Bank Accounts

SMSF Operating Bank Account

Your SMSF must have a main operating bank account in order to receive roll-overs, contributions and pay expenses.

Some SMSF bank accounts offer online access only. This can cause problems if Trustees want to deposit cheques over the counter. For the Macquarie Bank account, note you can visit any NAB branch for deposits.

When funds are rolled over from a retail fund to an SMSF, retail funds usually issue paper cheques; very few offer electronic transfers. It is therefore important to have an account that accommodates cheque deposits.

SMSF Investment account or Term deposit

A survey conducted recently by Superannuation Warehouse found that 63% of SMSF holders prefer the majority of their assets to be in a bank fixed term deposit.

Retail funds generally pay a low interest rate for cash holdings. With an SMSF you can choose any bank for SMSF fixed term deposits. Bank fixed term deposits offer the following advantages:

  • government guaranteed capital
  • interest rates generally better than those offered by retail superannuation funds
  • safe option for capital preservation, especially if the Members are nearing retirement age.

Another great advantage of SMSFs is that Trustees can shop around to find the most suitable product.

Operating bank accounts vs Term deposit accounts

Typically, your SMSF would have a term deposit account as well as the main, operating bank account. Different banks and credit unions offer different promotions with varying interest rates. So you can shop around for the best deal.

If your main account is with Macquarie CMA, for example, and you want to invest in HSBC for 6 months at a fixed interest rate, the bulk of your funds are transferred from Macquarie to HSBC and invested for 6 months. When the investment matures, the money reverts back to the operating bank account. You can then shop around once more for another good interest rate (with ANZ  let’s say), and again invest for a fixed period. Remember that all bank accounts must be in the name of the SMSF and not in your personal name. For details about who can certify a Deed when you open up a bank account, follow this link.

For more info about bank accounts, please watch the video below.




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We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.

No Advice

Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.