Watch your self-managed super funds earn interest or move your money in between investments using the DIY Super Saver Account.
The Australian Military Bank DIY Super Saver Account is an account meant especially for self-managed super funds. This cash account gives you considerable freedom over how you invest your money. While you can sit back and watch your money earn competitive interest, you can also choose to move it between different investment options.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
The money in your account earns interest at the rate of 0.8% p.a. The bank calculates interest on the everyday closing balance and pays it out monthly.
Optional extras
The bank lets you choose between term deposits for different time periods as well as multiple insurance solutions.
Online banking
Account holders can turn to online banking to view transaction histories. You can use the bank's Internet banking platform to move money in and out of your account.
Direct debits and credits
The bank simplifies how you receive and send funds using your account by letting you set up direct debits and credits.
Branch withdrawals
You can withdraw funds from your account by visiting an Australian Military Bank branch. The bank requires written authorisation from your end along with identification verification. If you wish to withdraw $2,000 or more you'll have to provide suitable photographic identification. For withdrawing a large amount you'll have to provide 24 hours of written or verbal notice at the desired branch.
Account keeping fees
This account does not attract any ongoing monthly account keeping fees.
Minimum balance
The DIY Super Saver Account does not come with any minimum account opening or ongoing balance requirement.
Statements
This account provides quarterly paper statements. You can get statements more often and you can request for copies. Doing so requires that you pay applicable fees.
Financial Claims Scheme
The Australian Government's Financial Claims Scheme that offers protection to a total of up to $250,000 in all your Australian Military Bank deposit accounts applies to this account as well.
SMS alerts
You can choose to get SMS alerts notifying you of activity in your account. The online banking platform lets you choose from multiple options in getting these alerts. The bank charges a per-message fee for this service.
How to apply
Eligibility
You can open an Australian Military Bank DIY Super Saver Account online, over the phone or by visiting a branch. To apply online, visit the Australian Military Bank website. Check if you meet the required eligibility criteria first:
Minimum age. You are at least 18 years of age.
Residency requirements. You are an Australian citizen or a permanent resident of this country.
Depository requirements. There is no minimum balance requirement to open or maintain this account.
Other requirements. You should be a trustee for a registered Self Managed Superannuation Fund.
Documentation needed
The bank requires different types of information from applicants:
Identification. New Australian Military Bank members have to complete a legally mandated identity verification process. You can complete this online using your Australian driver's license or Medicare card.
Tax file number. If you don't provide your tax file number the bank may deduct withholding tax from the interest your money earns.
Other information. You'll have to provide your name, date of birth, residential address, email address and phone number.
What happens after I submit my application?
The bank lets you save your online application and get back to it later. This can be useful if you can't complete it in one go. Upon submitting your application you get a reference number. Use this to track the status of your application, if required.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
You may be able to apply for the DIY Super Saver Account with Australian Military Bank through their website, over the phone or by visiting a branch. Please be sure though that before you submit your application, you have read the requirements outlined in the “How to Apply” section above.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.