# Bank account for SMSF



## nextdj (18 March 2012)

Hi all,

I am in the process of setting up a SMSF. In regards to setting up a transaction bank account for an SMSF, are there any special accounts that needs to be used? For example, a business bank account.

Finally, are there any banks you can recommend setting up a transaction account with?


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## tinhat (19 March 2012)

nextdj said:


> Hi all,
> 
> I am in the process of setting up a SMSF. In regards to setting up a transaction bank account for an SMSF, are there any special accounts that needs to be used? For example, a business bank account.
> 
> Finally, are there any banks you can recommend setting up a transaction account with?




AFAIK, most banks will set you up with a business type account. The bank account will be set up in the name of the trustee(s). Typically, the account name will be specified as:

Name of Trustee/s <Name of Super Fund>

Our SMSF has a cheque account, a saving account with bonus interest (actually we should get rid of that - not used really) and an online trading account all with the same bank. We also have a USaver SMSF saving account. A lot of the online banks have savings accounts for SMSFs.


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## pixel (19 March 2012)

nextdj said:


> Hi all,
> 
> I am in the process of setting up a SMSF. In regards to setting up a transaction bank account for an SMSF, are there any special accounts that needs to be used? For example, a business bank account.
> 
> Finally, are there any banks you can recommend setting up a transaction account with?



 Unless your SMSF Trust Deed stipulates otherwise, I am not aware of any specific reason that would rule out a particular transaction account. I suppose you have come across this website: http://www.ato.gov.au/superfunds/ 

Make sure, when setting up the account, that the Bank is aware of your intention to use it for your SMSF. fwiw, I've started with Macquarie Bank, selecting a CMA that pays RBA rates on cash balances, calculated daily. That aside, I have also had term deposit accounts with various other banks, including ANZ, BOQ, and Westpac. In each case, I was asked to provide copies of the Trust Deed, ABN, TFN... Never a problem.


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## nextdj (19 March 2012)

Hi guys,

Thanks for your replies  I currently have a personal account with NAB and am quite happy with it.

Rang NAB to see if that account can be used for an SMSF, but they insisted that I need to set up a meeting with a financial planner to even find out about that.

I have looked at Macquarie previously and I guess their own down side is the required minimum balances and minimum withdrawal and deposit limits.


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## pixel (19 March 2012)

nextdj said:


> I have looked at Macquarie previously and I guess their own down side is the required minimum balances and minimum withdrawal and deposit limits.



 What "minimum"? I think I've read somewhere they'd like you to keep $5000 in there, but never heard or seen any complaints when the balance was below - even below $1000 at times. Likewise, they have yet to refuse a dividend cheque - be it $50 or $500.
Talk to them, is all I can suggest.


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## Judd (19 March 2012)

pixel said:


> What "minimum"? I think I've read somewhere they'd like you to keep $5000 in there, but never heard or seen any complaints when the balance was below - even below $1000 at times. Likewise, they have yet to refuse a dividend cheque - be it $50 or $500.
> Talk to them, is all I can suggest.




I understand that with Macquarie, you need $5000 to start off but after that as long as you have $1 positive balance its OK.

However, I did start one account with them with less than $5k but special circumstances applied when I was the administrator of a testimonial trust.

With Macquarie there is a daily fund transfer limit of $5000 (which can be adjusted on request) and the last time I looked the daily BPay limit was $100k.

You can also make a BPay to the account as Macquarie has its own biller code with the account number being the reference number.  Could be useful.

I am no longer with them due to other reasons.


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