RaboDirect smsf

Discussion in 'Superannuation' started by skipau, Mar 11, 2012.

  1. skipau

    skipau Member Silver Stacker

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    Hi all... was looking around on some websites today looking for high interest savings account options for smsf. I went onto the RaboDirect website and noticed now that they are offering a solution in conjunction with Cavendish.

    http://www.rabodirect.com.au/smsf/default.aspx


    here were the fees from that page which I thought might be of interest

    What you'll pay

    With a RaboDirect Online SMSF the fees you pay are competitive, simple to understand and transparent.
    When you apply for a RaboDirect Online SMSF, you get the benefit of a RaboDirect High Interest Savings Account with 'Pay Anyone' functionality, access to RaboDirect's range of market leading Term Deposits and the option for RaboDirect to help rollover your existing Super at no cost. You can also invest in a range of wholesale managed funds and brokerage may apply.

    Fee description: SMSF establishment fee
    Fee: $695
    How and when paid: This fee is due when you apply online and is payable directly to Rabobank by direct credit using the account details provided on completion of the online application.

    Fee description: New company set up (You will only pay this fee if you choose to set up a new company.)
    Fee: $840
    How and when paid: This fee only applies if you have elected to set up a new company to be trustee for your SMSF. The invoice will arrive with the Set Up Pack and is payable directly to Cavendish by cheque.

    Fee description: Company Maintenance fee (You will only pay this fee if you choose ongoing company maintenance.)
    Fee: $195 per annum
    How and when paid: This fee is paid to Cavendish annually. You can set Cavendish up on your RaboDirect Payee List for this payment to be made automatically each year.

    Fee description: SMSF administration (You will only pay this fee if you choose ongoing administration.)
    Fee: $2,880 per annum or $240 per month
    How and when paid: This fee is paid to Cavendish monthly with a minimum of $2,000 for the first year and an annual maximum of $2,880. You can set Cavendish up on your RaboDirect Payee List for this payment to be made automatically every month.
     
  2. skipau

    skipau Member Silver Stacker

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    I like $195 for the annual company fee when the cost is about $42 - I guess $150 to process it on your behalf isn't that bad... not!
     
  3. nonrecourse

    nonrecourse Well-Known Member

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    An SMSF for numptees $2880 you gotta be joking

    Kind Regards
    non recourse
     
  4. Willow

    Willow New Member

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    um yeah,, i would not touch it personally. Better off staying in big fund with that.
     
  5. hiho

    hiho Active Member Silver Stacker

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    good heads up Skip, for members education
     
  6. XB

    XB Active Member Silver Stacker

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    Yep - good to know but far far too expensive for what they are providing imho
     

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