Best Cash Rates For SMSF's

M

Matthew 26:14

New Member
Been looking round for the best high interest savings account for SMSF's. Thought a thread people could use to compare rates would be handy.

I notice that most banks now have lower interest rates for SMSF accounts than they do individual accounts. By comparison, Ubank (NAB) offers 4.91% for individuals and 3.91% for SMSF's.

So, 3.91% is the current highest SMSF's online interest rate, anyone know of higher?

PS. Australian financial institutions only please!
 
Well ING for instance have a welcome rate for SMSF cash balances of 4.75% for 6 months. A lot of institutions have these kind of offers. So if you don't mind shuffling your money around every so often you could take advantage of these better rates.

Either that or just call them up at the end of the offer, tell them you are going to switch the funds to somewhere else and see if they will extend the bonus interest for another term.

ING also have 4.5% TD for 210 days or 4.8% for 2 years so if you don't need the cash at call you could get a better rate in a TD.
 
This is from Ubank:

Also, you'll get more than the 3.96% standard rate if you leave your money untouched for a month:

"You'll be eligible to earn bonus interest on your UBank USaver SMSF account in months where you don't make any withdrawals. Transfers between your other UBank USaver SMSF accounts held in the same fund name don't count as withdrawals so you'll still qualify to earn the bonus interest.

During the month, your account will always display the USaver SMSF Standard Variable Rate. Don't worry the Bonus Interest will automatically be applied to all eligible accounts on the last day of the month."

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The lower Interest rates offered to SMSF funds has been the bane of my life for some time.
Many banks offer you a standard rate then add a bonus rate which is only good for a month or so. Once this bonus rate expires, you are back at the standard rate of 3.25%.
So then you have to start again to get the new bonus rate added.
Best current rates I have found are 4.13% at call ANZ Bus on Line Saver, and B of Melb is offering 4.35% at call, good for 3-4 months. The B of M one is only offered if you go to the Branch.

I do not like to lock in for any long period, as I have found that TD's are often less than the above, and I dont trust the current Financial State...
 
bax said:
I do not like to lock in for any long period, as I have found that TD's are often less than the above, and I dont trust the current Financial State...
Click to expand...


bax,

you do realise you can break a TD anytime you want. For most banks the penalty is you simply are paid the rate that would have applied for the term you actually had as opposed to the original term. So you can get to your money anytime it looks like the govt is getting sticky fingers. It's not locked away until the original term is finished.

So you get the benefit of a higher rate (usually the 5 year terms have the best rates) but still have your money essentially at call.
 
Thanks for that boyracer, i will check it out.
The problem these days is that if something goes wrong with the Fin Insts, or the Govt with new restrictions etc, is that you cant get your money out easily and quickly.

I got burnt with Pyramid badly, and am very gunshy to their promises.
Also the Govt only guarantee 200K or so, if things go wrong. (not that i am in that league)
Also at my stage of life i cant start earning again, if i make too many poor decisions.

This week with the latest proposed changes to Super, it was mentioned as an aside, that from next year people who have some money of their own (240K+) and receive Govt support, will have their pension reduced by about $ 100 per week... Dont know if I have that correct, but it was something like that.

Maybe someone has more info on this?
 
CBA

Term Deposit rates



Term Interest rate for $5,000 to $49,999.99 Interest rate for $50,000 to $1,999,999.99 Interest paid

60 months 4.50% p.a. 4.60% p.a. Annually
36-47 months 4.40% p.a. 4.50% p.a. Annually
12 months 3.95% p.a. 4.05% p.a. At the end of the term
7 months 3.95% p.a. 4.05% p.a. At the end of the term
3 months 3.90% p.a. 4.00% p.a. At the end of the term
 
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