frequently asked questions - high interest saver
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Making changes to your interest saver- Q.
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General
Q. How do I access my money if you don't have any branches?
A. All transfers happen via the Internet, at one direct online banking. Just enter your Customer Registration Number (CRN) and password on the homepage. You can deposit and withdraw money to and from your Nominated Linked Account as often as you like.
Q. Can the one direct high interest saver be used for business purposes?
A. No, your high interest saver cannot be opened for business, trade, superannuation or trustee purposes.
Q. If one direct changes the interest rate on its high interest saver, will the new rate apply to my account?
A. Yes. The interest rate is a variable rate. If we increase or decrease our rate, the new rate will apply to your account from the effective date.
Q. How do you calculate the interest on my one direct high interest saver?
A. Your interest is calculated daily on the closing balance using the formula below, and added to your account at the end of each month:
Daily closing balance x interest rate ÷ 365 (366 in a leap year)
That means you earn interest on your interest each month. Please note, the amount of interest paid will vary according to the number of days in each month, ie months with 30 days will earn one day less interest than months with 31 days.
Q. How do I set up a joint account?
A. Online applications: During the application process, you will be asked to enter your personal details and whether the account is to be opened in joint names. If you select yes, you will be asked to enter the joint account holders' details.
Paper applications: The joint account holder details will need to be completed and both applicants are required to sign.
Please bear in mind that the names on your Nominated Linked Account will need to correspond to the names on your one direct high interest saver application.
Q. What accounts can I link to my one direct high interest saver?
A. Your Nominated Linked Account should be an everyday personal bank account with an Australian financial institution that has a BSB, account number and an account name(s) that is the same as the name(s) on your high interest saver application form. We are unable to accept a credit card or passbook account.
Q. Can I link more than one bank account to my one direct high interest saver?
A. No, you can only link one bank account to each one direct high interest saver account you open. You can open an unlimited number of one direct high interest savers but each one can only be linked to one Nominated Linked Account. Please note, you do not have to link to a different bank account in each case - for example, you are welcome to link one bank account to multiple one direct high interest savers.
Q. What is the Funds Transfer Authority form for?
A. This form tells us which bank account you want to link directly to your one direct high interest saver, and allows us to transfer money in and out of it according to your instructions. The account will need to be a regular personal bank account at an Australian financial institution that allows transfers to another financial institution.
Q. How often will I receive a statement for my account?
A. You will receive quarterly statements that will be issued at the end of the month (31 March, 30 June, 30 Sept, 31 Jan). For joint accounts, a statement will be issued to one account holder.
Q. Can I call one direct from overseas?
A. Yes. If you are overseas and you need to contact us, please call
Q. What do I do if I have forgotten my CRN or password?
A. Just call the one direct online banking team on
Transferring funds
Q. Can I set up a regular transfer from my linked bank account to my one direct high interest saver?
A. Absolutely, and it's a great way to make saving simpler. We call it an Auto Saver. Find out more about one direct's Auto Saver.
Q. Can I have my salary and other income deposited directly into my one direct high interest saver?
A. Yes - you can choose to have all or part of your salary, dividends, rental income or any other funds deposited directly into your one direct high interest saver. Find out more about one direct's Auto Saver.
Q. How long do transfers take to clear?
A. Deposits into your one direct high interest saver from your Nominated Linked Account generally take three business days to clear, as long as they are received before 6pm (AEST) on a business day. This time allows for one direct to receive confirmation from the paying financial institution that funds are available. You will be able to draw on these funds once this confirmation is received.
Direct deposits (ie salary, dividends or rental income deposited)
If the deposit is made by another bank before 6pm AEST, the funds should be in your one direct high interest saver by the next business day.
Withdrawals are generally completed on the next business day - ie if you make a withdrawal from your one direct high interest saver before 6pm (AEST) on a business day, the funds are generally transferred to your linked bank account by the next business day.
Q. What is a business day?
A. A business day is a weekday that is not a national public holiday.
Q. What is the maximum amount of money that I can transfer between my accounts in any one day?
A. You can transfer as little or as much as you like!
Q. Can I deposit foreign currency?
A. No, we cannot accept amounts in foreign currency. We can only accept deposits and transfers in Australian dollars.
Making changes to your interest saver
Q. How do I name my account?
A. The account will be set up in the name(s) on your application form, but you can change the name online once it's set up. For example, you might want to label it "Holiday" or "House deposit". To do this, under "Update Details", select 'Customise my accounts', choose from the selections offered, and choose 'Rename account.'
Q. Can I change the bank account my one direct high interest saver is linked to?
A. Yes, just complete a Change Nominated Linked Account (PDF, 100kb) form and fax or mail it to us along with a copy of an original bank statement for this account dated within the past three months. Alternatively, you can provide a copy of an original bank statement dated within the past six months, as long as it is accompanied with Internet Banking transaction report printouts from within the past four weeks.
Q. How do I change the name used on my account?
A. To change your name, you need to complete a Change of Name Notification (PDF, 100kb) form and mail it to us along with a certified copy of a Marriage Certificate, Change of Name Certificate or Decree Nisi and Marriage Certificate - whichever is relevant to your name change.
Q. How do I close my account?
A. We hope you won't want to, but if you do need to close your account please complete an Account Closure Form (PDF, 76kb) and send it to us via fax or post. We will call you within 48 hours of receiving your Account Closure Form to confirm closure of your account. If you have any funds still in your one direct high interest saver, they will be transferred to your Nominated Linked Account when we close your account.
Q. What happens if the account becomes part of a Deceased Estate?
A. We will do everything we can to manage things as seamlessly as possible for authorised representatives of a Deceased Estate. Please contact us