The UBank USaver SMSF is a savings account for your self managed super fund. This no fee account provides an incentive to continue saving, there are no withdrawal restrictions but you get bonus interest when you make no withdrawals each month.
What are the features of the UBank USaver SMSF?
- Standard interest. The base variable rate of interest is 1.66% p.a. Interest is calculated daily and paid to your USaver SMSF account monthly.
- Bonus interest. Earn bonus interest on top of the base variable rate of interest when you don’t make any withdrawals. You can make withdrawals between this account and other UBank Term Deposit accounts and still earn the bonus interest rate.
- Fees. There is no application fee or monthly account service fees.
- Internet banking. Make payments, view your account balance, interest earned, account statements and link other accounts to the USaver SMSF account when you register for UBank online banking.
- Linked bank account. Link another account to the UBank USaver SMSF account so you can make one-off payments from an account with another Australian bank account or automatic payments when you set up an Automatic Savings Plan.
- Automatic Savings Plan. Make recurring direct debit payments to your UBank USaver Account from a linked transaction account. You need to verify your transaction account from UBank’s online banking facility to link it to the UBank USaver SMSF account.
- Electronic funds transfers. Make one off payments from non-UBank accounts using your UBank USaver SMSF BSB and account number.
- BPAY. Make BPAY payments to your USaver SMSF account using the UBank BPAY biller code and your USaver SMSF account number.
- Alerts. Get email, SMS or mail notifications when withdrawals or deposits are made to and from this account.
- Multiple accounts. You can hold up to 10 UBank USaver SMSF accounts at a time.
- Minimum and maximum balances. This account does not have a minimum balance requirement, the maximum account balance is $5 million per customer held across one or more UBank USaver SMSF accounts.
- Secure. UBank is backed by NAB, one of Australia’s Big 4 financial institutions.
- Flexibility to transfer funds to any Australian bank account
- Easy online application process
- No fees
- Available for SMSFs only
How do I apply for the UBank USaver SMSF?
Visit the UBank website to start an online application for the UBank USaver SMSF account. The application is secure and can be completed in under 15 minutes.
You must meet these eligibility requirements if you wish to apply for this account.
- Minimum age. You must be over 18 to apply for this account.
- Residency requirements. You must have an Australian residential and postal address.
- Minimum deposit. There is no minimum deposit required to open the UBank USaver SMSF.
- Compliant SMSF. You must be a trustee of a SMSF. You must apply with another trustee if you’re applying for this account as individuals. If you’re opening this account in the name of a company, the company must have 2 or less directors.
Provide your personal and contact details to UBank when you apply.
- Personal information. Enter your name, address, date of birth, email address and landline or mobile phone number.
- SMSF information. Provide your SMSF name and the fund Australian Business Number (ABN) or Australian Company Number (ACN).
- Identification. Verify your identity with UBank to apply for the USaver SMSF account by entering your passport number or your drivers licence number. Verify your SMSF with UBank by providing certified pages of the trust deed or ATO notice displaying the name and members of the SMSF.
- Tax. Pay as you go withholding tax will be deducted from your interest earnings at the marginal rate if you don’t provide your Tax FIle Number (TFN) or TFN exemption code to UBank.
Once your application is approved, Bankwest will give you your account and BSB number so you can make deposits to the UBank USaver SMSF account right away.