Opening Bank Accounts

iCare Super do not have any restriction on bank accounts. You can choose your preferred bank, financial institution 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 to open an SMSF bank account?

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

1. signed trust deed
2. 100 points of ID (in most cases driver license and passport are sufficient)

What banks you should 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 have Bpay or direct debit facilities?

From our experience, we have seen most of our clients have chosen ANZ or Macquaire banks as their favorite SMSF banks.

What benefits you have when you choose ANZ or Macquarie Bank?

•  ANZ V2 Plus account and Macquarie do not have monthly fees
•  Normally your SMSF can earn 1-1.75% per annum interest on the cash balance
• They can facilitate data feeding to most SMSF accounting softwares in Australia

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

• a copy of all SMSF trustee and member’s driver license and passport

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