Opening Bank Accounts

iCare Super places no restrictions on your choice of bank accounts. You are free to choose any bank, financial institution, or credit union to open an SMSF bank account.

We recommend opening a bank account for your SMSF as soon as it is officially established.

How to Open an SMSF Bank Account

To open a bank account for your SMSF, most banks and financial institutions will typically require the following:

• A signed trust deed
• 100 points of identification for the trustees (a driver’s license and passport are usually sufficient)

What Banks Should You Choose for Your SMSF?

When selecting a bank for your Self-Managed Super Fund (SMSF), consider the following factors:

• Monthly Account Fees: Does the account charge a monthly fee?
• Interest on Cash Balance: Will the account earn interest on the cash balance in your SMSF?
• Payment Facilities: Does the account offer BPAY or direct debit services?

Based on our experience, many of our clients prefer ANZ Bank as their banking partner for SMSF accounts.

What Benefits Will You Enjoy with the ANZ V2 Plus Account?

The ANZ V2 Plus account offers several benefits for your SMSF, including:

• No Monthly Fees: Enjoy an account free of monthly fees.
• Competitive Interest Rates: Earn the ANZ V2 Plus Intermediary base rate plus an additional 0.15% p.a. Learn more here.
• No Minimum Balance: There’s no minimum cash balance required.
• Data Integration: Seamless integration with most SMSF accounting software.
• Hassle-Free Account Setup: Open your account without visiting a branch; we can assist with the process, which typically takes 1-2 days.
• Link to ANZ Internet Banking: Connect the account to your existing ANZ Internet Banking profile for easy access.

Please note the following:

• ANZ V2 Plus account can not be opened from ANZ branches. You only can open it by intermediaries, such as iCare Super.
• Opening this account is your choice and completely optional. You are not required to open this account to use our administration services, and you are free to open a bank account with any financial institution.
• iCare Super may receive a commission of up to 0.10% P.A on cash balances held in the ANZ V2 PLUS account. This commission is not paid directly by the client but may be provided by the financial institution based on the balance of funds in the account.
• iCare Super is not licensed to provide financial product advice under the Corporations Act 2001 (Cth). Any information provided by iCare Super regarding the ANZ V2 PLUS account is for general purposes only and should not be considered financial advice.
• The client is strongly encouraged to seek independent financial advice from an Australian Financial Services Licence (AFSL) holder or authorised representative before making any decisions regarding the ANZ V2 PLUS account or any other financial product.

What You Need to Provide for Assistance in Opening SMSF Bank Accounts

If you need help opening a bank account for your SMSF, you will need to provide the following:

• A certified copy of each SMSF trustee’s driver’s license or passport.

Once we receive these documents, we will send you the SMSF bank account application form for your signature. The account will typically be ready within 1-2 business days.

What is the Daily Limit on the ANZ V2 Plus Account?

The daily limit for ANZ Internet Banking is $25,000, and this cannot be increased due to built-in fraud and security controls.

If you need to transfer larger sums, you can:

1. Call ANZ’s call centre at 13 28 33 for a phone withdrawal.
2. Submit an EFT withdrawal request to ANZ’s back office. Requests submitted before 11 a.m. will be processed the same day. You can email the request to V2Support@anz.com.

For more details, you can download the ANZ V2 EFT Withdrawal Form.

How to close the ANZ V2 Plus Account

Please complete this form v2-plus-account-closure-request,  and email it to v2support@anz.com once finished.

Disclaimer: Please note that iCare Super and its associated entities operate under a non-financial advice model. We only facilitate the paperwork for applying for a bank account. You should seek independent advice from an AFSL holder regarding the suitability of any bank accounts, investments, insurance, or finance products.