If you’re the trustee of an SMSF and you’re looking for a safe and effective way to grow your savings, a RaboDirect Notice Saver Account is well worth a look. Available to SMSFs, the RaboDirect Notice Saver SMSF (31 days) offers a competitive variable interest rate on your savings balance. In order to access this high rate, you need to be willing to provide 31 days advance notice before withdrawing any funds.
The features of the RaboDirect Notice Saver SMSF (31 days)
The RaboDirect Notice Saver SMSF (31 days) offers the following attractive features to SMSF applicants:
Earn up to 2.25% p.a. Interest
The RaboDirect Notice Saver SMSf (31 days) is available with a competitive variable interest rate of 2.25% p.a. for maximum earning power on your SMSF. The interest rate varies based on the notice period you select and on the balance in your account.
31 days notice period
If you want to withdraw money from your Notice Saver SMSF (31 days) account, you’ll need to give the bank 31 days notice before you can access any funds. RaboDirect allows you to choose one of three notice periods: 31, 60 or 90 days.
There are no ongoing account-keeping fees on the RaboDirect Notice Saver SMSF (31 days), allowing you to build a bigger savings balance as quickly as possible.
Top up your account
Unlike a term deposit, which locks your money away, this account allows you to deposit money into your account whenever you wish.
It’s simple and convenient to keep track of your Notice Saver Account using RaboDirect’s online banking platform and mobile banking app.
- There is $0 account keeping fees
- Unlimited deposits for your account
- Must give 31 days notice to access funds
What you’ll need to know before applying
If you think the RaboDirect Notice Saver SMSF (31 days) could be the ideal savings solution for your SMSF, you'll need the following information for your application. In addition, when you apply you automatically open a RaboDirect fee-free High Interest Savings Account to help manage your savings.
To apply for a Notice Saver Account for an SMSF, you must meet the following eligibility requirements:
- Be registered. Your SMSF must be currently registered in Australia and have an Australian Business Number (ABN) for tax purposes.
- Have a bank account. Your SMSF must have a bank account in its name with another financial institution.
- Age and residency requirements. You, the authorised signatory, must be at least 16 years of age and an Australian resident for tax purposes.
During the application process, you will need to provide the following information:
- Authorised signatory details. You must provide your name, address, date of birth and contact information.
- SMSF details. Provide the name, ABN and tax file number of the SMSF.
- Existing bank account details. You will need to supply the Bank State Branch(BSB) and account number of an existing account your DIY super fund holds with another financial institution.
- Notice period. Choose a notice period of 31, 60 or 90 days.
If you want a savings account that offers competitive interest rates and the ability to top up your balance whenever you want, the RaboDirect Notice Saver is worth considering.