RaboDirect SMSF

RaboDirect SMSF

Maximum Variable Rate

2.95

Standard Variable Rate

2.25

Grow your super fund with a high interest savings account with RaboDirect.

  • Decide where your retirement savings are invested
  • No account keeping fees
  • Introductory variable rate available

Product details

The RaboDirect DIY Super High Interest Savings Account is designed with the investor in mind. This account is made available for a Self Managed Super Fund (SMSF), or DIY Super and Trusts. Allow your super fund to grow by itself while you figure out your next investment.

For two years running, both in 2012 and 2013, the RaboDirect DIY Super High Interest Savings Account has won accolades from the Smart Investor’s Blue Ribbon Awards for Savings Institution of the Year.

Product no longer offered

RaboDirect no longer offer this product as of September 2016. This page is merely for informational purposes.

What are the features of the RaboDirect DIY Super High Interest Savings Account?

  • Interest rates. When you have a balance of $250,000 or less, your funds are earning an interest rate of 2.25% p.a. For balances above that amount, the interest paid is 2.85% p.a. Interest will be calculated daily and applied to your balance each month. This lets you earn interest on your interest earned.
  • Account balance. There is no limit or minimum account balance necessary in order to open and maintain the DIY Super High Interest Savings Account.
  • Accessibility. RaboDirect operates strictly online, giving you access to your account around the clock. However, this does mean that there are no branches for you to visit.
  • Linked accounts. Your everyday bank account will be linked with this high interest savings account, allowing you to easily transfer funds in and out. You can keep your current transaction account where it is, and only trade your SMSF savings.

What fees and charges are payable for this account?

While there are no direct fees to maintain the account, you will incur charges in order for RaboDirect to set up your SMSF for you. You may also be charged for additional services if you opt to allow RaboDirect’s partner, Cavendish, to help with the structure and maintenance of your SMSF:

  • SMSF establishment fee. Once RaboDirect sets up your SMSF, a $695 fee will be deducted right from your account. This is payable once your online application has been completed.
  • New trustee fee. If you decide to establish a new company to act as trustee for the SMSF, Rabodirect will charge a $840 fee. You will be invoiced for this charge when you receive your set up pack. Be prepared to pay this charge by cheque, made payable to RaboDirect’s partner Cavendish. This is an optional charge that will only be applied if you set up a new company.
  • Company maintenance fee. If you do opt to set up a new company, Cavendish will charge you $195 each year to help maintain it. You can have that fee deducted automatically from your RaboDirect account by adding Cavendish to your payee list.
  • SMSF administration. Cavendish is made up of experts in managing SMSF accounts and can assist you with yours. The fee for this service is $240 per month, for a minimum of $2,000 the first year after the account has been established. After this, you will pay a maximum of $2,880 each year to have your SMSF looked after by Cavendish. This is also an optional service and like the company maintenance fee, can be paid directly with the funds you have in your SMSF high interest savings account by setting up Cavendish on your payee list.

Pros

  • Guaranteed interest rate of 4.20% p.a. for fixed period of 5 years
  • Interest paid to a linked Rabodirect account

Cons

  • No access to your money
  • Online bank only - no branch or counter access
  • Minimum of $1000 needed to begin with

How do I apply?

Ensure that you meet the following eligibility requirements laid out by RaboDirect:

  • Age. Applicants must be at least 16 years old to qualify for a savings product from RaboDirect.
  • SMSF information. Applications will be accepted from individuals who are trustees of a SMSF in compliance with SIS legislation.

If you are able to meet the eligibility requirements then click ‘apply now ‘to continue on to the application. You should have the following information available to make filling in the paperwork easier.

  • SMSF trustee information. You will need to provide specific information regarding your SMSF.
  • Personal information. RaboDirect will ask for the full name, birth date and current address of the applicant.

Consider your needs when comparing this account with other banks to make sure that you are comfortable with this unique set-up.

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