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An SMSF term deposit works the same way as normal term deposit , however they're designed specifically for self-managed super funds, not everyday individual customers.
An SMSF term deposit allows you to invest a sum of money for a fixed period of time. You're unable to access the money for the duration of the term - you can choose to invest anywhere from 3 months to 5 years. During that time, the money earns a fixed interest rate with interest paid monthly, quarterly or at the end of the term.
Expert insight
"In the same way that you have a savings account for 'present you' where it's earning the current cash rate, you might want to have an equivalent for 'future you'. That's all that an SMSF term deposit is; a chance to have your superannuation monies invested in cash, as opposed to other asset classes such as shares and property. If you've recently sold an asset within your SMSF, and are thinking about where to invest next, an SMSF term deposit is a good idea so that your money continues to work hard for you."
SMSF term deposits offer a fixed interest rate. This means the the interest rate will be locked in for the life of the term. This is different to savings accounts, which offer a variable interest rate and can change at any time with little notice.
A fixed interest rate can be both a good and bad thing. If interest rates are falling while you've already locked in a fixed rate it's good, as your rate won't fall. However if interest rates are rising, you'll be stuck with your lower fixed rate until the term deposit matures.
You'll usually get a higher interest rate on longer terms of a few years, and sometimes you'll get a better rate for larger deposits too.
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How to apply for an SMSF term deposit
Firstly, you'll need to be a member of a complying SMSF. This means you'll need to be part of an SMSF with individuals as the fund trustees, or where a company is the trustee and each fund member is a director of that company. If you're not applying through your SMSF and instead as a personal customer you can open a regular term deposit instead.
Some banks will also place limits on the number of trustees a fund can have. For example, to be eligible to open a Ubank SMSF term deposit you will need to be a member of an SMSF with a maximum of 2 individual trustees or a corporate trustee with no more than 2 directors.
Steps to apply for an SMSF term deposit
The exact application process for an SMSF term deposit varies depending on the financial institution. However, you will generally need to complete the following steps:
Download an application form. Forms are available from the financial institution's website.
Check that your fund is eligible. Check the application form to ensure your SMSF is eligible.
Select the type of SMSF. Specify whether your SMSF has individual trustees or a corporate trustee.
Provide SMSF details. Enter your fund name and ABN if it has individual trustees, or the ABN and/or ACN of the corporate trustee. The names of individual trustees will also be required.
Provide opening deposit details. Specify the amount you will deposit in the account and where the funds will come from; for example, a linked account or a bank cheque.
Provide details of authorised account users. Supply the names, positions, addresses and contact details of each authorised account user. All individual trustees must be authorised to use the account, while in the case of a company trustee, a minimum of two directors OR a director and a company secretary must be authorised users.
Sign the application. If your fund has individual trustees, each trustee will need to sign the application. If there is a corporate trustee, at least two directors will typically need to sign.
Submit your application. Submit your application form online along with any required supporting documentation.
Documents you'll need when opening an SMSF term deposit
For SMSFs with individual trustees you will need to provide a certified copy of the relevant sections of the SMSF trust deed that clearly state:
The name of your super fund
The individuals listed in the application as the fund members and trustees
If the trustee of your SMSF is a company, your bank will need certified copies of the sections of the SMSF trust deed that identify the corporate entity as the trustee and the individuals listed as members.
Finally, remember that you will need to supply the details of each person authorised to use the account, including:
Their full name
Their address and contact details
Their date of birth
A certified copy of photo ID
Benefits of an SMSF term deposit
Term deposits provide a fixed interest rate and fixed rate of return
Your deposit up to $250,000 is covered by the government's bank guarantee scheme
Due to the fixed rate, term deposits are protected by any major market falls
You can choose how often you want to receive interest payments
SMSF term deposits are quick and easy to open
No ongoing deposit requirements to meet, unlike savings accounts
Why should I invest in an SMSF term deposit?
Your SMSF isn't required to invest any money at all in an SMSF term deposit, but you might decide it's a good fit within your wider SMSF investment strategy to do so.
Depending on your fund's strategy, you'll likely have a portion of your investment allocated towards defensive or lower risk assets with term deposits a very popular choice.
As of September 2024, SMSFs had $161 million invested in cash and term deposits. In comparison, there was $166 million invested into property - so a very similar amount.
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Frequently asked questions
Yes, if you have an SMSF you have the freedom to invest how you'd like.
If you don't have an SMSF you can't invest your super directly into a standalone term deposit of your choice. You can, however, choose to invest your super in a cash investment option which would include fixed interest products like term deposits.
No, you don't need to be a member of a self-managed super fund to open a term deposit. If you want to open a term deposit account you can do so by opening a standard term deposit account instead of a dedicated SMSF term deposit.
Term deposits are a popular investment choice for individuals as well as SMSFs because they offer a fixed, reliable return on your money.
There isn't a limit around how much your SMSF can invest into one particular asset such as a term deposit. However, each term deposit will have an investment limit set by the bank. If you reach the limit with one bank, you could invest additional SMS funds into another term deposit with a different bank.
Yes, the money you invest in a term deposit (either as a personal customer or SMSF) is covered by the Financial Claims Scheme. This means your deposit up to $250,000 is protected.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards.
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I want to invest $1,000,000 from my SMSF in a term deposit.
Please advise what I need to do.
Regards
Minh
Finder
AlisonJuly 13, 2023Finder
Hi Minh, you’ll need to choose a term deposit and complete the online application process to open the account. Once you’ve chosen a term deposit, you can also reach out to the bank directly for assistance with opening the account if you need.
SandraJune 3, 2023
Looking to either do a term deposit or SMSF from a inheritance I received which would be better growth and tax wise? Still working full-time with 6yrs to retirement…thoughts please.
Finder
AlisonJune 5, 2023Finder
Hi Sandra, Finder is a comparison site and we’re not licensed to offer you any personal financial advice. We’d recommend speaking with a financial adviser to get personal advice based on your situation.
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I want to invest $1,000,000 from my SMSF in a term deposit.
Please advise what I need to do.
Regards
Minh
Hi Minh, you’ll need to choose a term deposit and complete the online application process to open the account. Once you’ve chosen a term deposit, you can also reach out to the bank directly for assistance with opening the account if you need.
Looking to either do a term deposit or SMSF from a inheritance I received which would be better growth and tax wise? Still working full-time with 6yrs to retirement…thoughts please.
Hi Sandra, Finder is a comparison site and we’re not licensed to offer you any personal financial advice. We’d recommend speaking with a financial adviser to get personal advice based on your situation.