With RaboDirect you can expand your opportunities for retirement with specialised products and services for your Self-Managed Super Fund (SMSF) needs. If you're considering setting up an SMSF or already manage an SMSF or Trust, this account could help grow your funds securely.
What are the features of the RaboDirect SMSF?
Retirement may be just around the corner for you, causing you to consider how you will manage your finances. The features that RaboDirect offers with their SMSF accounts can assist you in securing your financial future after you stop working but should be compared with other investment plans found with Australian banks to help you decide where you will be getting the most value for your money:
Specialised products to help you reach your goals
RaboDirect has a range of specialised savings products to suit any investment style. This includes a high interest savings account with a bonus introductory interest rate for your money.
- High Interest Savings Account. This account acts as your SMSF savings hub and will allow you to easily access your money. As interest on this account is variable, it's important to note that it my change in line with the RBA cash rate.
- Notice Saver. Allows you to earn a competitive rate of interest while still being able to add to the balance and give notice when you want to withdraw without incurring any fees.
- Term Deposit. A low risk, fixed rate investment that locks your money into the account until your chosen terms reach maturity.
- Premium Saver. Encourages you to add to your SMSF regularly by rewarding you with higher interest when you make regular monthly deposits.
No account keeping fees
Nil, leaving you more funds for retirement.
Setting up an SMSF
RaboDirect can also assist you in starting your SMSF, at a low cost and with the option of adjusting the level of support you need as your experience grows. This will give you access to all of the savings products mentioned above.
Competitive interest rates available
The interest rates will vary depending on the accounts you are investing your money in, but all are at a competitive rate relative to the particular product.
Flexible options for interest payments
To where and how often interest payments are made is dependent on the type of account you choose.
Must have a nominated account
RaboDirect customers are required to have a separate banking account with another Australian financial institution.
- No monthly account keeping fee
- Special introductory bonus rate
- A cash investment solution for your SMSF
- Compliance restrictions apply
How do I apply for the RaboDirect SMSF?
The application process and details may vary slightly depending on whether you are setting up an SMSF for the first time, or choosing an account that will help your existing one grow. In either case, you can apply online beginning by clicking “Go to Site”. There are some eligibility requirements consistent for any circumstance that you should be aware of before getting started:
Eligibility to apply online
- Minimum age. Applicants must be at least 18 years of age.
- Residency requirements. The range of SMSF products offered by RaboDirect is only available for Australian residents with residential addresses.
- Depository requirements. The amount required as an opening deposit is dependent on the type of accounts you are planning to open.
Documentation for your online application
You are also going to need to provide information that can be found in the following documentation in order to complete the application in its entirety:
- Tax file number. RaboDirect recommends providing the tax file number (TFN) or exemption of the super fund in order for them to correctly apply withholding tax on your interest earnings.
- Identification. Your passport, driver’s licence or Medicare card will contain information that can help to verify your identity.
- Account number. If applying for an existing SMSF you will need the BSB and account number for an existing bank account in Australia in the name of the super fund.
- ABN. The Australian Business Number (ABN) for an existing super fund will also be required.
What happens after I apply?
Once your SMSF has been set up with RaboDirect, you will be able to take advantage of their financial services and invest your funds wisely to get the maximum return.