# SMSF best account structure for trading shares



## billv (5 March 2009)

Hi 

I've recently setup a SMSF and I'm in the process of opening the bank accounts to help me with trading shares etc.

Is anyone doing something similar and what structure/products I should be looking at? 

I was thinking of COMSEC or something similar but the funds will probably be in a rabobank online account. Is this a problem?  Should I be using a Comm bank SMSF savings account instead?

Has anyone got any suggestions as to how I should structure my bank accounts to minimise the number of transactions and to reduce my costs?
I can close the rabobank account and do all my dealings with 1 bank if that helps.

Many thanks in advance


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## Julia (5 March 2009)

Billy, I can't comment about requirements by Commsec or any other broker, but I use Etrade which is part (or fully?) owned by ANZ.  I've always banked with ANZ anyway so didn't need to make any changes.

I use a linked ANZ V2Plus account for dividends and interest.  You can transfer funds between this and the Etrade cash account (from which your share transactions are paid) as you wish.


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## billv (5 March 2009)

Julia

Thank you
And is the transfer of funds from 1 account to the other immediate?


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## billv (5 March 2009)

Julia

I was typing a reply to your PM and the forum came back and told me that I need to have minimum 10 posts to be able to send PM's.
strange, I was PM'in ok until 5 minutes ago.
It's not my day today, it feels like... 

Anyway, what I was going to say is this.

Pitty that the ANZ V2 does not have a cheque facility.
Do the transfered funds from the ANZ V2 appear the same day into your etrade account and do you need to have funds in the etrade account to be able to buy the shares ?

Also, Does etrade have an output format which is suitable for your accountant or do you have to massage the data before you hand it over?

cheers


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## redbin (6 March 2009)

Bill,
I trade my SMSF through Comsec and a Commonwealth CDIA account which gives you the cheaper brokerage. I also have a RaboPlus account linked through RaboBank to the CDIA account. As far as I know there are is no charge for transfers. I have only ever transferred into the Rabo account not out so I can't tell you how fast it is.


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## billv (6 March 2009)

Redbin

Thanks what's a CDIA account?


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## Julia (6 March 2009)

billv said:


> Julia
> 
> I was typing a reply to your PM and the forum came back and told me that I need to have minimum 10 posts to be able to send PM's.
> strange, I was PM'in ok until 5 minutes ago.
> ...




Billy, your PM came through.  Have replied.
Julia


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## redbin (6 March 2009)

Billy,
Sorry, it's a Commonwealth Direct Investment Account. I think it's like a cash management trust but linked to your Comsec account. Maybe ANZ and Etrade combo are better, I don't know. I haven't had any problems.


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## billv (6 March 2009)

ok, many thanks


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## Nyden (6 March 2009)

I use a CommSec Cash Management account, and Cash Investment account to trade shares with. The cash investment account offers 4.25% interest, zero transaction fees (on both accounts I've found), a discount rate of brokerage, and it's instant transfer (24 hours a day, 7 days a week).

Plus, you get yourself a free debit card (the ones which can be used like a credit card). Essentially; I pay zero fees, and these are the only accounts I now ever use.


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## billv (6 March 2009)

Nyden

Is the cash management account used for your SMSF's everyday transactions?
I opened up a raboplus account because I thought the following features could be useful. 


> downloadable files for your accountant.
> Good interest rate 4% I think.
> Capability to pick parcels online to assist tax savvy investors with Capital Gains Tax (CGT) management
> Consolidated end of year statements and periodic reports
> Externally audited reporting systems provided with annual tax statement



Other banks only offer a normal business account


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