If you’re the trustee of a 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 as well as personal and business customers, the RaboDirect Notice Saver offers a competitive variable interest rate on your savings balance. In order to access this high rate, you need to be willing to provide advance notice before withdrawing any funds – you can choose from notice periods of 31, 60 or 90 days, and the interest rate you receive depends on the option you select.
The features of the RaboDirect Notice Saver (SMSF)
The RaboDirect Notice Saver offers the following attractive features to SMSF applicants:
Competitive variable rates
The RaboDirect Notice Saver is available with a competitive variable interest rate 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.
Choice of notice periods
RaboDirect allows you to choose one of three notice periods: 31, 60 or 90 days. If you want to withdraw money from your account, you’ll need to notify the bank and then wait for your chosen notice period to elapse before you can access any funds.
There are no ongoing account-keeping fees on the RaboDirect Notice Saver, 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, a RaboDirect Notice Saver 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 fee
- Unlimited deposits for your account
What you’ll need to know before applying
If you think the RaboDirect Notice Saver could be the ideal savings solution for your SMSF, you'll need the following information for your application.
In addition, when you apply for a RaboDirect Notice Saver, you automatically open a 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.