Bank account for SMSF?

Hi all,

My SMSF has just been set up and now needs a bank account to operate from.

I've looked at some options:

* CBA have a Business Online Saver product.
* Rabobank have a DIY Super Account, but that is Internet-only.

Still doing research via Cannex. :eek:

The essentials I need are:

- 4% interest minimum (if the money is going to be sitting waiting to be invested, it should be earning interest)
- Cheque book facility (handy to pay a deposit for property)
- Internet access (convenience of using BPAY)
- No monthly account keeping fees (No minimum balance)

Not really interested in having an internet-only account linked to a separate bank account - want to keep everything simple and only have one account.

Also don't care about the bank involved.

If anyone can share their experiences with choosing a bank account, and can recommend a particular product, would be fantastic. :D

Cheers!
 
mja

I went through this exercise a while ago and decided to go with STGeorge for convenience because I already had other accounts with them and I was getting the SMSF mortgage from them as well.

I believe STG still have a special 3 month offer for new SMSF accounts.
http://www.stgeorge.com.au/accounts/invest/dragondirect-diy-super-high-interest-cash.asp

There are small differences between the various banking products so your selection would be based on what your needs are.
eg will you be buying shares? which online broking firm will you be using etc
Remember that if you don't keep much cash in the SMSF account there is no point in seeking a high yielding savings account so convenience should be your deciding factor.

My initial thought was to have my SMSF cash savings in a raboplus account and because of COMSEC to then have that linked to a CBA transaction account. However, I got cold feet because there are cheaper brokers than comsec and the trouble with having accounts in separate banks is that money transfers are not instant.

We've also got to think long term because our short term needs are likely to change. For example, I no longer have the need to buy shares through my super but this will change when my cash bucket is overflowing and shares become more attractive.

cheers
 
Thanks BV - that St George account is an Internet-only one that you like to an every day account.

I won't be doing much share buying (you shouldn't trade shares with your SMSF - that requires skill), and ComSec can debit funds from any regular Australian bank account.

NedKelly - Macquarie's CMA will probably fit the bill. Thanks!
 
CMA or CMT are both good from Macquare
The rate on the CMA is pegged at the RBA cash rate but is ending im led to believe.
The CMT is not the best rate but if you use this account with say a Macquarie Term Deposit you may be okay.
Also the CMA/CMT is a favourite of Super Fund Accountants, fits into all the softwares of SMSF
 
Account Type?

I'm going though the process of setting up a SMSF.

My accountant has told me to open a bank account - he recommended a cash management account (MacBank)

However I can get better interest rate elsewhere.

Is there any restrictions as to the type of account: i.e - does it have to be a cash management bank account?
 
It can be any bank account. Macquarie's CMA is what I use. It's awesome! Very flexible and designed for use in SMSFs.
 
Hi all,

My SMSF has just been set up and now needs a bank account to operate from.

I've looked at some options:

* CBA have a Business Online Saver product.
* Rabobank have a DIY Super Account, but that is Internet-only.

Still doing research via Cannex. :eek:

The essentials I need are:

- 4% interest minimum (if the money is going to be sitting waiting to be invested, it should be earning interest)
- Cheque book facility (handy to pay a deposit for property)
- Internet access (convenience of using BPAY)
- No monthly account keeping fees (No minimum balance)

Not really interested in having an internet-only account linked to a separate bank account - want to keep everything simple and only have one account.

Also don't care about the bank involved.

If anyone can share their experiences with choosing a bank account, and can recommend a particular product, would be fantastic. :D

Cheers!

From February 2012 the government has changed its bank guarantee from $1million to $250K so unfortunately I had to look at number of bank accounts.
I do not care if I have to set up 2 accounts as long as the return justifies this (this is such a small hassle for the benefit of a higher interest rate).
My preferences are:
1. ING Direct offers great rate presently 5.75% (including a bonus for the next 6 months for new accounts) and it can be linked to an external bank account.
2. St George offers 5.5% (icluding a bonus for the next 3 months) but must operate 2 accounts.
I am currently with CBA but their rates seem always to be lower and you do need 2 accounts.
Wespac did not offer a bonus offer so interest is fairly low.
I need to source out about 3 more so when I do I will let you know.
I also found that the investment accounts tend to be tireed (the rate changes based upon the amount you give) so I do not like these.
It's a bit of a hassle but that's what investing is all about, doing the work and finding the best deals.
I personally plan to keep switching bank accounts for the best deals, as I do not like to tie the money with term deposits. Once I will find the right IPs I will probably cash it out together (at this stage I plan to buy 2-4, by the way our Super is substantial and we have total control over it and spread into other investments too).
The hassle is all the paperwork that I'll have to do for my accountant, but life's not suppose to be easy.
I may check AMP and others.....
 
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