fbpx

Best SMSF Bank Accounts

Find out where to find the best bank account for your SMSF, what to look for and how to compare funds with Savvy.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 11th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Compare bank accounts

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.

site-logos Up Everyday Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Osko,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 0%
Go to site

Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

More details
site-logos ING Orange Everyday
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
Read review

Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.

More details
site-logos NAB Classic Banking Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • PayId,
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0.01%
Read review

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
site-logos St.George Complete Freedom Account
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $0
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Visa $0 0%
Read review

Get $40 with a new Complete Freedom everyday bank account.

More details
site-logos Westpac Choice
  Monthly Account Fee Features Card Type ATM Fee Interest Rate  
site-logos $5
  • Samsung Pay,
  • Apple Pay,
  • Google Wallet,
Mastercard $0 $0
Read review

Westpac Choice for easy day-to-day banking

More details

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.

How to find the best bank account for your self-managed super fund

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.

What features should I compare when I'm choosing a SMSF bank account?

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:

  • Access

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.

  • Fees and charges

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.

  • Terms and conditions

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.

  • Compatibility

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.

  • Interest

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.

What other factors should I consider before opening my SMSF bank 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.

Why do I need a SMSF bank account?

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.

Types of bank account

Why compare bank accounts with Savvy?

Your frequently asked questions about SMSF bank accounts

Can I claim back the costs of setting up my SMSF?

No – registration costs, bank establishment fees and other costs which may be incurred when setting up a SMSF are regarded as a capital cost and therefore can’t be claimed as a tax deduction.

Is it best to get professional advice to help me set up my SMSF?

Yes – since the legislation surrounding SMSFs is lengthy and complex, it’s worth getting professional advice before setting up your fund.  Some companies specialise in setting up SMSFs and producing all the necessary documents and annual reports to ensure the fund is legally compliant.  Expect to pay from $800 up to over $2,000 per year for such a SMSF service, depending on the state you live in and how involved your SMSF trust structure is.

How many different types of SMSFs are there?

There are two basic types of SMSF, which depend on how many members of the fund there are.  The first is known as a ‘multiple members fund,’ which permits up to four people (or six people after regulation changes on 1 July 2021) to be members of the fund.  They tend to have a corporate trustee structure.  The second type is a ‘single member fund,’ which again can either have a corporate or non-corporate structure, but must have two trustees (the founding member, who must be a trustee, plus another individual or legal entity, who is not a member of the fund).

Are the fees I pay my financial advisor to manage my SMSF tax deductible?

Yes – ongoing fees for financial advice or management (including monthly or ongoing bank account fees) are tax-deductible and can be offset against any income your SMSF makes.  You can also claim the costs of auditing and preparing your fund’s tax return as a tax deduction.

What is the ATO's supervisory levy?

Your SMSF will have to pay the supervisory levy of $259 per year (as of April 2022).  The levy has to be paid to the ATO and it finances the employment of auditors and supervisors who ensure that all of Australia’s SMSFs are compliant with regulations.  It’s a requirement that this levy is paid in advance, so when you first set up your SMSF you’ll be required to pay 2 x $259 ($518) to ensure you’re paid up one year in advance.

What is the ‘sole purpose test’ as applied to a SMSF?

This phrase refers to an ATO requirement that the sole purpose of a SMSF is either to provide retirement benefits, death benefits or other ‘core purpose’ benefits (such as resignation or disability benefits) to the SMSF’s members.  If the super fund breaches this sole purpose test, it can be classified as a non-complying super fund and heavy penalties can apply.

Helpful guides on bank accounts

Bank Accounts Banner - Young couple comparing joint bank accounts on their tablet

Compare Joint Bank Accounts

Compare bank accounts Finding the best bank account can save you hundreds on fees and connect you with the very...

Bank Accounts Banner - Senior couple looking at SMSF bank accounts on their laptop at a resort

Best SMSF Bank Accounts

Compare bank accounts Finding the best bank account can save you hundreds on fees and connect you with the very...

Bank Accounts Banner - Woman typing on her laptop sitting at a kitchen bench

Types of Bank Accounts

Compare different bank account types Finding the best bank account can save you hundreds on fees and connect you with...

Bank Accounts Banner - Man opening a bank account on his tablet while his partner lies on the couch behind him

Open a Bank Account

Compare bank accounts Finding the best bank account can save you hundreds on fees and connect you with the very...

Bank Accounts Banner - Senior couple looking at SMSF bank accounts on their laptop at a resort

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy Agency Owner and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.