Bank of Melbourne DIY Super Saver Account

The Bank of Melbourne provides the active investor with a savings account that can be linked with their SMSF.

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.

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0.05% p.a.

Maximum variable rate

0.05%p.a.

Base interest rate

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Details

Product NameBank of Melbourne DIY Super Saver
Maximum Variable Rate0.05% p.a.
Standard Variable Rate0.05%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age14

Key features

You receive 0.05% p.a. for the first 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.

Launch savings calculator


How to apply

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

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.

FAQ

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