember to include your application reference number which is included with your account opened confirmation email from Rural Bank).

To make ongoing deposits to your Rural Bank ONE savings account you can either transfer funds electronically from another account or send a cheque to us. When sending a cheque, please be sure to include the account name and account number of the account for the cheque to be deposited to and your contact details.

Cheques deposited to your Rural Bank ONE account generally take three business days to clear from the date of deposit.

To withdraw cash you will need to transfer funds to another bank account using Internet or Phone Banking and access the funds from that account.

Rural Bank ONE Saver Account holders receive a statement every six calendar months.

Yes. Paying your bills with BPAY® is simple when you're registered for Internet and Phone Banking.

You need to make an opening deposit of any amount to open a Rural Bank ONE Saver Account. There is no minimum balance requirement to maintain your account.

The combined value of all your Rural Bank ONE Saver and Term Deposit accounts (whether individual or joint) can not exceed $2,000,000 unless agreed to by Rural Bank.

Interest on your Rural Bank ONE Saver Account is calculated daily.

Interest will be paid to your Rural Bank ONE Saver Account monthly.

Yes. The interest rate for the Saver Account is variable. Any increase or decrease to the variable rate will apply to your account from the effective date.

Yes. Your Rural Bank ONE Saver Account can be held jointly with another individual Australian resident over 12 years of age. However for online applications both individuals must be 18 or over.

When applying for a new account online, new and existing Rural Bank customers will need to have their identity verified. This can either be completed online during the application process (which is generally the quickest and easiest method) or alternatively you will also have the option to submit identity verification over the phone or at an Australia Post outlet.

If you are an existing Rural Bank customer, and are applying for an account by mail (i.e. you post your application form) you will not need to be identified again.

See – Applying for a Rural Bank ONE Account section.

A complete list of current interest rates is available from our rates page.

Any Australian business is eligible to apply for a Rural Bank ONE Business Saver Account. However for online applications the business structure must comply with one of the following:

Proprietary company

• The company has a maximum of four directors
• The company has a maximum of two authorised signatories
• All authorised signatories and beneficial owners are directors
• All authorised signatories are present for the online application

Trust

• The trust is made up of only individual trustees (not companies)
• There are a maximum of two individual trustees
• All individual trustees are authorised signatories
• All trustees must be present for the online application

Sole Trader

• The sole trader will be an authorised signatory to the account
• There are only a maximum of two authorised signatories
• All authorised signatories are present for the online application

Partnership

• Partners are individuals (not trusts or companies)
• Partnership consists of a maximum of two partners only
• Only partners are authorised signatories to the account
• All partners are present for the online application

Businesses which do not fit the above criteria can apply for a Rural Bank ONE Business Saver Account by mailing us the relevant forms and documents which can be downloaded through the application process.

You can apply online or by mailing us an application from the Business Saver product page.

Debit cards and cheque books are not available on Rural Bank ONE accounts. If you require card or cheque access to your funds, Rural Bank offers a range of other Savings and Transactional Accounts that may meet your needs.

There are no monthly account keeping or transactional fees. Rural Bank does however, charge fees for general banking services. For information about these fees, see the Schedule of Fees and Charges.

When applying for a new account you will have a couple of options for making an opening deposit:

• Post Rural Bank a cheque (remember to include your application reference number which is included with your account opened confirmation email from Rural Bank).
• Transfer funds from another account (we will email you your new account BSB and Account number as soon as we create your account). Note, generally daily transfer limits apply when transferring money online however, you may be able to apply for an increase of your transfer limit by contacting your financial institution.

To make ongoing deposits to your account you can either transfer funds electronically from another account or send a cheque to us. When sending a cheque, please be sure to include the account name and account number of the account for the cheque to be deposited to and your contact details.

Cheques deposited to your Rural Bank ONE Business / DIY Super Saver account generally take three business days to clear from the date of deposit.

To withdraw cash you will need to transfer funds to another bank account using Internet or Phone Banking and access the funds from that account.

Rural Bank ONE Business / DIY Super Saver Account holders receive a statement every six calendar months.

Yes. Paying your bills with BPAY® is simple when you're registered for Internet and Phone Banking.

You need to make an opening deposit of any amount to open a Rural Bank ONE Business / DIY Super Saver Account. There is no minimum balance requirement to maintain your account. However, no interest is earned on balances less than $5,000.

The combined value of all your Rural Bank ONE Saver and Term Deposit accounts (whether individual or joint) can not exceed $2,000,000 unless agreed to by Rural Bank.

Interest on your Rural Bank ONE Business / DIY SUper Saver Account is calculated daily.

Interest will be paid to your Rural Bank ONE Business /DIY Super Saver Account monthly.

Yes. The interest rate for the Business / DIY Super Saver account is a variable, any increase or decrease in the variable rate, will apply to your account from the effective date.

The following individuals associated with business accounts will need to have their identity verified:

• Authorised signatories
• Trustees
• Sole traders
• Partners

When applying for a new account online, new and existing Rural Bank customers will need to have their identity verified. This can either be completed online during the application process (which is generally the quickest and easiest method) or alternatively you will also have the option to submit identity verification over the phone or at an Australia Post outlet.

If you are an existing Rural Bank customer, and are applying for an account by mail (i.e. you post your application form) you will not need to be identified again.

See - Applying for a Rural Bank ONE Account section.

A complete list of current interest rates is available from our rates page.

Personal: Any Australian resident over the age of 12 is eligible to apply for a Rural Bank ONE Term Deposit. However for online applications you must be 18 or over. Rural Bank ONE Term Deposits are also suitable for self-managed (DIY) superannuation applicants.

Business: Any Australian business is eligible to apply for a Rural Bank ONE Term Deposit. However for online applications the business structure must comply with one of the following:

• The company has a maximum of four directors
  
• The company has a maximum of two authorised signatories
  
• All authorised signatories and beneficial owners are directors
  
• All authorised signatories are present for the online application
  
  

Trust

• The trust is made up of only individual trustees (not companies)
• There are a maximum of two individual trustees
• All individual trustees are authorised signatories
• All trustees must be present for the online application

Sole Trader

• The sole trader will be an authorised signatory to the account
• There are only a maximum of two authorised signatories
• All authorised signatories are present for the online application

Partnership

• Partners are individuals (not trusts or companies)
• Partnership consists of a maximum of two partners only
• Only partners are authorised signatories to the account
• All partners are present for the online application

Businesses which do not fit the above criteria can apply for a Rural Bank ONE Account by mailing us the relevant forms and documents.

You can apply online or by mailing us an application from the Business Saver product page.

You can choose from 3, 6 or 12 month terms.

When applying for a new account you will have a number of options for making an opening deposit:

• Direct debit funds from another account.
• Post Rural Bank a cheque (remember to include your application reference number which is included with your account opened confirmation email from Rural Bank).
• Transfer funds from another account (we will email you your new account BSB and Account number as soon as we create your account. You can make an unlimited number of transfers into this account during the first 7 calendar days of your account being open). Generally daily transfer limits apply when transferring money online however, you may be able to apply for an increase of your transfer limit by contacting your financial institution.

A minimum opening deposit of $500 will apply with your Rural Bank ONE Term Deposit; while the combined value of your Rural Bank ONE Term Deposit and Rural Bank ONE Saver (if applicable) can not exceed $2,000,000 unless agreed to by Rural Bank.

From the time your application has been received your term deposit rate will be guaranteed for 7 calendar days in which time you need to make a deposit equal to the minimum opening deposit. During this 7 day period you can make an unlimited number of deposits.

Cheques deposited to your Rural Bank ONE account generally take three business days to clear from the date of deposit.

There are no monthly account keeping or transactional fees. Rural Bank does however, charge fees for general banking services. For information about these fees, see the Schedule of Fees and Charges.

Interest on your Rural Bank ONE Term Deposit is calculated daily.

Interest will be paid to your Rural Bank ONE Term Deposit at maturity.

No. Once you start a term deposit, you will receive the same fixed rate for the entire length of your term.

Rural Bank ONE account holders receive a statement every six calendar months.

Prior to maturity of your Rural Bank ONE Term Deposit you will receive a letter from us which details options on having your funds paid out or rolling funds into a new term. If we receive no instructions from you, your balance will be rolled into a Rural Bank ONE Term Deposit for the same term at the prevailing interest rate.

A negotiation period of 10 days applies following the renewal of a Rural Bank ONE Term Deposit. The negotiation period only applies to the online term deposit after maturity and not to a deposit when initially deposited. During the renegotiation period partial withdrawals are permitted without penalty and additional funds may be added to the account.

Withdrawal prior to the maturity of your Rural Bank ONE Term Deposit is at the Bank's discretion and subject to an interest reduction. For more information see the Rural Bank ONE Term Deposit Terms and Conditions.

The following individuals associated with accounts will need to have their identity verified:

• All personal applicants
• Authorised signatories
• Trustees
• Sole traders
• Partners

When applying for a new account online, new and existing Rural Bank customers will need to have their identity verified. This can either be completed online during the application process (which is generally the quickest and easiest method) or alternatively you will also have the option to submit identity verification over the phone or at an Australia Post outlet.

If you are an existing Rural Bank customer, and are applying for an account by mail (i.e. you post your application form) you will not need to be identified again.

See – Applying for a Rural Bank ONE Account section.

A complete list of current interest rates is available from our rates page.

A Farm Management Deposit (FMD) is an important cash flow management tool that enables primary producers to shift before-tax income from a year when they need it least to years when they need it most. Refer to the ATO website for more information. The information contained here is general information only and we recommend you seek your own professional advice on the suitability of a FMD in your own personal circumstances.

Primary producers who have an off-farm taxable income of less than $65,000 per annum.

• The account must be opened in the name of an individual.
• Funds must be deposited and held for a minimum of 12 months to receive or retain any applicable taxation benefit.
• The total of all Farm Management Deposits held in an individual's name must be held with only one financial institution and must not exceed $400,000.

When applying for a new account you will have a number of options for making an opening deposit:

• Direct debit funds from another account (fixed interest FMDs only)
• Post Rural Bank a cheque (remember to include your application reference number which is included with your account opened confirmation email from Rural Bank).
• Transfer funds from another account (we will email you your new account BSB and Account number as soon as we create your account).

A minimum opening deposit of $1,000 will apply with a variable interest rate account and a $5,000 minimum opening deposit will apply with a fixed interest rate account.

Cheques deposited to your Rural Bank ONE account generally take three business days to clear from the date of deposit.

Due to statutory regulations, FMD interest cannot be compounded to the account and can only be credited to another account (held in the same name) with either Rural Bank or another financial institution.

• Variable interest rate account allows access at call and has a minimum opening and account operating balance of $1,000.
• 3, 6, 12 and 24 month terms with a fixed interest rate that have a minimum opening and account operating balance of $5,000.

There are no monthly account keeping or transactional fees. Rural Bank does however, charge fees for general banking services. For information about these fees, see the Schedule of Fees and Charges.

• Variable interest rate – annually
• 3 and 6 month fixed terms – paid at maturity
• 12 and 24 month fixed terms – choice of monthly, quarterly or annually

When applying for a new account online, new and existing Rural Bank customers will need to have their identity verified. This can either be completed online during the application process (which is generally the quickest and easiest method) or alternatively you will also have the option to submit identity verification over the phone or at an Australia Post outlet.

If you are an existing Rural Bank customer, and are applying for an account by mail (i.e. you post your application form) you will not need to be identified again

Applying for a Rural Bank ONE Account section.

See also the following pages:

• Internet Banking information
• Security information