The SMSF Cash account from ING DIRECT offers a competitive interest rate on the extra cash from your DIY super. Linked to their Business Optimiser Account, you can move your money to the investments that you find give you the best returns. You don’t have to worry with paying fees, meeting terms, or even maintaining a certain balance.
What are the features of the ING DIRECT SMSF Cash account?
Australians who are planning their financial future with a DIY Super Fund have a lot to think about when choosing its home base. Look carefully at the features that ING DIRECT offers you, and compare them with what you find at other banks:
- Monthly fees. ING DIRECT will not deduct any monthly fees from your savings.
- Interest rate. The balance in your account is boosted by a variable competitive interest rate.
- Introductory bonus. New customers will receive a variable bonus interest on top of the standard for the first six months after opening the account. This only applies to balances of less than $1 million.
- Business Optimiser. SMSF Cash uses ING DIRECT’s Business Optimiser account as the hub for the cash component of your SMSF. This allows for up to four people to access the account using mobile, online or phone banking.
- Linked account. You must nominate an outside bank account that is also a business account in the same name with another Australian financial institution. This linked account must have a BSB and account number.
- Minimum balance. There is no minimum balance requirement for this account.
- Direct credit. You are permitted to set up direct credits into the account from your nominated account.
- Accessibility. You can make deposits and withdrawals through your linked account using internet or phone banking at any time. You are also permitted to make a deposit using a cheque.
- SMSF compatible
- Balances up to $1000000
- $0 minimum balance
- 0 ongoing fees
- Interest rate drops sharply after the introductory period
How do I apply for the ING DIRECT DIY Super Cash account?
You will be applying for the Business Optimiser Account if you want ING DIRECT to help you manage your excess DIY Super Cash. Access the online application now by clicking “Go to Site” after you have confirmed that you meet the eligibility requirements:
- Minimum age. The minimum age required for this account is 18 years old.
- Residency requirements. You must be an Australian resident for tax purposes, and your business must be registered within Australian.
- Depository requirements. There is no minimum deposit required in order to open this account.
When applying for this account online it would also be helpful if you were to have the following documentation readily available. This will enable you to fill out the application quickly and with accuracy:
- Tax file number. With your tax file number (TFN) or exemption code entered, ING DIRECT will be able to withhold the correct tax amount from your interest earnings.
- Identification. ING DIRECT will make every effort to verify your identity electronically using information from your driver’s licence, passport or Medicare card.
- Linked account information. You will also need to be able to provide an account number for a business account held by an Australian financial institution. This will serve as the account you use to make transfers of your DIY super funds.
Once ING DIRECT has received your application and confirmed the details, they will issue you a Business Optimiser account. You can then begin transferring the cash portion of your SMSF into the account in order to start earning an interest income.