The SMSF Cash account from ING DIRECT offers a competitive interest rate on the extra cash from your DIY super. Linked to your ING DIRECT 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.
Get up to 2.40% for the first 6 months. Available for new customers, for balances up to $1,000,000.
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.
$0 Monthly fees
ING DIRECT will not deduct any monthly fees from your savings.
Introductory, variable bonus rate of 2.40% for the first 6 months
Available for new customers, for balances up to $1,000,000.
How is my interest rate calculated?
The balance in your account is boosted by a variable competitive interest rate.
ING DIRECT 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.
Can link to an external Australia business transaction 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. Compare other ING Direct products.
No minimum balance required
There is no minimum balance requirement for this account.
Direct credit available
You are permitted to set up direct credits into the account from your nominated account.
How do I access my account?
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.
Confirm 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.
Documentation for your online application
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.
What happens after I submit the application?
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.