St.George Bank DIY Super Saver
There are no monthly service fees for the DIY Super Saver.
The base interest rate for this account is variable and at a competitive rate.
This is an online account, giving you access over the internet or by phone.
You will need to have a St.George Bank transaction account from which you can make your transfers through for your DIY Super Saver. This account will have to be in the same name as your linked transaction account is.
There are no fees for moving your money in and out of the account using phone or internet banking, but there could be fees from your transaction account.
You can set up to have contributions made into your DIY Super Saver account automatically.
There is no monthly balance requirement that has to be met with this account.
If any of your transactions were to require the conversion of foreign currency to the Australian dollar, you will be charged 3% of the Australian dollar amount.
How to apply
If the DIY Super Saver seems like the account that can help you, filling out an application can be done online in just ten minutes by visiting St.George website. There are certain eligibility requirements that you will have to meet before your application will be considered:
- Minimum age. Australians as young as 18 years old can have this account opened in their name.
- Residency requirements. St.George Bank requires that account holders be permanent Australian residents or citizens.
- Depository requirements. You are not required to make a minimum deposit when opening this account.
- SMSF. You must be an individual trustee of an SMSF that is in compliance with the SIS legislation and which has no more than two trustees.
When filling out the application you will also need to provide certain documentation in order for St.George Bank to be able to process it successfully. This includes:
- Tax file number. Your tax file number (TFN) or TFN exemption code is needed in order to ensure that the withholding tax on your interest earnings is correct.
- Identification. If you are not already an existing St.George Bank customer you may need to visit a branch and complete your identity verification using a valid photo id such as your passport or driver's licence. This is required for all signatories named on the account.
- SMSF information. You will to be able to provide the Super Fund name, Australian Business Number (ABN) and (TFN).
- Linked account. If you have a transaction account with St.George already set up you will need to provide the account number when applying. If not, you will be prompted to open one before continuing with the application for the DIY Super Saver.
What happens after I submit my application?
After confirming all of your information, St.George will notify you of your new account details. At that point you may begin making deposits and taking control of your SMSF financial transactions.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
You can set up an Automatic Super Contribution Plan for ongoing contributions.