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Our verdict

With IMB, there’s no need for an investor to lock their money away in order to see a return on their cash.

Look closely at the details of the DIY Super if you need a banking solution for when you're in between investment options.

Pros

$0 monthly account keeping fee
Unlimited free internet, mobile and phone banking

Cons

Only available for SMSFs

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.

Details

Key details

Product Name	IMB DIY Super
Maximum Variable Rate	2.40% p.a.
Standard Variable Rate	2.40% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Ongoing variable rate of 2.4% p.a.

This account offers an ongoing variable rate of 2.4% p.a. on balances $5,000 or above.

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.

Compare more products from IMB Bank.

Launch savings calculator

How to apply

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

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 needed

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 submit my application?

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.

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Luke

October 03, 2023

What is the policy on crypto currency and purchasing with smsf

Elizabeth Barry Finder

October 05, 2023

Hi Luke,

There is no specific policy around this in the product disclosure statement or target market determination but IMB specifies that the account may only be used to deposit funds and make transactions using the funds to operate the SMSF. It is also under the discretion of IMB whether it accepts a deposit into the account.

If you have specific questions about types of transactions, such as crypto, it would be best to direct these to IMB directly.

Thanks,

Elizabeth

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Angela Cramp

November 22, 2021

What is the best available offer for a corporate trustee bank account and for the SMSF

Alison Banney Finder

November 27, 2021

Hi Angela,

If you’re referring to the highest interest rate IMB DIY Super can offer, it’s 0.5% p.a. This introductory bonus interest on top of the base rate is available to new account holders with a balance of $5,000 or above for the first 4 months upon account activation. It’s worth noting that the variable interest rate may change following the RBA Cash Rate.

I hope this helps!

Thanks,

Alison