Product details
Designed specifically to help with a self-managed super fund (SMSF), the DIY Super Account is an interest earning hub where you are permitted to access your savings. This flexible investment account doubles as a transaction account, making it easy to move your SMSF money around when you need to.
Look closely at the details of the DIY Super if you need a banking solution for when in between investment options.
- Product Name
- IMB DIY Super
- Maximum Variable Rate
- 2.15% p.a.
- Standard Variable Rate
- 1.40% p.a.
- Bonus Variable Rate
- 0.75% p.a.
- Introductory / Bonus Offer Conditions
- Introductory rate is valid for the first 4 interest payments for new accounts from balances of at least $5,000.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $1
- Minimum monthly deposit for bonus interest rate
- $0
- Introductory Interest Period
- 4 month(s)
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- No
- Minimum Age Requirement
- 18
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the IMB DIY Super?
Flexibility and ease of transactions is an important part of an investment hub. Be sure that you compare the features of this type of banking product between a number of Australian banks before you decide which one is the best match for your style of investing:
Introductory bonus interest of 2.15% for the first 4 months
New account holders will receive an introductory bonus interest on top of the base rate for the first 4 months after the account has been activated.
Availability
This account is meant to be used by registered SMSFs only. It cannot be used for personal or domestic purposes.
Monthly account keeping fees
You will not be charged a monthly account keeping fee with the DIY Super.
Transaction types
You can access your account for free using Internet, mobile and automated phone banking. Other access methods such as a cheque facility and branch banking are allowed but will count towards your member transaction allowance.
Member transaction allowances
The dollar amount of your transaction allowances is dependent on your length of time as an IMB member and the sum of the average daily balance for all of your accounts held with them each month.
Interest rates
A variable interest rate is paid on balances of over $5,000. The variable interest rate may move in line with the RBA Cash Rate.
Interest calculation
Interest is calculated on the daily balance and paid into your DIY Super Account monthly.
IMB Alerts
This feature works in sync with your mobile phone, sending you SMS text messages regarding certain activities on the account. For each message sent you will be charged $0.25.
Mobile banking
IMB has updated their mobile app, allowing you to check balances, make transfers, use BPAY and find the nearest branch from your phone. This feature is available for download at the App Store and Google Play.
Pros
- $0 monthly account keeping fee
- Unlimited free internet, mobile and phone banking
Cons
- Only available for SMSFs
How do I apply for the IMB DIY Super?
If you find that the DIY Super will help you with your investment goals, you will need to speak with a representative from IMB in order to start your application. There is no need to apply for membership first, as this will be a part of your banking account application.
Eligibility to apply
There are other eligibility requirements that you will be asked to meet such as:
- Minimum age. There is no minimum age stipulation stated by IMB, but if you are under 18 you should check with a representative before continuing with an application.
- Residency requirements. IMB is expanding, but as of this time membership and account holding is only available to Australian residents living in Victoria, Queensland, South Australia, and The Australian Capital Territory.
- Depository requirements. You must open this account with at least one dollar, but remember that your investment money does not earn interest unless your balance is above $5,000.
Documentation required
Along with ensuring that you meet the eligibility requirements you should have the following documentation with you in order to facilitate filling out the application forms:
- Tax file number. With interest earning accounts like this one, providing your tax file number (TFN) or exemption code helps to ensure that you are not being charged to much withholding tax on your earnings.
- Identification. IMB is required to first verify your identity which is typically done by using a photo ID like your passport, driver’s licence or Medicare card.
- Superannuation fund information. This account is only meant for use by an SMSF. You will need to be able to provide details about the SMSF including the registration number.
What happens after I apply?
You will be given your account number and instructions on how to access it once IMB has been able to confirm the information given on your application. Once activated, move your excess SMSF funds into the new account so that you can begin earning interest on that money.
