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Our verdict

Put the cash portion of your super to work in a flexible savings account with a competitive rate of interest.

BankVic is a recognised financial institution, which ensures that funds of up to $250,000 are guaranteed as per the Australian Government Guarantee Scheme.

Pros

Interest calculated daily and paid monthly
Unlimited deposit
Online access
Not required to maintain a minimum balance

Cons

Australian resident

Aimed at those who manage their own superannuation fund, the BankVic SMSF Saver offers a high interest rate for the cash portion of your SMSF balance. Your balance will earn an ongoing, variable rate of 2.25% and there are no account keeping fees to pay.

Details

Key details

Product Name	BankVic SMSF Saver
Maximum Variable Rate	2.25% p.a.
Standard Variable Rate	2.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

No account management fees

There are no account keeping or management fees charged to you with the SMSF Saver.

A competitive interest rate of 2.25%

On all portions of your balance up to $5,000,000 you will earn a competitive interest rate of 2.25%. This is a variable rate that is subject to change.

Interest calculated daily

The interest is calculated daily and will be paid into your account 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 the Bank Vic SMSF Saver account. You can apply as an individual trustee or as company as trustee.

Flexible access to funds

You can make unlimited deposits and withdrawals from the account at a branch, over the phone or online via Internet banking. Direct debits and credits may be set up along with BPAY.

How to apply

Before you apply for this account, check you meet the eligibility criteria and have the necessary documents handy.

Eligibility

Minimum age. Applicants need to be at least 18 years of age.
Residency requirements. You must be a legal resident of Australia or an Australian 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 needed

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 needs 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 submit my 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.

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Alison Finder

Editor

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BankVic SMSF Saver