Opening Bank Accounts

iCare Super does not have any restriction on bank accounts.

You can choose your preferred banks, financial institutions or credit unions to open an bank account for your SMSF.

We recommend that you should open an bank account for your SMSF immediately after your SMSF is officially set up.

How can you open an SMSF bank account?

Normally, banks and financial institutions will require the following to open the bank account for your SMSF:

signed trust deed
100 points of ID (in most cases driver license and passport are sufficient) for the trustees

What banks should you choose for your SMSF?

You should consider the following factors for opening the bank account for your SMSF:

does have a monthly bank account fee?
does your cash balance earn interest income for the cash sitting in your SMSF bank account?
does the account have Bpay or direct debit facilities?

From our experience, we have seen most of our clients have chosen ANZ bank as their favourite SMSF banks.

What benefits will you have when you choose ANZ Bank?

ANZ V2 Plus account does not have monthly fees
Normally your SMSF can earn more than 0.25% more interest than RBA rate per annum on the cash balance
There is no minimum cash balance requirement
They can facilitate data feeding to most SMSF accounting software in Australia
You do not need to go to a branch and we can help open it for you in 1-2 days
It can be opened and up and running in 1-2 days
It can be linked to your existing ANZ CRM

Please note ANZ V2 Plus account can not be opened from ANZ branches. You only can open it by intermediaries, such as iCare Super.

What will you need to provide to us if you want to help open the bank accounts for your SMSF:

We will then send you the SMSF bank account application form to you to sign and the SMSF bank account will be ready in 1-2 business days.