Best bank accounts to manage SMSF funds

Discussion in 'Superannuation' started by dlaalueren, Jan 28, 2012.

  1. dlaalueren

    dlaalueren Member

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    Just wondering what people think are the best bank account to use as your SMSF account? Taking into consideration interest rates and monthly fees could people please provide who they use/recommend and why?

    Thanks
     
    dlaalueren, Jan 28, 2012
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  2. hiho

    hiho Active Member Silver Stacker

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    I use NAB for transaction accoiunt and UBANK because they are linked and UbANK has best rates
     
    hiho, Jan 28, 2012
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  3. dlaalueren

    dlaalueren Member

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    Thanks hiho. Is there a particular name for the NAB transaction account?
     
    dlaalueren, Jan 28, 2012
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  4. hiho

    hiho Active Member Silver Stacker

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    NAB Cash Manager
     
    hiho, Jan 28, 2012
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  5. dlaalueren

    dlaalueren Member

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    Thanks hiho
     
    dlaalueren, Jan 28, 2012
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  6. nonrecourse

    nonrecourse Well-Known Member

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    I'll sing you a song that won't take long all bankers are bastards, I sing you another just like the other one all bankers are bastards, third verse same as the first all bankers are bastards :lol:

    Kind Regards
    non recourse
     
    nonrecourse, Jan 29, 2012
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  7. dlaalueren

    dlaalueren Member

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    You won't get a disagreement from me on that one nonrecourse. I've penciled in coming to the meetup in March. Due to work I've been unable to attend the last 2.
     
    dlaalueren, Jan 29, 2012
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  8. Kawa

    Kawa New Member

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    I like Macqaurie as you can run a general daily cash account at ( 4.5%) and transfer funds at will into a Maqaurie Prime account( also pays 4.5%) which is a live share buying portal.( Brokerage is $18.95/transaction)

    Once you have the Macquarie Prime account you also get a password to their Research Portal which is very very good.

    If you have larger amounts of cash that need more than 4.5% you can park it with them in term deposits at higher rates.

    You can quickly access monthly statements on line for accounting and GST purposes for your SMSF.

    Its very easy to get a real person on the phone as well and they are all schooled up young people that offer very quick responses.

    If you are not IT savvy they will help you set the accounts up live on the phone.
     
    Kawa, Jan 29, 2012
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  9. Ikikyabut

    Ikikyabut New Member

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    Hey recourse could i buy a HK monaro and class it as art in my SMSF??
     
    Ikikyabut, Jan 31, 2012
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  10. Elemental

    Elemental Active Member Silver Stacker

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    I don't know if this is a serious question but I'm pretty sure Motor Vehicles are excluded from the definition of art (as definded by the ATO).
     
    Elemental, Jan 31, 2012
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  11. nonrecourse

    nonrecourse Well-Known Member

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    When you have your SMSF audited you may want to provide a double barrel shot gun so your auditor can pull the trigger and make it as painless as possible for your benificiaries with the compliance mess that you will leave behind.

    Kind Regards
    non recourse
     
    nonrecourse, Feb 1, 2012
    #11

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