What is an SMSF account?
A Self-Managed Superannuation Fund is an account to which both mandatory contributions by the employer and voluntary contributions by individuals are transferred to accumulate funds for retirement.
How much money do you need for SMSF?
While there is no strict minimum requirement, having at least $200,000 to $500,000 in superannuation savings to make an SMSF financially viable.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 2.70% | 540 |
| 20,000 | 2.75% | 550 |
| 20,000 | 2.80% | 560 |
| 50,000 | 2.85% | 1,425 |
| 50,000 | 2.90% | 1,450 |
| 50,000 | 2.95% | 1,475 |
| 100,000 | 3.00% | 3,000 |
| 100,000 | 3.05% | 3,050 |
| 100,000 | 3.10% | 3,100 |
| 200,000 | 3.15% | 6,300 |
| 200,000 | 3.20% | 6,400 |
| 200,000 | 3.25% | 6,500 |
You can also get more detailed calculations by using our financial calculators.
Who is the best bank account for SMSF in Australia?
Our analysts have analyzed the Australian market and selected the best offers on this page for your consideration. When choosing a fund, we took into account: Interest Rates, Charges, Accessibility, Security and Reputation, and Interest-Earning Options.
Do I need a bank account for SMSF?
Yes, as it is essential for making contributions, investments, paying servicing expenditures, and receiving income.
You can also be interested in popular FAQ on similar banking products:
- ANZ to Bankwest transfer time
- ANZ to Westpac transfer times
- Alternatives to checks from Bendigo Bank
- BOQ to Commonwealth transfer time
- Bank cheque clearance time in St George
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
MyState Bank
Head office’s address: 137 Harrington St
Contact center: 13-80-01
Phone: 61-3-6233-0679
Mail address: 137 Harrington St L 2, Hobart, Tasmania, 7000, Australia
Web-site: http://mystate.com.au/
Stock code: MYS
ABN: 89 067 729 195
BSB: 655-001
Rabobank
Head office’s address: 201 Sussex Street
Contact center: 1-800-025-484
Phone: 61-1800-445-445
Mail address: GPO Box 4577 Sydney NSW 2001
Web-site: http://www.rabobank.com.au
Swift code: RABOAU2B
ABN: 70 003 917 655
BSB: 42-201