Compare the range of accounts RaboDirect offers for established self-managed superannuation funds.
RaboDirect offers a number of savings accounts and term deposits specifically for established SMSFs, giving your fund easy and flexible access to your money with competitive interest rates. Learn more about the different accounts available and compare your options on this page.
If you’re looking for a savings account for personal use, take a look at the accounts RaboDirect offer for personal customers instead in this guide here.
Awards that RaboDirect has earned
- Smart Investor Blue Ribbon Awards: Online Bank of the Year 2015
- Smart Investor Blue Ribbon Awards: Best Term Deposit 2014 and 2015
- Money Best of the Best Awards: Best Savings Accounts 2017 and 2018
Who is RaboDirect?
Operating entirely online, RaboDirect is a part of the Dutch Rabobank Group. Founded in 1898, they are now one of the world’s largest financial institutions with over 1,000 branches in more than 40 countries. Despite the worldwide connection, RaboDirect is still an Australian financial institution, with balances of up to $250,000 guaranteed by the government.
RaboDirect accounts focus on helping Australians grow their wealth through a number of different types of savings products. It offers savings accounts for personal use as well as for SMSFs.
What’s Internet banking like for RaboDirect?
With the RaboDirect Internet Banking platform you can view your account balance and transaction histories for the last 18 months. You can use this platform to make payments to your linked account. The website uses the latest in technology to keep all transmitted data safe.
To access Internet Banking on your desktop, you'll need your DigiPass.
To set up the mobile banking app you need to login through your DigiPass. After you've initially set it up then you can simply use your five-digit pin to access mobile banking for future use, and manage your money on the go.
What about the mobile app?Image Source: App Store
|Login page||Account balance||Transfer to your linked account|
What savings accounts and term deposits does RaboDirect offer for SMSFs?
Here’s a snapshot of the different accounts that RaboDirect offers for SMSFs. For more details on the account fees and interest rates, refer to the table above where you can compare the accounts side by side. Additionally, if you’d like more information on any of the accounts, click the “More” button to read our detailed product review.
- High Interest Savings Account SMSF. Put your SMSFs money to work. Boost your savings for four months with a competitive, introductory bonus interest rate. Once that period ends you will still be earning a competitive rate with this fee-free account.
- Premium Saver SMSF. For SMSFs who need some encouragement to save, the Premium Saver offers a bonus rate when you increase your balance by at least $200 each month.
- Notice Saver SMSF (31 days). This account locks your money away and rewards your with a competitive interest rate in exchange for not touching your funds. As an additional incentive to save, your SMSF requires 31 days notice if you wish to access your funds.
- Notice Saver SMSF (60 days). This account is the same as the previous Notice Saver, but you’re required to give 60 days notice to access your funds. However, you are rewarded with a higher rate of interest than the Notice Saver SMSF (31 days).
- Notice Saver SMSF (90 days). This account is the same as the previous Notice Saver, however you’re required to give 90 days notice to access your funds. However, you are rewarded with a higher rate of interest than the Notice Saver SMSF (31 days). These Notice Saver SMSF accounts are effective options for saving your funds.
- Term Deposit SMSF. You can lock your funds away for a term length of a few months to five years. You can’t access your money until the term matures, so it’s a great account to save your SMSF. The longer you lock your money away, the higher interest rate you’ll receive.
Pros and cons of RaboDirect’s savings accounts for SMSFs
- Large variety of savings accounts available for SMSFs
- No account keeping fees charged for any of the SMSF savings accounts
- You can link any Australian bank account to your RaboDircet account
- No physical branches, which can be an issue if your SMSF regularly needs assistance.
How to apply for a RaboDirect savings account for your SMSF
If you think one of the RaboDirect savings accounts could be the ideal savings solution for your SMSF, you'll need the following information for your application.
To apply for one of these SMSF savings accounts, 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 SMSF holds with another financial institution.
- Notice period. If you’re opening one of the Notice Saver accounts, choose a notice period of 31, 60 or 90 days.