Aimed at those who manage their own superannuation fund, BankVic SMSF Saver 40 offers a high interest rate for those who are looking for a profitable place to stow their cash.BankVic is a recognised financial institution, which ensures that funds of up to $250,000 are guaranteed as per the Australian Government Guarantee Scheme.
What are the features of the BankVic SMSF Saver S40?
If you are trying to find an account to hold the cash portion of your superannuation, there are a number of features that vary between financial institutions. Compare these before choosing your own account, in order to ensure the best growth potential for your investment funds.
No account management fees
There are no account keeping or management fees charged to you with the SMSF Saver S40.
A competitive interest rate
On all portions of your balance up to $5,000,000 you will earn a competitive interest rate. This is a variable rate that is subject to change.
The interest is calculated daily and will be paid into your account once monthly.
No minimum balance required
You are not required to maintain a minimum balance to keep the account active or to earn interest.
Apply as an individual or company
You must have an self-managed superannuation fund (SMSF) in order to open SMSF Saver S40 account. You can apply as an individual as trustee or as company as trustee.
Individuals as trustees must have at least two, but no more than four trustees. When a company is the trustee there must be at least one director or up to four.
BankVic is a mutual bank, with membership limited to police officers, emergency responders and other Australians in the public service industry. You may also apply for membership if you are a family member of an eligible person or you live within five kilometres of a branch.
Flexible access to funds
You can make deposits and withdrawals from the account at a branch, over the phone or online. Direct debits and credits may be set up along with BPAY.
- Interest calculated daily and paid monthly
- Unlimited deposit
- Online access
- Not required to maintain a minimum balance
- Australian resident
What you’ll need to know before applying
In order to be eligible to apply for the SMSF Saver Account from BankVic you will need to have a SMSF and be a BankVic member. Applications can be found online which will need be brought or mailed to a branch after completion. Alternately, you can call BankVic and apply over the phone.
Eligibility to apply online
- Minimum age. Applicants need to be at least 18 years of age for the BankVic SMSF Saver S40.
- Residency requirements. You must be a legal resident of Australia or citizen in order for your application to be accepted.
- Depository requirements. No minimum deposit is required, but if you are also applying to become a member of BankVic you will need to purchase ten, $1 shares. If there is more than one individual trustee on record for the SMSF, each one is required to be a member of BankVic before the account can be opened.
Documentation for your application
- Tax file number. While it is never obligatory to provide your tax file number (TFN) when applying for a savings account, it is recommended in order to avoid having deductions made from your interest earnings at the highest marginal rate.
- Identification. BankVic requires that you present either your passport or driver’s licence.
- SMSF. A certified copy of the SMSF Trust Schedule that outlines the name of the fund, the names and roles of trust participants and a certified copy of the signed executed deed.
- Corporate trustees. If yours is a corporate SMSF you must also provide a certified copy of the company registration and a company search. In this case, only one director need to be a member of BankVic in order to open the account, although any other directors will still need to provide proof of identity.
What happens after I've submitted the application?
Once all of the documentation and information submitted has been verified by BankVic, your SMSF account will be activated and you can begin to make deposits to earn interest.