St.George offers an online investment account for your Self Managed Super Fund (SMSF) that rewards your balance with bonus interest just for signing up. There are no fees to pay for transactions and transfers, giving you the opportunity to keep your money safe and sound, or take on investment opportunities that come your way. This is an account type that can structure your financial future, making it essential that you compare your options before making any commitment.
You can set up an Automatic Super Contribution Plan for ongoing contributions.
What are the features of the St.George Bank DIY Super Saver?
There is a lot to consider when looking at an account that is going to help you manage your SMSF. Compare these features that St.George Bank provides with what you can find at other banks with similar savings accounts:
- Monthly fees. There are no monthly service fees for the DIY Super Saver.
- Interest rate. The base interest rate for this account is variable and at a competitive rate.
- Bonus interest. For the first 4 months after the account has been opened you will receive a fixed bonus interest on top of the base interest rate. Once that time period expires, the rate will revert to the
- Accessibility. This is an online account, giving you access over the internet or by phone.
- Linked account. 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.
- Transaction fees. 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.
- Direct credit. You can set up to have contributions made into your DIY Super Saver account automatically.
- Balance requirements. There is no monthly balance requirement that has to be met with this account.
- Currency conversion. 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.
- $0 minimum monthly balance
- $0 opening balance required
- $0 monthly service fee to pay
- Can be used for Superannuation
- Available for businesses only
How do I apply for the St.George Bank DIY Super Saver?
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.
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.