Australians looking for an instrument to open with their self managed super funds (SMSF) could appreciate the features of the Bank of Melbourne’s DIY Super Saver. With easy to use internet banking and no monthly balance requirements, you could have no trouble managing an SMSF all by yourself.
What are the features of the Bank of Melbourne DIY Super Saver?
A DIY Super Saver could be a low-risk way to grow your personal wealth, speak to your financial adviser today about what options are available to you. There are a number of banks to compare for an SMSF investment account, and the following features highlight why the DIY Super Saver is one to consider.
Cash in a SMSF needs to be held in an account separate from the trustee's personal bank account.
You receive 1.40% p.a. for the first 4 months
In addition to the already competitive variable interest rate for the account, new customers are given a four month introductory bonus rate. This gives your SMSF an extra boost of interest earnings right after you open the account. The bonus rate is a fixed amount that is added to the standard variable interest rate for the account.
How is my interest calculated?
The interest rate is calculated daily and then paid into the account at the start of the following month.
$0 Minimum balance requirement
There is no minimum monthly balance to maintain, making this a good account to consider if you have other investments on the horizon. There is no minimum balance requirement to open the DIY Super Saver.
Flexible access online
With an eligible Bank of Melbourne working account, you can manage your SMSF account around the clock with internet and phone banking. You can also use a local branch if you need special assistance but with this face to face banking fees may apply.
You can schedule deposits or setup an Automatic Super Contribution Plan
You can set up your transaction account to make regular payments into your Super Saver, furthering its growth.
$0 Account keeping fees
There are no monthly service fees with the DIY Super Saver.
Statements every 6 months
You'll have paper statements sent to your residential address every 6 months.
Only available for SMSFs held by an individual
This account is meant for the exclusive use of an SMSF or DIY super fund held by an individual. In order to be able to access it, you must also have an eligible working account in the same name with the Bank of Melbourne.
- $0 monthly account service fee
- 24/7 access of internet and phone banking
- $0 minimum monthly balance
- There is foreign currency conversion fee for this account
How do you apply for the Bank of Melbourne DIY Super Saver?
There are five easy steps that should take ten minutes to complete if you click ‘Go to site’ to access the application for the DIY Super Saver online.
Eligibility to apply online
Before getting started check the following to ensure that you are eligible to open the DIY Super Saver:
- Age requirement. Online applicants must be at least 14 years of age. For younger Australians you should contact your local branch to assist in opening an account.
- Residency requirement. Only permanent residents of Australia will qualify for this account. You also need an Australian residential address.
- SMSF. Only individual trustees of a SMSF that is compliant with Superannuation Industry Supervision (SIS) legislation are eligible. There should be no more than two trustees listed for the SMSF and the SMSF must be registered in Australia.
- Depository requirements. There is no minimum deposit requirement for the DIY Super Saver account.
Documentation to apply online
When preparing for opening a DIY Super Saver for your SMSF online, you are going to be asked for the following information:
- Tax file number. Providing your tax file number helps to ensure that the correct tax rate is being applied to the earned interest from your DIY Super Saver account.
- Identification. You will be asked to confirm your identity, typically with information found on your passport or driver’s licence.
- Other trustee. You may also be required to provide information about the other trustee of the SMSF if applicable. Keep in mind that a business SMSF or one with more than two trustees will not be eligible.
What happens after I submit my application?
After your application has been submitted, you will receive an email from the Bank of Melbourne containing your application number and the next steps towards becoming an account holder. If you are not already a customer of Bank of Melbourne you will be asked to visit a branch to complete an identification check.
I am setting up a SMSF. I want to have a high interest no fee type savings account linked to our SMSF. Also required a cheque book against the account. Could you please advise, if you have this product?
We don’t yet do comparisons of SMSF accounts. All the best with your search. From what I can tell from the Bank of Melbourne website, this account doesn’t have a cheque book.