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Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Finding the best bank account for your SMSF involves a process of clarifying what your banking needs are and comparing similar products available in Australia until you narrow down the choice for the best one for your individual needs. Savvy can help make this journey easier by presenting you with clear comparison information side-by-side so your choice of SMSF bank accounts is made easier.
The features you should compare with self-managed super fund (SMSF) bank accounts will depend on what you need your account for and what your priorities are. For SMSF accounts, the features to consider include:
Will the account allow access by multiple fund members so everyone can easily access it and make contributions? Your financial advisor, accountant and auditor will also require access to the account, so make sure your institution’s rules and regulations allow access to the account by non-fund members.
Naturally, you’ll want to minimise the fees and charges you’ll have to pay to open and maintain your account. The best such funds offer no monthly account-keeping fees and no minimum deposit requirements for everyday transaction accounts. More expensive accounts come with account fees of between $5 and $10 per month and can charge to provide paper statements which you may need to give to your accountant or auditor. If you’re looking at depositing account funds into a professionally managed super investment fund, take careful note of the entry and exit fees and any annual fees charged, as such charges can eat into your profits and become very costly.
Read the account’s terms and conditions carefully to make sure you’ll be able to comply with any specified conditions. Are there minimum deposit requirements in order to earn additional interest? Are there specifications that you need to carry out a certain number of transactions per month to receive interest? Is there a requirement for ongoing or regular monthly deposits? Do you need to give a certain amount of notice to withdraw funds? Check what the account’s conditions are before opening your bank account.
Think about which other accounts or accounting systems your account needs to be compatible with. Can you link it to your existing credit card if necessary? Is a linked account with the same institution required? Some banks have linked Visa cards, while others use Mastercard or American Express, so check that your new account is compatible with your existing credit card. Ask your accountant or financial advisor which accounting packages they may use and check that your account can be configured to directly feed information to the systems which are already in use to make life easier.
The interest rate you’re offered on a SMSF saving account is of paramount importance. Even a small difference in the interest rate can mean the difference of thousands, if not tens of thousands of dollars. For example, $200,000 invested at 2% p.a. would earn $44,240 in ten years. If the interest rate were 2.8% p.a., though, the interest earned over the same period would be $64,540.
However, even though transaction accounts don’t usually earn interest (as that isn’t their main purpose), there are SMSF accounts which can be thought of as hybrid savings and transaction accounts. Such accounts are designed to make everyday transactions easy, but they also pay interest on the fund balance. If your SMSF transaction account is rarely used in a year, consider one of these hybrid accounts so you can earn even a small amount of interest on the funds sitting in this account.
Before deciding to open a SMSF account for whatever purpose, look at the features which are offered, and decide which account features are important for your fund’s needs. Once you’ve familiarised yourself with the different features available, compare accounts with Savvy before deciding which is the best one for your SMSF.
You may need several SMSF bank accounts for different fund purposes; for example, one may be for earning a high level of interest, another could be required to carry out everyday transactions and perhaps a third for investing. You may need yet another account linked to your SMSF share trading account if your fund actively invests in shares. It’s important to assess your goals prior to opening your accounts so you can know exactly what you need.
It’s a legal requirement for all SMSFs to have a dedicated bank account. It’s also compulsory to have your SMSF audited each year, so a dedicated bank account will assist your auditor to understand exactly how fund money has been spent. These legal SMSF requirements are policed by the ATO and serious penalties exist for non-compliance with the detailed legislation which applies to SMSFs.
It isn’t a requirement for each SMSF member to have a separate bank account, though. Therefore, having a joint transaction account for your SMSF makes sense, as it reduces bank fees and allows all fund members to access and view the fund’s accounts.
Our comparison service is free to use, meaning you can compare bank account offers at any time.
You can compare accounts and choose to open one online from wherever you are, at home or on the go.
By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
