If you’re looking for an account that can help you manage your super funds, the DIY Super Saver account offered by BankSA requires your attention. This account lets your money earn competitive interest, and as a new customer you stand to earn bonus interest for the first three months. This account does not charge any monthly account keeping fees.
What are the features of the BankSA DIY Super Saver account?
- Interest. If you’ve not held a DIY Super Saver account in the past and wish to open one as a personal customer you stand to earn a fixed bonus rate in addition to the standard variable rate that this account offers. While the standard variable rate is subject to change at any time, the fixed bonus rate remains the same for the promotional period of three months from account opening. The standard variable rate currently stands at 0.75% p.a. and the bonus rate is 1.25% p.a. The bank pays interest on a monthly basis.
- Fees. You don’t have to pay any ongoing account keeping fees to maintain this account, and it provides free Internet banking and phone banking transactions. Every staff assisted transaction attracts a fee of $2.50, and if you opt for monthly statements you’ll have to pay a $2 fee per statement. Opening a DIY Super Saver account requires that you have an eligible BankSA account in the same name, which can attract additional fees.
- Account access. You get round-the-clock access to your account via online and phone banking. You can also access money in your account by visiting BankSA branches, should the need arise. You can set up regular transfers from your eligible BankSA account using the scheduled payments option in online banking. This ensures that contributions towards your DIY Super Saver account are automatic. This account also offers automatic pension crediting and telegraphic transfers.
- Minimum balance requirements. This account does not have a minimum monthly balance requirement and you don’t have to make any minimum ongoing deposits. You can open this account with as little as $1.
- Statements. BankSA gives you access to statements in different forms, which helps simplify your Self Managed Super Funds (SMSF) reporting. The bank sends paper statements by post every six months, and you can choose to get them every month as well. You can view, save and print eStatements for up to two years using Internet banking. You can also turn online to view and print your account’s financial year interest summary.
- Alerts services. This account provides free access to the bank’s alerts services through which you can get alerts about your account’s status via text messages or email. If there are any changes in your contact details, make sure you contact the bank and update the new information to continue receiving these alerts.
- Access and manage your funds through Internet and Phone Banking with your linked BankSA account
- Earn competitive interest rate
- No monthly service fee
- Only available for SMSFs
How do I apply for the BankSA DIY Super Saver account?
You can apply for the BankSA DIY Super Saver account by visiting any BankSA branch, over the phone and online. Click on the ‘Go to Site’ button if you wish to apply now, but make sure you meet the eligibility criteria, as listed below.
- Minimum age. You can apply for this account if you are over 14 years of age.
- Residency requirements. You should be a permanent resident of Australia or an Australian citizen.
- Depository requirements. You can open this account with as little as $1.
- Other requirements. You should be an individual trustee of an SMSF that complies with SIS legislation, and the fund should have a maximum of two trustees. You should hold an eligible BankSA account in the same name in which you wish to open the new DIY Super Saver account.
Applying requires that you provide different types of information, which includes the following:
- Superfund details. These include the superfund name, the SuperFund Australian Business Number (ABN) and the SuperFund Tax File Number (TFN). You can provide a TFN exemption code if you have one. Providing the TFN is not necessary, but it can help you save in the form of withholding tax that the bank may deduct.
- Identification. New BankSA customers have to complete a legally required ID check. This requires that you provide one primary photographic identification document such as your passport or driver’s license; or one primary non-photographic identification document such as your birth certificate, citizenship certificate or Centrelink pension card and one secondary identification document such as a financial benefits notice, an Australian Taxation Office notice or your Medicare card.
- Other information. Prepare to provide your Australian residential address, your mailing address, your email address and your phone number.
Once you submit your application and complete and legally mandated ID check you can expect the bank to open your account straightaway, after which you can start making deposits with immediate effect.