ING SMSF Cash

ING SMSF Cash

Maximum Variable Rate

2.40

Standard Variable Rate

1.50
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ING can help you invest your DIY cash with a bonus rate for an introductory period.

  • Variable, introductory rate of 2.40% p.a. for 6 months (conditions apply)
  • Earn a competitive interest rate for your SMSF Cash
  • $0 Account keeping fees
  • No minimum balance

Product details

The SMSF Cash account from ING offers a competitive interest rate on the extra cash from your DIY super. Linked to your ING 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.

Product Name
ING SMSF Cash
Maximum Variable Rate
2.40% p.a.
Standard Variable Rate
1.50% p.a.
Bonus Variable Rate
0.90% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
6 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Maximum Deposit
$1,000,000
Joint application?
Yes
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 ING 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 offers you, and compare them with what you find at other banks.

$0 Monthly fees

ING 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 Business Optimiser

SMSF Cash uses ING 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 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.

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Pros

  • SMSF compatible
  • Balances up to $1000000
  • $0 minimum balance
  • $0 ongoing fees

Cons

  • Interest rate drops sharply after the introductory period

How do I apply for the ING DIY Super Cash account?

You will be applying for the Business Optimiser Account if you want ING 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 will be able to withhold the correct tax amount from your interest earnings.
  • Identification. ING 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 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.

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4 Responses

  1. Default Gravatar
    SuzJune 14, 2016

    Is this product better than 6 month term?

    • Staff
      MayJune 16, 2016Staff

      Hi Suz,

      Thanks for your inquiry.

      Actually, that depends on your financial goals and future financial plans, when you open ING DIRECT DIY Super Cash, you will earn a maximum variable interest rate of 3.75% p.a. for the first six months, which applies to balances of less than $1 million. After the introductory interest bonus period of months, your account will revert and earn a standard rate of 2.75%.

      This account also allows you to make deposits and withdrawals through your linked account at any time.

      I hope this has helped.

      Cheers,
      May

  2. Default Gravatar
    April 21, 2016

    Hi
    I want to set up a ING Cash account for my SMSF I understand that I set up a Business Optimiser account (In the name of the SMSF) and receive 3% fixed for 6 months is this correct?
    Thank you

    • Staff
      ShirleyApril 22, 2016Staff

      Hi Tracey,

      Thanks for your question.

      You can open a ING Direct Living Super term deposit option without a business optimiser. At the time of writing, the rate is 3.10% for 6 months.

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