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SMSF Bank Account

Discussion in 'Superannuation, SMSF & Personal Insurance' started by fransiscus_aji, 5th Feb, 2014.

  1. fransiscus_aji

    fransiscus_aji New Member

    Joined:
    22nd Oct, 2007
    Posts:
    1
    Location:
    Sydney,NSW
    Hi,

    I'd like to know whether do we need to be picky of which bank that we used for the bank account?Is it better big 4?

    What am I trying to do now is to rollover our super to a SMSF bank account then later we are going to use this money as deposit for buying a property through loan and all the remaining money will be used for shares trading

    What is the requirement to open a SMSF bank account?Will it take long?

    Cheers
     
  2. redwood

    redwood Member

    Joined:
    9th Nov, 2013
    Posts:
    14
    Location:
    Melbourne
    Hi there, I believe this was answered in the Somersoft board, please let me know if you need further information.

    Cheers, Ivan
     
  3. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    Ivan,
    There is no specific requirement as to the bank account. Make sure it is in the name of the SMSF trustee.

    You might as well use an account that attracts interest.
    A Macquarie Cash Management account is often suggested by advisors.

    Not giving specific advise but suggest you have a safety net available in cash for unexpected costs or periods where the investment property is vacant and the share market is not conducive to selling short term.

    A SMSF is designed as a vehicle for retirement, not sure share trading is the most appropriate activity but if you do, make sure it is an activity that your investment strategy has specified, as should be investment in direct property and use of borrowings.
    Good luck with it
     
  4. redwood

    redwood Member

    Joined:
    9th Nov, 2013
    Posts:
    14
    Location:
    Melbourne
    Greg, I am not asking the question ....

    Cheers, Ivan
     
  5. Jimmy007

    Jimmy007 Member

    Joined:
    28th Aug, 2013
    Posts:
    19
    Location:
    Brisbane
    The bank account set up, from memory, doesn't take that long. Doesn't have to be big4.

    As Greg mentioned, It is recommended that you seek financial advice prior to making calls across multiple asset classes, unless you are well versed in these.
    With SMSF, Always take into consideration the 'end goal' (retirement :cool:).

    Best of luck!
     
    Last edited by a moderator: 27th Sep, 2016
  6. Jimmy007

    Jimmy007 Member

    Joined:
    28th Aug, 2013
    Posts:
    19
    Location:
    Brisbane
    Hey fransiscus_aji,

    How did you go setting up your SMSF?

    have you proceeded with shares/property investment?

    I am always keen to hear people's experiences.
     
    Last edited by a moderator: 27th Sep, 2016